Q3 2024 SharkNinja Inc Earnings Call
Thank you all for starting by.
Speaker Change: will be beginning today's shock ninjas third call to attend to 24 earnings call in a few moments time. Whilst we await the start of today's call we do encourage you to press start on a bow one for any questions you may have.
Speaker Change: You will be able to ask these during the Q&A segment and if you do change your mind and would like to remove that request you can press starl into. Thank you.
breaker: Good morning and thank you all for attending. The Shnaak Mimjya's third quarter, 2024 earnings conference call. My name is Breaker and I will be your moderator for today.
breaker: O'Line, will be muted during the presentation portion of the crew, with a little opportunity for questions and answers at the end.
Speaker Change: I would now like to pass the conference over to your host Arvind Bhatia. Senior Vice President and Vestor Relations. Thank you. You may proceed, Arvind. Good morning and welcome to the Shotman Jat third quarter, 2024 earnings conference call.
Arvind Bhatia: Our third quarter earnings was issued this morning and can be found on the company's website at IR.sharklingja.com and shortly after today's call, a webcast will be available there for replay.
Speaker Change: Let me remind you that today's discussion contains forward-looking statements based on the environment as we currently see it and as such, it does include risks and uncertainties.
Speaker Change: If you refer to the earnings release and the company's most recent SEC filing, you will see a discussion of factors that could cause the company's actual results to differ material from these forward-looking statements.
Speaker Change: The company undertakes no obligation to update or revise these forward-looking statements in the future.
Speaker Change: During the call, we will make several references to non-gap financial measures.
Speaker Change: We believe these measures provide investors with useful perspectives on the underlying growth trends of the business.
Speaker Change: We have included a full reconciliation of non-gap financial measures to the most comparable gap measures in our earnings release. With me today, our chief executive officer Mark Barrocas and chief financial officer Patrick Reagan.
Arvind Bhatia: Mark will provide a business update. Patraic will review our Q-SQ financial results and discuss our 2024 outlook. Mark will share brief closing remarks and we will then open the call for your questions. Now, I will turn the call over to Mark.
Mark Barrocas: Thank you, Arvind. Good morning, everyone, and thank you for joining us today.
Mark Barrocas: are third-quarter results for very strong. Our global teams once again delivered incredible top and bottom line performance in the quarter. We drove a just-adnet sales growth of 35 percent.
Mark Barrocas: A just an EBITDAQ, 26% on top of 38% growth, a Q3 last year, as we continue to reinvest in our growth initiatives.
Mark Barrocas: Gross margins remain very healthy.
Mark Barrocas: For the quarter adjusted gross margins were up 160 basis points to 49.4%. This increase with despite the unsaverable impact of Section 301 Tarras, which went into effect in June.
Mark Barrocas: Arvind Bhatia, our strategic initiatives around suppliers of verification, competitive bidding, and value engineering are all continuing to pay off.
Mark Barrocas: We're on track to deliver nearly 200 basis points of adjusted gross margin improvement this year. This is on top of approximately 700 basis points improvement last year, an incredible 900 basis point increase over two years.
Mark Barrocas: We're not only delivering strong organic growth but also highly profitable growth and we're delivering all of that at scale.
Mark Barrocas: At the same time, we are consciously reinvesting our strong performance and upside in our growth initiative to drive long-term shareholder value.
Mark Barrocas: Ethan Datsman, Surstrained Fitting, our mode and accelerating our pursuit of a very large and growing addressable market.
Mark Barrocas: While I'm thrilled about our performance in 2003, I'm equally excited about how broad based our growth continues to be across our four key categories and across our global markets.
Mark Barrocas: [inaudible]
Mark Barrocas: are North American Net Sales Group 26% year over year.
Mark Barrocas: Our International Business accelerated with a just-in-met sale, increasing 62%. On top of 80% growth last year, our success quarterly comparison of the year.
Mark Barrocas: Art team continues to drive strong execution across our three pillar growth strategy.
Mark Barrocas: This includes entering new and adjacent categories, increasing our share in existing categories and international expansion.
Mark Barrocas: Our first growth pillar entering new and adjacent categories remains a key growth driver.
Mark Barrocas: We remain committed to entering at least two new subcategories annually.
Mark Barrocas: In 2024, we have exceeded that goal with entry into four new subcategories, including coolers, fans, frozen drink makers, and most recently skin care.
