Q4 2020 Campbell Soup Co Earnings Pre-recorded Management Presentation and Remarks
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Gentlemen, thank you for standing by welcome to the Q4 and the school 2020 Campbell company like you any session. At this time, all participants' lines on a listen only mode. After the speaker's remarks, there won't be a question answer session to ask a question during the session unique press Star then one on your telephone.
Please see todays conference is being recorded if you require any further assistance. Please proceed or and then zero.
I'd now like to handle conference over to Rebecca Gardy, Vice President Investor Relations Ma'am you may begin.
Thank you operator, I hope everyone has had the chance this morning to read our press release and listen to our pre reported management presentation, both of which are available on the Investor Relations section of Campbell Soup Company Dotcom. In addition, we have posted a transcript so the pre recorded presentation.
After the conclusion of today's live <unk> session. We will post the transcript an audio replay of this call. Please note that during today's Q in a session. We may make forward looking statements, which reflect our current expectation about our business plan, our first quarter 2021 guidance and the impact of the Covitz 19 pandemic on our business.
These statements rely on assumptions and estimates, which could be an accurate and are subject to risks. We will also refer to certain non-GAAP measures. Please refer to todays earnings release available on the Investor section of our website Campbell soup company Dot com for lift the factors that could cause our actual results to vary materially from those anticipated in forward looking.
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Andrew Reconciliations of non-GAAP measures to the most directly comparable GAAP measures.
Joining me today are Mark Clouse, Campbell's President and CEO and make Big Hausen, Chief Financial Officer, We kindly ask that you limit yourself to one question and with that I'll now turn it over to the operator for the first question operator.
Thank you.
Our first question will come from Andrew as our from Barclays. Your line is open.
Good morning, everyone. Thanks for the question.
Andrew.
Mark I know that fiscal 21 was sort of initially as the where you laid it out in the in the multiyear plan thought to be a pretty big year in terms of re framing the soup category for for Campbell through innovation and other other means and I'm trying to get a sense of coke, what's maybe changed or what needs to change around the strategy.
For this soup journey.
Anything given recent trends because we think about it Campbell's picked up so many new households and users.
I'm thinking the focus maybe now shifts more from you know retaining.
To retaining users rather than maybe slowly gaining new ones I'm trying to get a sense of how that if at all changes the sort of the approach and the journey around soup.
No great. Great question, I think you know that the good news is that a lot of the strategic framework of of what we had set out to accomplish on sue.
You don't initially was laid out in such a way were the primary goal or the objective was to improve relevance of the category and begin to add or recover households that had lost.
As you point out I think the best way to describe where we are right now is that weve.
Through the pandemic been able to jump forward.
On that strategic journey, and if you go back and trying to think about what do we set out to doing 20.
It was really to strengthen the base improved quality.
Some material investments in the business to begin to reestablish will rebuild.
That relevancy and then begin to build back the innovation funnel.
If you kind of think about what we then accomplished in 20.
Really across the board, we we well went beyond what our expectations are so as we go into 21, although I do think it is more about retaining those households, a lot of the strategies and the things that we had planned to do are things that we will continue to do I think just with a higher.
A degree of probability of success and a better set of insights on what's compelling consumers are what's been working or not working so you don't lot of I think theres been a lot of discussion or debate about when you kind of come through all this how do you feel about where you are in the strategic journey on soup.
And that was why to some degree I tried to cover in the remarks that you know this to me on soup is a little bit less about peaks and valleys as we think about how to manage through this short term, but really that steady progress that enables us to come out of this tunnel in a position where soup as a steady contributor to the business because if you.
Go back to the thesis of the company, if you're able to accomplish that in conjunction with what we believe we can do on stacking and even the balance of the meals and beverage business. It really does positions and position us in a very advantaged way. So as we get into 21 I think the what are the things I'll just leave you with is.
A lot of I guess powder is still dry in the strategy. When it comes to innovation shelving. Many of the things that we had plans and 21 and so I get I think as I said in my comments on building confidence because you still have those elements to layer on top of what kind of the.
Shorter term boost as bid and I'm sure, we'll get into a little bit more the consumer trends, but we've done a lot of work on this behavior of increased cooking and quick scratch cooking in particular, and we've built now a series of insights that give us a lot more confidence that this is going to sustain beyond just the pandemic.
