Q2 2024 BBB Foods Inc Earnings Call
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Okay.
Today, we're joined by the end of threat with Chief Executive Officer, Anthony had them and Chief Financial Officer as I Love the system.
Speaker Change: I will now turn the call over to Anthony. Please go ahead.
Anthony: Good morning, Thank you for joining us today for gender <unk> second quarter 2024 earnings call.
Anthony: I will review, our operating results for the quarter and <unk> <unk>, our CFO will provide an overview of our financial performance and then.
Anthony: We will open up for Q&A.
Speaker Change: I am pleased to report the agenda Strasbourg has delivered another strong quarter.
Speaker Change: We opened 121 net new stores and one new distribution center.
Speaker Change: Bringing our total store count to 2503 as of June 30th this compared to 2288 stores at the end of 2023.
Speaker Change: Yes.
Speaker Change: Our same store sales grew by 10, 7% and our total revenues increased by 27, 5% year on year for the quarter to reach $13 6 billion pesos.
Speaker Change: EBITDA reached 689 million pesos, a growth of 43, 2% year on year.
Speaker Change: Given quarterly volatility in working capital due to the timing of inventory purchases, we prefer to look at cash flows on accumulative basis.
Speaker Change: Year to date.
Speaker Change: The quarterly numbers are available in our earnings report.
Speaker Change: Over the first half of the year net cash flows provided by operating activities Rose two one to $5 6 billion vessels. This is an increase of 25% year on year.
Speaker Change: We ended the quarter with a net cash position of approximately $1 2 billion pesos.
And there is an additional $2 8 billion pesos and short term bank deposits.
Speaker Change: Let's turn to operational performance.
Speaker Change: We continue to see increased momentum store openings.
Speaker Change: Our store expansion remains on track in the second quarter, we opened 121 net new stores.
Speaker Change: That's 215 net new stores since the beginning of the year.
And we believe that we will meet our goal of opening between 380 and 420 new stores in 2024.
Speaker Change: Our newly opened stores are performing well.
Speaker Change: New stores continued to perform better than stores from the past.
Speaker Change: And we keep on saying that there is plenty of runway in Mexico for <unk>, we remain very optimistic on store growth opportunities for the future.
Speaker Change: Revenue growth.
Speaker Change: When we look at revenue growth and gross margins. Our total revenue grew by 27, 5% year on year for the quarter driven by.
Speaker Change: The expansion of our store network and.
Speaker Change: At 10, 7% growth in same store sales.
Speaker Change: Underlying demand remains strong.
Speaker Change: Despite a slowdown in same store sales growth compared to the second quarter of last year.
Speaker Change: The main reasons being Easter falling in Q1 of 'twenty, four and not in Q2 like last year.
Speaker Change: Lower inflation there.
Speaker Change: <unk> bring up some government payments to the first quarter from the second quarter due to the June elections.
Speaker Change: Restriction on alcohol sales due to the elections in June 2024 in Mexico, and the weather effects.
Speaker Change: Gross profit margins improved by 60% to reach 16, 7% for the second quarter due mainly due to improved supplier terms and this is due to scaling.
This number moves quarter to quarter, so I tend to look at it on accumulative basis.
Speaker Change: We continue to be a price leader and plan to remain so.
Eduardo: I'm going to pass the microphone to Eduardo now.
Eduardo: Thank you Anthony good morning, everyone.
As we have mentioned in our past calls our EBITDA as a consequence of everything we do.
Eduardo: For the second quarter, we reported an EBITDA of $689 million vessels, representing 43, 2% increase versus last year.
Eduardo: This improvement is a reflection of our strong sales growth gross margin expansion and dilution of selling expenses over a higher revenue base and more efficiencies.
Eduardo: Our admin expenses rose by 45, 8%.
Eduardo: This increase is also mainly explained by higher personnel expenses driven by expansion into three new regions a.
Eduardo: A significant investment and talent in the areas of purchasing HR and finance.
Eduardo: Public company related expenses and share based payment expense recognitions.
Eduardo: Our EBITDA margin improved to five 1% up 56 basis points from the same period last year.
Eduardo: Moving on to our next slide and talking about working capital.
Eduardo: As you know our business model benefits from significant negative working capital. This is a key driver of cash flows. Despite the significant store expansion we are experiencing.
Eduardo: Our kpis continue to be in line with our expectations.