Mark Barrocas: earlier this month.
Mark Barrocas: We announced that we will be entering the school care market with the launch of the shark cryo glow. An LED infrared and cryo beauty device that focuses not only on anti-aging and blemish reduction but also instant under ID puffing.
Mark Barrocas: We've gained strong share and garnered a lot of consumer excitement in the airspace.
Mark Barrocas: We felt that skin was the next problem for us to solve. With two daughters and a teenage son, I have watched as they look for new ways to help them deal with skin blemishes.
Mark Barrocas: As my wife and I look in the mirror each day and see the signs of aging, I recognize that there is an opportunity for one product to appeal to such a broad consumer base solving so many different problems.
Mark Barrocas: Our expansion into skin care is the latest example of how we continue to deliver on our mission of positively impacting people's lives.
Mark Barrocas: We identified a gap in the market for products that deliver both instant results such as under-ide plusing and soothing and long-term skin care benefits like wrinkle and blemish reduction.
Mark Barrocas: Traditionally, skin care products are primarily focused only on aging women.
Mark Barrocas: are consumer research identified skin care as a concern for a much broader audience, including men and women of a variety of age groups.
Mark Barrocas: Skin, much like here is the source of confidence for everyone.
Mark Barrocas: Krioglow is different than competing products in that it combines cutting edge LED and infrared technology with under eye Kriog cooling, which results in rejuvenated skin.
Mark Barrocas: Our engineering and product development teams partnered with global scientists, dermatologists, and wellness experts to develop an ad-home solution at an accessible price point relative to competing products.
Mark Barrocas: Just like we disrupted the ice cream category with the Ninja Creamy, we're disrupting the skincare category by offering a versatile product solution versus within the market today.
Mark Barrocas: We're launching the cryo grow in the UK and Mexico in the coming weeks. Going forward, we see significant outside potential for us as we drive innovation and skin care and the broader beauty category.
Mark Barrocas: Ninjas Lussi, our professional grave frozen drink maker, continues to strike a chord with consumers. At peak, the weightless to buy the product from our GTC channel exceeded 200,000 as the product story went viral.
Mark Barrocas: Today, Slusheh has garnered over 200 million impressions on social media.
Mark Barrocas: We are now collaborating with some of the largest reddit-dring beverage makers and culturally relevant brands to deliver five star experiences and continuing to drive social engagement.
Mark Barrocas: But that's not all. These partnerships are opening opportunities for us to meet consumers in new channels and with new experiences. We see the possibility for grocery store placement and expansion to other channels.
Mark Barrocas: and initial sales of Ninja's Flushe have significantly surpassed our expectations. Our supply chain teams have been working around the clock to ensure availability across our DTC and retail channels for the holiday season.
Mark Barrocas: We are also looking forward to launching Flushe in our international markets in the first half of next year.
Mark Barrocas: We remain very excited about the long-term opportunity for slushy. We are well on our way to becoming the global destination for frozen trees with an inch or creamy, the clear leader in the ice cream category and now an inch of slushy.
Mark Barrocas: Our shark flex spree has already made waves in the cooling category by providing incredible performance for indoor and outdoor use.
Mark Barrocas: Flex Breeze had an amazing first season this year, establishing a strong beach head for us. Last month, it was named the best cordless fan by the New York Times Wirecutter.
Mark Barrocas: We have a very fighting line up in this category for 2025. We expect to launch several new skews to develop a substantial portfolio of products in the category and drive significant growth and additional market share gain next year.
Mark Barrocas: This year, Ninja Frostfall Technology and Innovation disrupted the cooler category that is seen riddled the monstribal innovation in a long time.
Mark Barrocas: After a successful first year, we're super excited about what's in store for the Ninja Frost Vault next year.
Mark Barrocas: We plan to continue to disrupt the category in 2025 with skew expansion, broader distribution, including further penetration in the sporting goods channel, and improve product availability during the key selling season.
Mark Barrocas: are 2023 new subcategory launches are also driving significant growth for us. They include everything from deep carcachelinen, softsat, and outdoor oven to in-home beverage making.
Mark Barrocas: We're growing sales and meet new subcategories as we annualize the launches, enter new markets and additional channels.
Mark Barrocas: In the Deep Carpac Cleaning segment, Shark's Carpac Expert is now America's number one upright deep carpet cleaner since the launch in 2023.