Period, and I'm sure that will come up a little bit later, and we can talk more about it but I think the net of it is.
A lot of the same activities. It's just we're further down the road than we expected we keep staying that course I think if anything this is building a lot more confidence in our ability to make super steady contributor.
Thanks, so much for their perspective.
Thank you.
Next question comes from Ken Goldman from JP Morgan Your line is open.
Hi, good morning, and thank you.
Yes.
Hey.
Mark you said that.
Operating environment is creating opportunities I think to evaluate future efficiencies as you as you learn from Kozik can you maybe elaborate on what that means how big the opportunity might be I know, it's hard to know for sure right now, but you know a lot of your peers have discussed this in sort of.
Rough terms, maybe some travel cost can be reduced I'm, just trying to get a sense from view of what you're seeing and and the size of that if possible.
Yes, so you're right it's hard to.
To quantify I think what the way I would describe it is it's creating drill sites for us for future productivity and that's I think quite helpful. Because we've been able to create this kind of.
I'd say real world.
Case studies and laboratory to test a few things I think theres three primary areas, though that we see as future opportunity.
I think the first is in optimizing the portfolio right. So where are we over skewed under skewed where are we really getting incrementality.
From certain extensions of our portfolio, how do we really think about optimizing the effectiveness.
Of our of our offerings to really match, where consumers are needs are and to create room for what we think is going to be meaningful innovation.
While setting up a more efficient overall approach to the to the portfolio I think the second area is as we've seen that kind of full utilization.
Across our entire supply chain and route to market.
I think it's enabled us to understand some places.
Almost out of necessity in the short term that we've done.
We think in the longer term our ability to create certainly consolidations how to think about.
Perhaps hubs to supply the in a more efficient way, especially as you think about our snacks business, where you've got a little bit more complicated route to market I think we've we've been able to find even if it's in the face of some higher cost and this year, but its pointed out places where if we can improve.
That architecture structure.
I see opportunity to save money and then the third where I think a lot of people spend time talking is how do you have learned from this virtual work environment ways to operate companies more efficiency efficiently do you need as much travel do you need.
Quite the infrastructure that you might have can you figure out a way to take what has been working very effectively for the company.
And use that as a little bit of a blueprint I do very much still believe that the concept of team environments.
It's important for businesses like ours, a lot of a lot of the innovation creativity.
Is done through cross functional collaboration and although we've done a great job would that virtually and although I think it can enable and unlock some potential efficiency in savings going forward I think at the heart of the company I still believe that there is real value.
In folks being able to sit face to face some across the table to work on things, but I think the good news is all three of those were beginning to mine is opportunities going forward and I think thats going to help strengthen our pipeline of savings, especially as we're coming to the end of our enterprise savings program as we've talked about.
We're wrapping up.
Here the.
The value capture from the Snyder's Lance integration and so it's just great to see some some new ideas that are beginning to populate that pipeline. So good thing coming out of a tough situation.
Thanks, so much.
Thank you Sir our next question comes from make money from RBC capital markets. Your line is open.
Yeah, good morning, everyone.
Mark Hey, Mark I, just wanted to revisit the discussion on our new households, so.
No it's going obviously be an important part of how your growth curve looks over the next couple of quarters in the next couple of years can you just talk about the composition of these new hospitals.
How they might differ from kind of what you're seeing pre covidien I'll just give an example from the data. We've reviewed would suggest new prego consumers are younger singles and higher online them average skew to begin and vegetarians and tend to dine out to the two to five times wouldn't so I'm. Just curious if this is consistent what you'd been observing and your data.
Yes, it's very consistent so we would see essentially in the households, we've added just shy of 50% of those new households are coming from younger.
Consumers, it's combination of different size households can be a little bit older Millennials, who are now just beginning young families.
Working with a little bit of a different budget, perhaps than they did when they were younger.
As well as much smaller households, and I think.
As we think about this going forward those become as you would imagine a very very high priority for us and one of the great things about Q4, and I know you know even coming out of Q3 I had a lot of questions about okay. Even as you are navigating some of the supply pressure you continue to invest at a very high level and I.
I think that was incredibly valuable force in the fourth quarter and it really prove some some terrific learnings and results what are the things.
That I think harder to see in the numbers in Q4.