Eduardo: Our adjusted negative working capital stands at 10, 2% of total revenue and it reflects the efficiency of our of our operations and the strength of our business model.
Anthony: I will now turn it back the call to Anthony for some closing remarks.
Anthony: Thanks Eduardo.
Anthony: Looking ahead, we're maintaining our guidance to open between 380 420 stores.
And to grow our sales by 28.
Anthony: 232%.
Anthony: Our decentralized approach to store openings continues to be effective and that's evidenced in the number of stores. We opened this quarter.
Anthony: While this quarter sales were slightly impacted by the Easter weekend occurring in Q1 2024.
Anthony: Increasing inflation and other reasons due to the June elections.
Anthony: Our same store sales growth remains solidly above industry average.
Anthony: Yeah.
Anthony: Our growth remains self funded due to a positive EBITDA margins and efficient working capital management.
Anthony: The strength of our business model lies in its simplicity.
New stores provide excellent value to our customers.
Anthony: Continued to improve on this value offer attract.
Anthony: Attract more customers.
Anthony: <unk> increased sales per store.
Anthony: This cycle drives efficiency and cash generation reinforcing.
Anthony: Reinforcing our growth trajectory.
Anthony: We appreciate your support and interest we will now begin the Q&A session.
Operator, Please go ahead.
Speaker Change: Thank you we will now conduct the Q&A personal Anton heartburn in Nevada.
Speaker Change: We would like to ask a question. Please raise your hand Barron located in Nevada.
Speaker Change: If you open up could be a powerful clean power finance.
Speaker Change: We'll now move on and all lines have been placed on mute.
Speaker Change: <unk> planned to ask a question you will be given permission to speak.
Speaker Change: Behavior from Ninja FERC Unasked aircrafts.
Speaker Change: We'll now pause for questions.
Speaker Change: Our first question comes from Andrew Rubin. Please state your company name and ask your question.
Andrew Rubin: Hi, great. Thanks, Andrew Ruben with Morgan Stanley here.
Speaker Change: Thanks for the question and congratulations on crossing over the 2500 store Mark.
Speaker Change: I would hope to.
Speaker Change: Can you get a bit more onto the dynamic for gross margin understanding you said it moves quarter to quarter, Anthony but it was another strong figure this quarter stepping up year on year and even from from <unk>. So trying to better understand if what you saw in the quarter or what you saw in the first half is this some sort of new normal.
Speaker Change: All level to expect from here or is there a gap between when you get the benefits from suppliers and when you reflected in prices just trying to better understand.
Speaker Change: What's driven the strength and how we should think about.
Speaker Change: What it means for the trajectory going forward. Thanks again.
Speaker Change: Hi, Andrew Thank you.
Speaker Change: <unk>.
Speaker Change: Fundamentally by scaling.
Speaker Change: We are reaping cost benefits on purchasing across the board and that's not going to stop as we get bigger and we work closer with our suppliers, whether they are private label suppliers or branded good suppliers.
We are we are getting better terms.
Speaker Change: <unk>.
Speaker Change: I think it's a win win for everybody on this front then the question is.
Speaker Change: You pass it on.
Speaker Change: To your customer in the form of lower prices or.
Speaker Change: Do you do keep it and see it reflected in our gross margin, which is your question about is this the new normal.
Speaker Change: And I don't have a.
Speaker Change: Announcer apart from this one we price our products on a product by product basis.
Speaker Change: Optimizing.
Speaker Change: Margin in dollar terms, and optimizing sales and not necessarily optimizing our percentage gross margin.
Speaker Change: And our continuous elasticity testing of what prices should be is determining that.
Speaker Change: And that's very dynamic.
Speaker Change: And that changes.
Speaker Change: With time.
Speaker Change: Because it's done on a product by product basis.
Speaker Change: I would say in general.
Speaker Change: There is a tendency to pass on the benefit to the customer.
Speaker Change: So you know.
If that is going to continue to happen the way, we're doing it and we continue to increase value of our proposition.
Speaker Change: If we do see a decrease in gross margins then we're most likely going to reap the benefits and increased sales.
Speaker Change: And gaining more customers. So this is a trade off that we're doing on a constant basis and something that's very dynamic.
Okay.
Speaker Change: Bottom line, it's a little bit volatile in bottom line I wouldn't say that this is the new normal it's likely to fluctuate over time.