Mark Barrocas: We have it rested on our laurels and just last month launched our next generation extractor and spot cleaning products with our patent-pending hair-protec technology.
Mark Barrocas: The goal is to keep building out these new categories to cater to different consumer needs and price points.
Mark Barrocas: Art Second Key Growth Color is gaining share and existing categories. Our strategy for expanding market share is fundamentally built on our proven track record of innovating and revitalizing within our established categories.
Mark Barrocas: This approach are relentlessly improving and reimagining our offerings, serves as the cornerstone of our growth.
Mark Barrocas: I mentioned this last quarter but I think it's important to highlight how our innovation is helping us regain strength in the cleaning category.
Mark Barrocas: A just-in-death sales and cleaning through 19% in the quarter. Our engineering and product development teams have worked relentlessly to bring newness to the category and reignite growth.
Mark Barrocas: Our recent innovation in the Flurkier category includes the launch of our shark-powered detects franchise featuring our most advanced cleaning technology to date across robots, cordless, and corded vacuum.
Mark Barrocas: These products deliver unmatched cleaning performance and set a new industry standard in automation.
Mark Barrocas: In cordless, we continue to expand on the auto-empty segment and drive gross in North America and Amir.
Mark Barrocas: Consumer feedback on auto-empty has been overwhelmingly positive.
Mark Barrocas: We're delivering a unique product that makes cleaning seamless and saves consumers from the dust cloud of traditional vacuum empty.
Mark Barrocas: Our power-detect never touch robot is our disruptive entry into the rapidly growing, multifunctional vacuum and mopping robot segment.
Mark Barrocas: This is our highest consumer-rated robot launch that has received amazing press coverage and has been included on several tech publications best of 2024 lists.
Mark Barrocas: We've already been successful with robots in North America, but we're now a strong competitor in Amia, including the UK, Germany and France.
Mark Barrocas: With power detect, we have further strengthened our leadership in home cleaning and we're driving growth across key markets.
Mark Barrocas: We have also partnered with Actress Producer and Entrepreneur and self-claimed Queen Freak, Courtney Cox, to promote our innovative line of power, detect robot and cordless acuems.
Mark Barrocas: We've expanded our hard floor cleaning lineup with the launch of the shark steam pickup and shark hydroduo hard floor cleaners.
Mark Barrocas: The hard-forcegment presents a great growth opportunity for us and continues to diversify our overall cleaning business.
Mark Barrocas: Another great example of how we're driving market share games and existing categories is our recent success in the coffee and espresso category following the launch of Ninja Lux Cafe.
Mark Barrocas: Coffee is a multi-dillion dollar global category.
Mark Barrocas: Our coffee business has been steady and growing for many years, but there's still very significant market share games for us to go after.
Mark Barrocas: Nisha Luxe Cafe provides us a big opportunity to significantly expand our market share in an entirely new segment of the Clawstean Express O'Category.
Mark Barrocas: Early results have been very exciting, driven by positive consumer feedback and strong demand.
Mark Barrocas: We're offering our discerning consumers an affordable multifunctional coffee and espresso machine that is easy to use and as endless drink options.
Mark Barrocas: are consumers are able to enjoy cafe quality drinks at home.
Mark Barrocas: Following the US launch a couple of months ago, we're now rolling out Ninja Lux Cafe in the UK, Germany, France and other European markets.
Mark Barrocas: We continue to drive innovation and disruption in the cooking and beverage category, with our September launch of the Ninja Crispy.
Mark Barrocas: This is the first of its kind portable cooking system which revolutionizes air-frying by delivering consistent, crispy results with compact versatility.
Mark Barrocas: Chris B. shows our commitment to meeting consumer demands for convenience. We already have leading markets here in air friars, but with the crispy, we're rethinking, redefining, and re-inventing the category.
Mark Barrocas: We're expanding our market potential and positioning us for continued growth and market share games in a competitive segment.
Mark Barrocas: Our other category performed extremely well with strength across beauty, sand and air purifiers.
Mark Barrocas: Beauty led by Flex-style hot air stylers remain strong, both in our domestic and international markets.
Mark Barrocas: In early October, we launch shark flex fusion styling systems.
Mark Barrocas: which addresses a key consumer need we've identified. Hot dual styles without the hot tool damage.
Mark Barrocas: Our research shows the average woman washes her hair just two to three times a week. There's a clear demand for tools that can re-styled dry hair between washes.