But if you take ecommerce as an example, where we know there's a higher index to where these particular younger consumers are shopping and gaining information 86% of our spending on our meals and beverage business in the fourth quarter was on digital to support this through a combination of retailers platforms as well as a.
Our whole range of different tactics direct really trying to understand what works and what doesn't so as we go into this year, we're going to be more effective but what we found is we can we can have a big impact.
With that population, our ecommerce business was up over 100%.
In the fourth quarter. It now represents for us as a company essentially doubled in 2020 was kind of low single digits now it's up into the mid single digits and again as you think about our ability to demonstrate growth there, which again doesn't really show up as much in your.
Measured channels it creates a really great platform for us to connect consumers.
In a very in a very specific way to influence I would I think one of the things that I'll just mention too with this particular target that's giving us a lot of confidence beyond just the online success that we had is this dynamic around cooking and quick scratch cooking and I think for lot of people as it myself included I wanted.
To try to understand a little better behavior really what's going on so we can better predict what's going to happen. After the pandemic and does that give us a higher likelihood of keeping those consumers in the franchise right I think thats. The big question and we found a couple of very specific things that I think are giving us a lot of confidence the first is.
The initial read through of what was going on in this cooking was a lot of consumers trying to recreate favorite meals comfort food.
Feeling out of necessity, having to Cook book, but staying pretty close to home I think what we've seen as time goes on and as confidence is building you to think about cooking three meals a day seven days a week for a couple of months the amount of confidence. These consumers have now and their ability to cook has really broaden their ability.
To add significant creativity, which is allowing them to reach into into dishes and food that is far more I think sustainable longer term right, where it for me it might be 15 minute chicken and rice for these consumers, it's Tuscan chicken and mushroom auto rights cauliflower use.
Using still our ingredients, but doing it for a meal that feels a far more consistent with where they're going and the other exciting thing is that we all knew that there would be a pivot eventually back the healthier recipes again, a little more comfort oriented initially a little more healthier now and our products are staying right in there with the combination of.
We offer with Pacific.
Recognition that a lot of the quality improvements in some of those historical barriers to the can that we really had been working on to overcome I think we're seeing great indication that we're moving through it and then the final one is value and I think what we're realizing and what consumers are realizing is that that value equation.
On this quick scratch cooking is quite powerful so you rolled out altogether, our ability the impact consumers online as well as the strengthening conviction to cooking move quick scratch cooking moving forward gives me a lot more confidence that I think you've heard that in my comments earlier on our ability to retain these houses.
Holds and in particular, retaining these households on soup, which I think is going to be a very important milestone or or indicator or proof point as we go forward on whether we're able to sustain more of this in the starting in the back half, but certainly going forward.
Hello Hello.
Great.
Thank you.
Our next question comes from Jason lists from Goldman Sachs. Your line is open.
Hey, good morning boats that Jason.
Thank you for slotting in.
It took a reasonably straightforward questions.
First in the press release, you mentioned some gains on commodity hedges.
He explained to effectively account the majority of corporate cost decrease which implies like 37 million, but in the in the presentation. You say, we're the only partially offset the commodity inflation, which suggest less than 15 million.
So first question what is the magnitude of that.
Second question.
I don't believe together.
Net pricing it was surprising to see your trade spend still up year on year, and promos and that drag on sales.
It's surprising contents, what's happening personal lines overall, so so two parts to that question, one, whereas money going to as we think for we're hearing from pretty much every company that they're expecting promotions that kind of come back into the market and become more elevated going forward, you expect that to happen as well and given that it's already in that make it.
Would you expect that net drag to increase as we go forward. Thank you.
Okay, we're going to take the first one vision so with regard to your first question to clarify the mark to market gains on commodity hedges, it's in and around 20 million.
Got it thank you.
Yes on only on the promotional.
What we're seeing promotionally and as pricing I mean, if we have and framed it a little bit as a relatively neutral position.
In the quarter.
I think our net pricing as a contributor within our gross margin bridge was it was essentially flat theres. A couple of things that are that are underlying that we are seeing.
In especially in categories, where there is more pressure on supply.
Some pullback in promotion I think one of the things, we're trying to wrestle with a little bit draw. This is okay.
Hi, promote the if I promote the business with retailers I may drive a growth rate of 10 or 15%.