Speaker Change: Great no it makes sense and helpful to hear the explanation around the continuous <unk> testing.
Speaker Change: Scott.
Speaker Change: Our next question comes from the line up right now.
Speaker Change: Yes.
Speaker Change: State Your company name and ask your question.
Speaker Change: Hello, everyone. This is freightliner Mendez from Jpmorgan. Thank you for taking my my My question Hi, Anthony how you thought about so I wanted to ask you about how has the fresh and.
Speaker Change: <unk> performing in the stores that you have tried this <unk>.
Speaker Change: The skus.
Speaker Change: Im thinking more in the in the long run how should we think about the impact of these categories in the gross margin, which has been obviously better than expected, but considering the higher rotation that these products may need the higher usage of the <unk>.
Speaker Change: Is that they may imply how do you think this will not affect your long term gross and gross margins.
Speaker Change: Hi, I'm going to answer this question in two parts.
Speaker Change: Thanks.
Speaker Change: Meats, and fruits and vegetables are not part of any projection that we've shared with anybody.
Speaker Change: And whether it's meat fruits and vegetables or any other project, but we will not launch it officially on.
Speaker Change: Unless the return on investment.
Speaker Change: Is highly attractive.
Speaker Change: So it.
Speaker Change: It might not.
Even show up on our radar in the future.
Speaker Change: But let's say that to date the the tests because that's exactly what they are.
Speaker Change: Are encouraging.
Speaker Change: And would indicate that the numbers would be positive.
Speaker Change: Yeah.
Okay.
Speaker Change: Hello.
Speaker Change: Okay.
Speaker Change: Sorry are you there.
Speaker Change: Okay, sorry, sorry, I wasn't thank you. Thank you for that.
Speaker Change: If I can follow up can you give us some sense on how the.
Speaker Change: Same stores or your mature stores are trending so far in the year. I know you you you usually provide that spaghetti chart, but so far.
Speaker Change: Do you think we are following the same trends teething proving toward the first half of this year your same store for mature mature stores.
Speaker Change: Yes, I think the trend has been as expected and generally positive.
Speaker Change: With that.
Same weakness we've seen in second.
Speaker Change: <unk> same store sales, but there's no there's no indication that.
Speaker Change: It's going to do anything different than what we've seen and what we expect.
Speaker Change: So your solid solid growth on same store sales across the board.
Speaker Change: Perfect. Thank you so much.
Speaker Change: Our next question comes from the line.
Speaker Change: Follow up asking please state your company name and ask your question.
Speaker Change: Hi, guys. Thanks for taking my question was how refreshing here from Bank of America.
Speaker Change: I would just like to to ask you about if you could give a little bit more details about that dilution in selling expenses and also this is increasing catlin and Nike that you made and in G&A and I would also like to ask you about.
Speaker Change: The increased pace of openings you already reiterated.
Speaker Change: The guidance, but it feels like you could even be at least at the top of the guidance, but maybe even more.
Speaker Change: Just would like to hear your thoughts about thank you.
Speaker Change: Gustavo I'm going to break down your question into the three parts. So the first part of this investment in people and in it.
Speaker Change: I think it's normal for a company that is growing at the pace, we're growing and.
Speaker Change: At our stage of life.
Speaker Change: Two.
Speaker Change: Make investments in people, which I think are.
Speaker Change: Very good investments with high return on investment and a night, especially when you have the focus we have which is we don't make an investment unless we are convinced that it has a great return on invested capital. So thats, what youre seeing here now with regards to it and people expenses.
Speaker Change: The second part of your question had to do with.
Speaker Change: Dilution of expansions on the base.
Speaker Change: I think.
Speaker Change: No.
Speaker Change: The timing sometimes mixed on the numbers.
Speaker Change: Seem a little bit variable, but theres no doubt that as youre growing the number of stores and your sales at the pace, we're growing that's you're going to see.
Speaker Change: Continued dilution of expenses.
Speaker Change: Ross the base because there is.
Speaker Change: If you look at the trend.
Speaker Change: Our expenses are not even close to growing at the pace at which we're seeing growth in revenues and growth in store numbers. So that is going to happen overtime mechanically and now we are we have no worries on that front.
There was a third part to your question I would ask you to repeat it please.
Speaker Change: Yeah. It was about the pace of openings right. If you think you will probably be a little bit closer to the top of the guidance or even surpassing it.