Mark Barrocas: Also, while consumers love hot tools and stylers, they hate the heat damage they cause. We took on the challenge and created a breakthrough product that solves the problem.
Mark Barrocas: Swex Fusion is a next-generation air styler that combines powerful air and heat-controlled ceramic for no heat damage styling.
Mark Barrocas: Slecks fusion positions us to capitalize on the growing demand for multi-functional beauty devices.
Mark Barrocas: Further strengthening our market presence and potential for continued growth in the beauty category.
Mark Barrocas: Next, I will turn to our third key growth teller, expansion in international markets.
Mark Barrocas: Our International Business accelerated delivering 62% adjusted net sales growth in Q3.
Mark Barrocas: Germany and France are largest international markets outside of UK, continue to drive triple digit sales growth and a well-positioned deliver of strong holiday season.
Mark Barrocas: Emerging markets like Bannerlocks, Nordics, Italy, Poland, Spain, and the Middle East also continue to deliver very strong growth.
Mark Barrocas: The U.K. Grunary 6% in Q3 on top of already robust growth of 65% in Q3 last year.
Mark Barrocas: While the overall UK air fryer market where we hold number one market share has been down significantly this year, we've been able to diversify into new categories and gain share and existing categories.
Mark Barrocas: The UK business today is more diversified and overall healthier than ever before.
Mark Barrocas: To support strong North America demand for our new products, we've consciously moved some of our UK product launches to the first half of 2025.
Mark Barrocas: This will have a temporary impact on Q4 revenue, but will position us well to grow the UK market in 2025.
Mark Barrocas: Shark Ninja generated a lot of buzz at the 100th anniversary of EFA Berlin in September of this year.
Mark Barrocas: Vista's World's largest consumer electronics and home appliances show.
Mark Barrocas: We announced the staggering 20 new products for the Emilia market.
Mark Barrocas: This year, we expanded our floor presence significantly.
Mark Barrocas: We also have the opportunity to share our story on stage in a much bigger way.
Mark Barrocas: I have the privilege to deliver a keynote showcasing our innovative product lineup and unique mindset.
Mark Barrocas: We had more than 700 meetings with retail partners, nearly tripling year over year, and we received extensive media coverage.
Mark Barrocas: I'm also proud of the numerous awards we won this year. All said, we were able to generate significant increase in orders, including from many new partners.
Mark Barrocas: with Latin America, Mexico Net Sales grew strong double digits, and the market is poised to accelerate for us next year as we shift it to a direct model.
Mark Barrocas: We will continue to expand and diversify our Mexico business.
Mark Barrocas: We expect to launch additional product categories, increase retail distribution points, and capitalize on the direct consumer opportunity.
Mark Barrocas: Mexico has been a great market for a hair care product and will become the first North American market to enter skin care with the launch of CryoGlo next week.
Mark Barrocas: I'm also excited to announce that in September we entered Brazil, early results are promising and we see significant potential for growth in the market over the long term. We're also exploring other Latin American markets for launch in the future.
Mark Barrocas: Looking forward, we know the consumers are stretched and will remain cautious this holiday season.
Mark Barrocas: as they navigate the uncertain macroeconomic environment, including US elections and a shortened holiday shopping season.
Mark Barrocas: While we're cognizant of the external challenges, we will continue our relentless focus on execution.
Mark Barrocas: We will lead with our innovation. We will deliver amazing products that solve consumer pain points and positively impact consumers' lives.
Mark Barrocas: and the president will continue to build our brand globally as we leverage our brand partnerships with David Beckham, Chris Appleton, Courtney Cox and others.
Mark Barrocas: We will lean in on our Nimble Supply Chain and Omni Channel partnerships to ensure timely supply to our customers this holiday season.
Mark Barrocas: Regardless of the outcome of next week's elections, we're well prepared and poised for significant growth. I'm pleased with the progress we're making in diversifying our production outside of China to mitigate tariff risk.
Mark Barrocas: Patrick will share additional details on that in his prepared remarks.
Mark Barrocas: Looking at quarter-to-day trends, we're off to a great start.
Mark Barrocas: We had a highly successful primed day earlier this month. Based on available data, we significantly outperform the home and kitchen category, just as we did on the first primed day in July this year.
Mark Barrocas: Given our strong third quarter performance and fourth quarter trend so far, we're again raising our full year 2024 guidance on several key metrics.