I can supply, maybe five or 6% growth and then if I don't promote I only grow too right. So we're trying to figure out how to calibrate the right kind of promotion and support to get to the best position possible I do expect as we go through 21, thats going to moderate and returned to more normality I think it'll be a little Chuck.
Here in the first quarter, but as we start to get into soup season, and beyond I think you'll see a much more.
Consistent promotional calendar and schedule.
As we advance I think in the near term what you are seeing though is in the absence of some of those and as we shift mix to things, where we may have more supply.
Better position I think you're seeing us continue to promote fairly aggressively and again I think we're working very collaboratively.
With the retailers to try to make sure to that if you're.
Mentioned this last time, if you're a high low.
Retailer versus any DLP retailer and you're pulling back on promotions. It does create a little bit more of a disadvantage in certain customers and we're trying to work hard to make sure that that were equitable and our approach and that we're supporting customers and navigate through that in the best way possible. So there's a little bit of mix.
That may be that may be elevating is well I think.
From my perspective, though.
I think how I would have depicted it is relatively neutral.
With the trajectory to increase as we go into 21 make anything to add on the kind of the financial bridge side of it no I agree with that I think thats pricing in the sense I mean, I should also see in one of our bridge us into materials was actually net neutral.
Got it thank you very much.
Thank you.
Question on from Chris growing from April line is open.
Hi, good morning.
Hey, Chris.
Hi, I just I had a question for you I heard about some supply chain challenges in certain parts of your business and it's the same time, an ability to supply the consumption some others I'm thinking like in Lincoln soup, So I want to get us a better sense, if I could about your production capabilities, especially the areas in which you're investing to improve your supply chain and then just to get a sense around retail.
Inventories are where there's still some areas at the build up or that kind of where you stand the retail inventories overall yep great. Great question. So let me kind of chunk that into the into the three pieces you kind of asked first as far as the supply chain capability and our execution.
I feel great about how the team has has shown up.
Lot of discussion in the Q3 earnings call and as we kind of guided to Q4.
The real improvement or the uptake and what we guided to where we landed was improvement in capacity as it related to soup, which enabled us.
To replenish inventory at a higher level, which was our goal not fully complete yet I think you'll continue to see that going forward, but just on the basis of of when I talk about supply chain challenges. These are not executional challenges. This is not us performing this is not coven related impact this is simply the sustain.
And level of demand in certain businesses, where we may have a little less flexibility to be able to kind of move to that higher level. So first off that's that's kind of the starting point I think what you're seeing in this quarter is some variation between businesses right. If we're in Q3 we.
We're talking a little bit about the depletion of inventory on Sue I think the great news.
In Q4 is we were able to replenish in many areas one of the dynamics that's happening as you'll see throughout.
Q1 is the return of the vast majority of the S.K. use that we had remove that there will be some that we choose not to come back with that we think we're just good business decisions.
But that pipeline still remains and I have it still expect to see.
The ability to ship ahead of consumption as it relates to soup.
As we go through the first quarter and again, our guidance implies a certain limitation there we're going to continue to work on improving that capacity as we go forward so hopefully more broadening.
That ability and ensure but at the end we feel good that will be there by the time, we get to soup season.
I think what you saw on the other side of the equation, what's some pressure on businesses across snacks in particular, I think the chew that right now.
Our probably our areas of biggest focus is our potato chip businesses are kettle and Cape Cod.
The good news is we've got a great plan in place, which is really to your third point on adding capacity, but there's certainly been pressure. There. We've also seen some pressure on supplying lance.
Our sandwich cracker business and on Goldfish I think we're in great shape on supply we've opened a new line at Willard a little bit of what we're navigating on goldfish and try to figure out again that mix as we go through back to school on whether its bulk or individual pacsun, we continue to see.
Demand remaining very very high on the bulk side, but I think generally speaking we feel good about that so.
There are a little bit of.
Improvements on one opportunities on other but as we come through the end of the first quarter, we really expect to be back across the board.
And we are making major investments.
In many of the areas, where we have great confidence in the sustainability of the demand going forward. So places like gold fish places like Mulatto places like Kettle chips places like brought our business all of those are getting investments and we need them, but they're there I think going to be.
I guess in a pretty significant way as we get into the into the second quarter. So you know again, I think thats a little bit of the nature of the guidance in Q1 and again, we would hope that we can create.
Further upside there that that that could be opportunity, but for where we are right. Now again, we're trying to be is pragmatic as we can be.