Speaker Change:
Speaker Change: I'm not going to budge from the guidance numbers that we've given because again.
I wish I could tell you the store openings with a straight line every quarter everything is nice and smooth, it's a little bit of a lumpy process.
Speaker Change: So while you might have seen the second semester outpacing you might see a slowdown in the third semester I'm not saying that there is one but again my only message here too is that real estate is lumpy.
Speaker Change: And although we have a very robust pipeline.
Speaker Change: You're at the Mercy of a number of variables and therefore, you have to look at it over the course of the year.
Speaker Change: Super clear thank you so much.
Speaker Change: Our next question comes from the line.
I'm Darren.
Speaker Change: Please state your company name Oscar Gruss.
Speaker Change: Hi, this is <unk>.
Speaker Change: Management and thanks for taking my question.
Just following on the gross profit margin you mentioned that the improvement was due to effective decision.
Speaker Change: And you gave us some color if the improvement was also impacted by the product mix between private and branded products.
Speaker Change: Or are you seeing the same levels in product sales mix and improvement in margins in both segments. Thank you.
Speaker Change: Thanks.
Speaker Change: San Diego will go back to my previous response by starting in saying to you that there is continuous improvement.
Speaker Change: On the purchasing side and that is simply driven by scale and by better working with our suppliers.
Speaker Change: In terms of then.
Product mix, yes, it does impact and over time, you will see an impact due to maybe an increasing number of private label sales versus branded sales, but this is not going to be a quarterly to quarterly event that youre going to be able to notice its more like.
Speaker Change: Multiyear kind of tendency that you should look out for.
Speaker Change: So again I would say that.
Speaker Change: At the core you are going to always see improvements on the purchasing side.
Speaker Change: And on the costs, but then whether you retain these.
Speaker Change: Our gross margin that appears in your income statement or this translates into increased sales and maybe a lower gross margin, but in terms of dollar margin, possibly an improvement.
Speaker Change: This remains to be seen.
Speaker Change: Net net.
It's an improvement in or whether it appears in one line or the other.
Speaker Change: The tendency is positive.
Barry Peter: Barry Peter Thank you.
Barry Peter: Alright.
Barry Peter: From the line of.
<unk>. Please state your company name and Moscow question.
Hi, Good morning. This is Jorge <unk> from BTG Pactual. Good morning, Anthony had a lot of hope you are well. My question is on the two distribution center and centers that you opened year to date I was wondering if you could share how many stores. They are currently serving thank you and congrats on the results.
Speaker Change: Hi, Jorge Eduardo do you want to take this one sure hi, Jorge yes.
Eduardo: Yes, we opened two distribution centers, we have about 100 stores and one of them.
Eduardo: And then about 150 in the second one so if you remember our presentations the way we do this is that we go by stretching.
Eduardo: And every time, we open a new distribution center it starts off with a number of stores already so it doesn't start from zero. So that is that is what we have cracks.
Speaker Change: Very clear thank you very much.
Speaker Change: Our next question comes from the line of from server Arena.
Speaker Change: State Your company name and ask a question.
Speaker Change: Sorry, good morning.
Speaker Change: So from Rsh family office.
In Guadalajara, and we we are we.
Speaker Change: You still have no stores basically instead of this call.
Speaker Change: So I would just want to have a little bit of an idea of.
Speaker Change: What's your geographical expansion plans and if you think you could face increased competition as you grow towards the north part of the country.
Speaker Change: And the second question is why didn't the peso depreciation.
Speaker Change: Should we expect any any impact on the on your cost of goods sold because of the movement in the peso.
Speaker Change: And that we've seen recently.
Speaker Change: Eduardo do you want to take this one sure.
Speaker Change: <unk> set a new high.
Speaker Change: Here.
We do have stores in the state of political.
Speaker Change: Not in not even one in Nevada that.
But in the state and the state of <unk>.
Speaker Change: We can you can buy also Google them and I encourage you to visit them. The second your second question on the on the peso on the on the cost of goods sold are you talking about if the if the depreciation of the peso affected our cost of goods sold is that yes, yes.
Speaker Change: Yes, I mean.
Speaker Change: Not not not immediately this is something that we lift before.
Speaker Change: Typically what happens is that when we get a peso depreciation what happens is that this is mostly a pass through it takes few months for that to happen.