Speaker Change: I'll now hand it over to Patraic who will walk you through our third quarter financials and share the details of our updated 2024 outlook.
Patraic: Thank you, Mark, and good morning everyone.
Patraic: I'll begin with a review of our third quarter results and then provide an update on our revised 2024 guidance before turning it back over to Mark for closing.
Patraic: Our third quarter of results were very strong as we continued to deliver on our three-pillar growth strategy.
Patraic: Net Sales increased 33% in adjusted net sales, which excluded our divested A-pack business, were up 35% to over 1.4 billion.
Patraic: As a reminder, we digested our APAC business in Q3 last year. Therefore, beginning in Q4 this year, it will no longer be a factor in our year over year comparisons.
Patraic: We delivered a just-edged EBITDA growth of 26% to 262 million.
Patraic: The Justin Evidon margin declined approximately 130 basis points year over year, as we continue to purposefully reinvest gross margin upside in product innovation, demand creation and building our brand globally.
Patraic: What he has performance by region, Met sales in North America were up 26% to over 1 billion, representing 70% of sales with broad strength across key categories.
Patraic: Adjusted Met sales in international markets accelerated, increasing 62% to 421 million, driven by robust results in America in Latin America.
Patraic: Beauty products, such as Hairdryers, and Stylers and home environment products, such as air Purifiers and indoor outdoor fans had another excellent quarter.
Patraic: Adjusted net sales in this category were up 79% to $121 million compared to $67 million in the prior year.
Speaker Change: Beauty remains strong and as Mark mentioned, we are excited to continue this momentum with our launch into skincare.
Speaker Change: Now moving to gross profit.
Speaker Change: In the third quarter GAAP gross profit increased 43% to $695 million or <unk> 48, 7% of net sales.
Speaker Change: Adjusted gross profit increased 39% to $705 million or <unk> 49, 4% of adjusted net sales as we drove 160 basis points of adjusted gross margin expansion over the prior year.
Speaker Change: This expansion was primarily driven by our cost optimization efforts in our supply chain combined with mix and foreign exchange favorability, partially offset by unfavorable impact of tariffs.
Speaker Change: In terms of operating expenses in the quarter, we continued to use our financial strength to invest in growth initiatives, bringing our amazing products into consumer homes, we are strengthening our product pipeline, expanding our international footprint and increasing awareness for both the short and the Ninja brands.
Speaker Change: At over $1 billion in adjusted net sales and over $200 million in adjusted EBITDA year over year. This sets a high bar for us as we plan for 2025.
Speaker Change: Second as I mentioned, the global macro environment and significant uncertainty with continued geopolitical unrest the impending U S elections, and the cumulative impact inflation has had on our consumers.
Third similar to our approach in 2023 and 2024, we are taking a prudent and measured approach to our 2025 planning we are balancing our competitive advantages in business momentum with the continued challenges in the global economy.
Speaker Change: Our 2025 planning is well underway and we will provide more detailed guidance when we report fourth quarter earnings in February.
Speaker Change: To close we are exceptionally pleased with our year to date performance.
Speaker Change: The broad based growth and sustained momentum across our business reinforce our strategic vision and execution of our three pillar growth strategy.
Speaker Change: We remain committed to making targeted investments that will further elevate our position as an industry leader in identifying addressing and solving everyday consumer problems.
Speaker Change: We are well positioned to deliver robust revenue and profit growth in the remainder of 2024 and beyond.
Speaker Change: Now I will hand, it back to Mark.
Speaker Change: The breadth and the reach of the shark Ninja brand and so with that as kind of the backdrop strategically how we go into marketplaces as we typically test and learn.
From our EMEA standpoint, you see that the UK is our both our largest and our oldest marketplace that we've been in although still relatively youthful and in terms of amount of years, we have been there and so thats structurally has highest margin at this point in time. The next couple of markets that we're in a significant way owning our business from a <unk>.
Speaker Change: Standpoint, as France, and Germany, and so we are in those markets, both expanding but also building our margins within those two countries and then structurally how we're going about bringing the shark Ninja brands to the balance of EMEA is largely through our distributor strategy and what this does.
Speaker Change: Is it less as it allows us to enter into marketplaces and much more of a test and learn.
From a test and learn methodology standpoint, and the net of that is we typically go in we split our profit model with our distributor they take margin, we take a little bit less margin than we have in our other EMEA markets, but we have very little.