There was very good color. Thank you.
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Our next question comes from Robert Moskow from Credit Suisse. Your line is open.
Hi, Thanks.
Quick ones Hi.
The sales guidance for one Q do you expect in total to ship to consumption in one Q or does that include some some degree of shipping above consumption in that range.
Okay, and secondarily I think you quantified last quarter exactly how much inventory you needed to reload I think the number was a $200 million.
You can give us an update on that.
And last thing.
There was a lot of margin compression and snacks I think you attributed to the AMC investment in quarter.
But you also talk about corporate costs really hitting snacks harder.
So why is there margin compression in snacks.
Related to covert but in soup.
But the margins are actually going higher.
Is it just different businesses in terms of how that the cobot cost one through them.
Yes, So let me let me.
First.
Talk a little bit about inventory again, and what we expect in Q1. So you have a couple of things that are going on in Q1 that I think are important.
For for people to try to calibrate on and I know youre coming out of a quarter, where your organic growth is 12%.
Seeing a guide of five to seven may feel to some a little bit like okay. Well. That's not why are we just running at the rate going forward I think theres a couple of variables in there and then I'll answer and then on tailwind I'll catch your inventory piece first thing is that we do expect demand consumption demand to be elevated.
Especially on the meals and beverage side, but one thing that is worth noting is it's a significantly bigger base in the first quarter. So although I do think growth will be there I just think the absolute numbers are going to be a little bit moderated from where we are right now what we have planned is to continue to recover some inventory on the Nielsen.
Beverage side, but to be honest, we're pushing the team hard to try to create room to too.
Recover even more I would say from a total inventory recovery position across the company, we're probably about halfway done. So I still think further ahead on soup not as far ahead on some of the other businesses. So I would still expect there to be over the course of Q1, some may even bleeding.
Little bit into Q2, but I'm still expecting about half of that Rob to come back over the over the first half primarily Q1, but over the first half of the year and again a lot of this is going to boil down how much capacity, we're able to generate so certainly we hope we're going to push above that snacks is a little bit different right I think snacks, what we're seeing.
It is a although elevated level of demand in some areas a more returned to normal quality and others, which by the way I still believe is going to be healthy growth in continuing to make great progress, but for example, we're in the midst right now back to school.
And it's been very interesting to watch the first couple of weeks of that where you see on one hand.
A significant increase in our demand for soup for quick lunches as well as bulk on our snack business, but we definitely see a reduction in some of the more traditional back to school portion packs. So I think as we navigate that we're trying to.
Calibrate to the right numbers I I will just say as I said in my comment.
No I think it's a it's a complicated time to give people a tremendous sense of precision in the numbers, but I think the general drivers we feel very good about it's now our ability to match the magnitude. So still a lot of inventory to go I think healthy demand underlying it and we would expect that to continue through the first half.
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And so thats kind of how we've.
Initially set up these numbers in the first quarter.
Oh, yes, the addresses the margin, yes, alcobra cosmic maybe just a little bit wide stacks of different than yes. Okay. So let me give you little bit of context around the cobot cost we had about 25 million of covert cost in Q3. If you look at Q4, because Q3 was obviously only have impacted by.
But Q4, we had a full quarter the overall cost where doubled that give or take about 50 million. If you look at the distribution between the two divisions you see that about two thirds of that hit snacks, which is really really driven by the nature of the manufacturing footprint.
Of the snacks division, we have many more facilities. Obviously, there then the other piece so in the one and you add more cobot costing snacks than we have in meals and beverages and the other piece that I saw kind of looking through the quarter, we had increased operating leverage disproportionately within.
The MB business driven by obviously much more volume and what we saw on the snack side. So hopefully that gives you a little bit of a sense of the dynamic there and just ran a little more color as you go that into the into the first quarter and into 21.
We essentially or our modeling those tobin cost to be.
50% or closer to Q3, I think yes, what we see more in line with foreign language I agree with that right.
Right right right. Okay. Thank you.
Thank you.
We'll take our last question from John Baumgartner from Wells Fargo. Your line is open.
Good morning, Thanks for the question Hey, John.
Mark I just wanted to build on Jasons question and that Snyder's Lance brands below 100 to over promote relative to a categories in the past and given the continued reductions in promo were seen in conjunction with limited monitory base volume growth into Q1.