Speaker Change: So not not in the in the immediate terms.
Speaker Change: Has been impacted.
Okay. Thanks.
Speaker Change: Okay.
Speaker Change: We will pause for a further question.
Speaker Change: Our next question comes from the line of Froylan Mendez.
Speaker Change: Please state your company name industrial costs.
Hi, Anthony and then just a quick follow up from your 121 openings during the quarter. How many of them were like in the in the last part of the quarter trying to understand that the the higher expenses that we saw a diluting a little bit of the gross margin gain if it was mostly on pre opening.
Speaker Change: Expenses, given the timing on when these stores were actually open. So if you could tell us how many of the 121, where like Backloaded.
Speaker Change: The last part of the quarter.
Speaker Change: Hi frontline.
Speaker Change: Roughly 40% of the openings were in the last months of the quarter.
Perfect.
Speaker Change: Thank you so much.
Speaker Change: We will pause one tomorrow for any further questions.
Speaker Change: Our next question comes from the line of another currently please state your company name and ask your question.
Speaker Change: Thank you Yeah Magic Valley here with Shanghai.
Speaker Change: Paul Thanks for taking my question wanted to ask a follow up question on the cost of goods so related to the peso question earlier.
Speaker Change: Wondering out of the merchandise you sell through the store.
Speaker Change: How many of them more as a percentage of total cost of goods in terms of.
Imports versus meeting your made in Mexico.
Speaker Change: And the law on the longer term how do you how should we think about the changes in the cost of goods that you might be buying using USD.
Speaker Change: If this peso devaluation goes the opposite direction I'll kind of direction of decent.
Speaker Change: Hi module.
Speaker Change: Let me answer this question by looking at history.
Speaker Change: Over the course of our.
Speaker Change: Our life, we have seen already two if not three devaluations of the peso.
Speaker Change: And what we've observed is the following if it's a.
Speaker Change: Permanent devaluation in the sense that it's a little bit longer term as opposed to you know volatility.
Speaker Change: The volatility that we might be seeing right now.
Speaker Change: The <unk>.
Speaker Change: Input costs, which don't say all raw materials in Mexico are pretty much a dollarized for the vast majority of the goods that are sold.
Speaker Change: You would see that.
Speaker Change: Fast and.
Speaker Change: The form of an inflation in prices over time.
Speaker Change: If I had to put a stake in the ground have always seen it happen in the course of 12 to 18 months.
Speaker Change: So if it's short term youre not going to see much change, but if it's long term you're going to see an inflation and costs and therefore.
Speaker Change: Back to you know whether it gets passed onto the customer and with what speed. It gets passed on.
Speaker Change: Right.
Speaker Change: Would you be able to share in terms of question Danielle.
Speaker Change: Items or costs in terms of imports where system.
Speaker Change: Manufactured within Mexico.
Speaker Change: It's fairly common sense and applicable to any country in the world, but let's say all manufactured goods.
Speaker Change: In Mexico in terms of variable costs are very dollarized, the non variable cost is labor related.
Speaker Change: The non dollar has cost is labor related but lets say I don't know if you take diapers for example, we sell diapers.
Speaker Change: The Super Absorbent powder is dollarized the cellulose is dollarized the elastic band under diapers Dollarized.
Speaker Change: The machine was bought in hard currency at some point.
Speaker Change: The Nondollar raised part is basically labor and to some degree with a delay energy.
Speaker Change: So if you ask me to give you an exact percentage I'd be hard pressed to come up with a number of them.
Speaker Change: I'll leave you with this thought us to you know.
The underlying forces here are are.
Speaker Change: Similar for every single product you look at sure.
Speaker Change: Sure.
Speaker Change: Thank you.
Speaker Change: One follow up question on.
Speaker Change: The pace of number of stores and forecast.
Speaker Change: And the.
Speaker Change: Operating metrics around your investment return on investment rather.
What you have opined in your filings.
Speaker Change: Filings is I believe us.
Speaker Change: It's quite an attacker and comes out.
I remember right now I'll take a million businesses are location and.
Your cash outcome.
Speaker Change: Cash return on investment is.
Speaker Change: Probably somewhere around.
12 months or so that's an excellent return obviously I was wondering is that something.
Speaker Change: Do you think you can achieve over the next two or three years or is that I'm.
Speaker Change: I'm sure it is dependent on markets.