Speaker Change: Operating expense so from an EBITDA standpoint.
<unk> roughly in line with what we see from the balance of the shark Ninja operating model. So hopefully that gives you a little bit of context in terms of international margin.
Speaker Change: Thank you.
Speaker Change: As a reminder, we do ask that you taken it yourself to one question.
Speaker Change: And we have the next question.
The line of Randy <unk> with Jefferies. Please go ahead.
Yes, Thanks, a lot of I guess, what I want to ask about is the.
Speaker Change: The evolution of <unk>.
That we would have anticipated so on the demand side, though I think we're seeing solid demand then I think we expect to see solid demand as we go through the holiday season.
Also our Asps are strong I mean, we're not expecting to see more discounting.
This holiday season than last holiday season, So I think from that perspective Q.
Q4 is off to a good start on the shipping Pos side that story, Andrew really in U S has kind of quieted down I mean, roughly speaking our shift in our POS were flat in Q3, we anticipate it being flat in Q4 as well.
So there really isn't a lot of conversations around that and I think areas, where we are inventory constrained.
He has more to do with us.
Just not being able to capture the demand that we're seeing from some of the new products than it does from the retailers not buying the inventory, but I'll, let Patrick talk about the inventory side, yes.
Andre for asking the question is something that we focus on every single day. So I think there's really three quick things and then and then one overall overarching comment one is.
Patrick Reagan: As I said in the prepared remarks, both our owned inventory and channel.
Inventories at very healthy levels very clean levels, we feel really good about where we are as we.
We closed out Q3 and look into Q4 as Mark mentioned kind of the restocking Destocking, that's largely behind US we don't really see that.
Speaker Change: It play anywhere near the level of significance that we saw for more of a historical standpoint, So we think thats in the rear view.
Speaker Change: Largely and then just more from like a data point standpoint, as we look at Q3 inventory, we finished up about 35% to 36% and if you remember back to the last few calls. We also tried to guide and provide some transparency on our inventory to revenue.
And the market is something that is so streamline so easy to use it pulls the consumer end, but we've got an obligation to the consumer to really educate him or her in terms of what that value proposition is and what that <unk>.
Speaker Change: Product can bring to his or her life and so thats a little bit of the end to end.
<unk> around investments as I said everything that we do from an investment standpoint is is informed by our three pillar growth strategy, So a little bit more context for you there.
Speaker Change: Okay.
I don't know if theyre going to help me also could I had one quick follow up I guess from a supply chain standpoint.
You talked about Youre not.
Speaker Change: There may be missing some demand in the holiday season Whats your expectation for how quickly that can catch up and you can you can get back to the point, where we're able to supply to the demand and do you. How do you give thought to the pace of innovation in the context of you or maybe missing out on some demand this holiday season.
Yes in terms of how fast can we catch up.
I would say, yes, some products in first quarter, some products not until the second quarter.
Speaker Change: We are pushing out some of our new product launches from the U K just to keep that demand and be able to continue to fulfill U S. Customers. So I would say some we'll catch in Q1 and some will catch in Q2 in terms of how does it.
Packed or.
R&D our innovation approach.
I don't think it does.
Listen, it's hard to forecast new products.
It's hard to think about which are the ones that are going to kind of be runaway successes and which are the ones that are just going to be really solid products that sell everyday on the shelf.
But I think what's encouraging making more than anything is the hit rate of innovation is increasing and I think Thats Testament to our consumer insights approach too.
All the testing that we do before we launched these products the price testing the feature testing the marketing testing. So if anything I think we're 24 is showing US is we're just getting better and better at product developing and ensuring that we're giving the consumer the right performance at the <unk>.
Speaker Change: <unk> quality at the right price.
What we probably need to do as we move forward.
Kind of think about more flexibility in our supply chain and maybe how do we get kind of earlier read signals.
Speaker Change: As it relates to which of these products are going to really take off and accelerate but.
Speaker Change: That's.
That's obviously a tough one that we're going to continue to work on for the next 10 years.
Thank you.
I would now like to turn it back to <unk> CEO for some final closing remarks.
Yes, well look thank you for joining us and we look forward to speaking with you again soon so have a wonderful day.
Thank you for joining the shark Ninja is that call. It 2024 earnings conference call I can confirm today, who has now concluded and you may now disconnect from the call and please enjoy the rest of your day.
Speaker Change: Okay.
Speaker Change: Yeah.