I'm curious.
How do you feel about the ability to use environment sort of when consumers offset higher promo, especially if you're getting higher ROI on the marketing dollars and then b to what extent getting environment offering opportunity, maybe accelerate im sorry increase in the share of your own brands.
As opposed to the allied or partner brands. Thank you.
Yeah, well as I've said, a couple of times before I think what's unique about our snacks business is the differentiated position that were Ed in the sense that we tend to play in a little more added value segments within larger categories and I think that that does.
Position us.
To be in a position, where we should be less dependent.
On merchandising and promotion I think the reality is though on something for example, like Snyder's of Hanover, and the Pretzel business. It's a very competitive segment as it isn't kettle chips right now as well. So I think one of the things we learned last year. If you remember returning back the clock to actually all the way back to 19.
Our ability to get to the right price points on promotion just given the nature of snacking the right level of frequency will always be an important underpinning to execution in stacks, but I think that if you pair that then with where we've really been building added value as it relates to the equity.
If the businesses as we turn campaigns back on especially on this titers businesses, we've been able to see continued progress. Let me point. The late July as a Great example, first national campaign that we've ever turned on or had on on the business.
We turn that on and the in the fourth quarter that business grew 30% on a 52 week basis, it and share gains of over a point and a fairly contested tortilla chip segment, but because of the premium positioning relative to late July great communication, we could do.
That in a way, where we were able to achieve that without necessarily having to dropdown into the price points that more mainstream players have so thats. The balancing act. We're we're trying to walk in I think if we get that formula right. As we have on our brands like mulatto and farmhouse and on Pepperidge farm, even goldfish, although that ones.
Again, you you've got a a very habitual.
Program calendar for gold fish that when we see when that deviates that does put pressure on the business, but as we get back into normality on that as we roll through the year.
I think most of these businesses were going to be able to do.
Trade at a more efficient way than perhaps history, but we still got to have enough. There that we remain competitive on display.
And and making sure that we recognize what's happening around us competitively.
Thanks, Mark what degree here.
Thank you and that does conclude our question and answers doesn't conflict and I'd like to turn the conference back over our cloud for any closing remarks.
Yes, thanks, everybody for joining I hope you're.
Appreciating the new format I think we will kind of stick with this where we try to publish.
Our comments earlier and give people a chance to kind of digest and read through and then focus our time together.
In Q in a win win we're on the call I know, there's a lot to digest and this I know, it's a tricky time too we've certainly tried to build.
As much conviction and I guess credibility in and being as transparent as we can to get the information as we get it and get perspective of course that always creates a little bit of.
Dynamic that.
We need to make sure that we're updating it as we go when we will I think as we navigate this year, we'll try to make sure that as we see things change or is capacity or demand moves will will be is upfront as possible I don't know that that translates Tonight I don't think it will to quarterly guidance each time, but we're certainly try to keep every.
But he has informed as we can be and I just would close with something that I talked about.
You know in the in my comments, which is.
If you take that if you take a step back and you take stock of where the company is right now and you say, okay, where a year ago, where where are we expecting to be and how how do we feel about navigating this kind of moment in time.
I have to say that across the board strategically I see tremendous benefit that we've been able to extract from a tough moment and I think that is going to set us up very well for the future and if I think about again, not perhaps the peaks and valleys of the near term, but the longer term.
Term view of what the thesis of the company is I have just built significantly more confident than I think as you see our two year stack numbers together I think thats going to provide further evidence of our progress.
Against where we originally set out and I think in particular, what we've talked about on soup and the conviction around soup.
To be not only what we needed it to be which was a stable player, but with the potential for it to be a more steady contributor along with great progress on our snacks business again, I think gives us the benefit of being a very focused portfolio, a very straight forward strategy and now.
With a great deal more proof points of our ability to sustain performance going forward. So hopefully that helps give you a little bit of perspective, I know, we mixed a bit of investor day stuff along with earnings into today, but I thought it was a good moment to try to talk a little bit about where we are that strategic journey X. I know its top of mind for many of your investors.
So appreciate Everybodys time and questions I know, we'll talk to many later today and we'll try to make sure you you've got everything that you need to put the results in context and the guidance going forward. Thank you.
Ladies and gentlemen. This concludes today's conference call. Thank you for your participation and you may now disconnect everyone have a lot provide.
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