Speaker Change: You are heading in terms of the growth areas and how good they are and so on and of course the competition. If there is any greenhill accomplished in that area.
Speaker Change: Just one thing what can you give us in terms of directional view.
Speaker Change: You can maintain that cash on cash return on investment.
Speaker Change: Well no I don't I'm going to answer this question by giving you the principles and then I'll, let you come up with your own conclusion.
Speaker Change: Unless you see a significant change in capex costs due to whatever reason.
Speaker Change: Tendencies for an improvement on returns because what we're seeing is.
Speaker Change: Every new vintage of stores performing better than previous vintages and underlying that improved performance are two things one of the brand tender test beds better known so you have stores that base.
Basically towards much stronger because people know who you are and what you are.
Speaker Change: And even more importantly behind that is continued.
Speaker Change: Improvement in the value proposition to our customer.
Speaker Change: So basically what you see and what we offer to the customer today is significantly better than what you saw five years ago, and what we offer the customer and this improvement is continuous.
Speaker Change: Is what's driving continued improvements in same store sales.
Speaker Change: And Oh faster ramp ups of new vintages.
Speaker Change: And as long as we believe that that's the case then coming back to your first question you know the return on invested capital on a store should continue to improve.
Speaker Change: That's great. Thank you so much.
Speaker Change: Our next question comes from the line.
Both highway.
Speaker Change: Thank you our company name and ask your question.
Speaker Change: Hi, everyone congratulations on a strong quarter.
Speaker Change: Thanks for taking my question quick question on the <unk> Dx.
Speaker Change: The exchange rate variation, which resulted in a noncash gain of 304 million persons in Q2.
Speaker Change: And.
Speaker Change: You disclosed that the company.
Speaker Change: Holds $2 7 million U S dollar denominated investments in the pharma short term bank deposits at the end of June.
Speaker Change: So what what is the strategy and in terms of our forecast should we assume that the same amount remains for the rest of this year.
Speaker Change: So that's a better you know helps has still forecasted non non FX noncash sorry gains or losses.
Eduardo do you want to take this one yes absolutely.
Speaker Change: Daniela.
Speaker Change: I hear your voice.
Speaker Change: I think for the remainder of the year, yes, we let let's assume that we will continue to have this investment overseas.
Speaker Change: As we explained we have roughly about $150 million in <unk>.
Dollars.
And in the U S deposits are we.
Speaker Change: Also have $50 million in cash and cash equivalents overseas as well so at least for the remainder of the year. Yes, you should assume that we will continue to keep that money overseas.
Speaker Change: Okay. So a total of $200 million close.
Speaker Change: Close to 171 Tammy Okay. Thank you Eduardo and just in terms of your working capital you have the in December a ratio between inventory days and payables any room to improve there are any.
Speaker Change: That you can comment on that you already do a phenomenal job.
Speaker Change: This is I mean, yeah. That's a great question. Thank you.
Speaker Change: This is a this is something that.
Speaker Change: Well first of all I would encourage you to look this and that's why we did it on a on a half a year versus half a year because looking at borderline quarter. It's there it's could be misleading.
Speaker Change: It's lumpy.
Speaker Change: Now in terms of your question about improvements.
Speaker Change: For the time being.
Speaker Change: Of course, we can improve however for the timing, we're not assuming any improvement for the balance of the year. However, we know that the greater rotation of inventory, we have the lesser than the days of inventory would be but for now we're not assuming any improvement. So you can if you want to model.
Speaker Change: That for the balance of the year. That's that's how we are thinking about it.
Speaker Change: That's very clear. Thank you so much and congrats again on the strong results.
Speaker Change: You then yet.
Speaker Change: Okay.
Speaker Change: We will pause one tomorrow for any further questions.
Speaker Change: We have not received any further questions.
Speaker Change: I would like to hand, the call back over to Anthony for his closing remarks.
Well then.
Anthony: Then thank you very much for participating and for your questions I want to say, thank you and extend my gratitude to our investors and analysts for your continued support and your confidence in our business plan and strategy.
I also want to thank all our employees for their hard work and commitment.
Anthony: They have been instrumental in achieving all of the results that you're seeing.
Speaker Change: And Eduardo and I remain available if you have any questions just feel free to contact us.
Speaker Change: Thank you again and have a great day.
Speaker Change: Okay.
Speaker Change: That concludes today's call you may now disconnect.