Good morning, everyone, and welcome to the Sensient Technologies Corporation 2018 Second Quarter Conference Call. Today's call is being recorded. At this time, for opening remarks, I would like to turn the call over to Mr. Steve Rolfs. Please go ahead, sir.

Good morning. I'm Steve Rolfs, Senior Vice President and Chief Financial Officer of Sensient Technologies Corporation. I would like to welcome all of you to Sensient's conference call to discuss 2018 second quarter financial results. I'm joined this morning by Paul Manning, Sensient's Chairman, President and Chief Executive Officer. This morning, we released our 2018 second quarter financial results. A copy of the release is now available on our website at sensient.com. During our call today, we will reference certain non-GAAP financial measures, which we believe provide investors with additional information to evaluate the company's performance and improve the comparability of results between reporting periods. These non-GAAP financial measures remove the impact of restructuring costs, currency movements, the impact of the 2017 U.S. tax legislation and other items as noted in the company's filings. Non-GAAP financial results should not be considered in isolation from or as a substitute for financial information calculated in accordance with GAAP. A reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures is available on the Investor Information section of our website at sensient.com and in our press release. We encourage investors to review these reconciliations in connection on the comments we make this morning. I would also like to remind everyone that comments made this morning, including responses to your questions, may include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Our statements may be affected by certain factors, including risks and uncertainties, which are discussed in detail in the company's filings with the Securities and Exchange Commission. We urge you to read Sensient's filings for a description of these factors. Please bear these factors in mind when you analyze our comments today. Now we'll hear from Paul Manning.

Thanks, Steve. Good morning. Sensient reported earnings per share of $0.92 in the quarter compared to adjusted earnings per share of $0.87 in last year's second quarter. Consolidated revenue was up 6% in local currency. We saw a broad-based revenue growth in each of our segments, which was consistent with our expectations and guidance for this quarter. Color had another strong quarter, reporting both revenue and profit growth. In local currency, revenue grew 7% and operating income increased 5% driven by strong demand for cosmetic ingredients and natural food colors. Cosmetics reported high single-digit revenue and profit growth as we continue to see strong global demand in end markets. We have strong sales and technical resources around the world to help our customers develop unique formulations for their products, and we have a strong innovation pipeline to support future sales growth. The Food Color businesses performed a very well in the quarter with strong natural color growth in North America and Asia. Natural color sales in North America were up significantly in the second quarter and we have had a number of new wins that will continue to drive growth in the second half of the year. There's been more activity with natural color conversions over the past 6 to 12 months and our customers -- and for that matter, end customers are demanding that the natural color version of their product has the same vibrant shade as the synthetically colored products. Sensient will maintain its technical and market leadership position as customers continue to demand natural colors that perform at parity with synthetic colors. On another note, we continue to integrate the GlobeNatural acquisition and this has solidified our supply chain and cost position for several key raw materials. Flavors & Fragrances Group reported strong revenue growth in the…

Thank you, Paul. Sensient's revenue was $363 million in the quarter compared to $338.5 million in last year's second quarter, representing a 7.3% increase. Operating income was $52.2 million in the quarter compared to $44.4 million in the comparable period last year. The 2017 operating income results include restructuring and other costs of $7.9 million in the quarter. And excluding the restructuring and other costs, adjusted operating income was $52.3 million in last year's second quarter. Foreign currency translation increased both revenue and operating income by approximately 1% in the quarter. Diluted earnings per share was $0.92 in the quarter compared to $0.69 in the comparable period last year. Restructuring and other costs reduced last year's second quarter earnings per share by $0.17. Adjusted diluted earnings per share were $0.87 in the second quarter of 2017. Foreign currency translation increased EPS by $0.01 in the quarter. For the first 6 months of 2018, revenue was $719.5 million compared to $679.9 million in the first half of 2017. Operating income was $107.9 million in the first half of this year compared to $68.4 million in the first 6 months of 2017. The 2017 operating income results include restructuring and other costs of $39.2 million in the first half of last year. Excluding the restructuring and other costs, adjusted operating income was $107.6 million in the first 6 months of 2017. Foreign currency translation increased both revenue and operating income by approximately 3% year-to-date. Diluted earnings per share was $1.81 in the first half of 2018 compared to $0.99 in the comparable period last year. Restructuring and other costs reduced last year's diluted EPS result by $0.70 for the first 6 months and adjusted diluted earnings per share were $1.69 in the first half of 2017. Foreign currency translation increased EPS by…

[Operator Instructions]. Our first question comes from the line of Brett Hundley from the Vertical Group.

I apologize for the background noise. I'm on a train, but I'm going to ask my questions and then go on to mute. My first question is related to your sweet flavors portfolio. If I remove dairy, can you talk about what the growth looks like for that product set and what levers you might have to pull if the dairy side of the business remains challenging no longer than expected? So that's my first question. My second question, I wanted to revisit the work that you guys have been doing to narrow the cost performance gap between naturals and synthetics on the Color side. It's great to hear about demand going up, but I'd be curious what impact that might have to margins, too, as you see more and more demand for naturals? And then just my last question is related to soy. I think that soy is a bigger COG for you guys, if I'm not mistaken. What type of potential benefit could this be going forward and do you have that incorporated into your guidance?

Okay. Brett. Let me take those in the order you gave them. So sweet flavors, so our sweet flavors business fundamentally developed as a dairy flavors business. A few years ago, as we've talked about on this call and a lot of our one on ones, we made a very concerted effort and we continue to make a very concerted effort to diversify that business into other categories such as bakery and confectionery. In some cases, we had some presence in those segments. But in other cases, we did not. So a lot of our effort in dairy, we sort of recognize some of these declines that could grip the dairy industry, particularly in North America, and so we really made a concerted effort there. A lot of where our wins are coming today are coming from bakery and confectionery-type projects. We're able to profile a lot of our sugar reduction platform. We're able to provide integrated products that also include color. For many customers, this is a very compelling aspect to development because they either lack some of the technical resources of a larger player, or they simply -- and/or they want to move very, very quickly. And so having a supplier like us who can provide color and flavor, which tend to be among the more challenging ingredients to formulate given their high intensity, in particular, in these types of applications, it's proven to be a pretty good approach that we've taken there. So our work will continue on that front. There are definitely, just to go back to dairy in general, there are definitely signs of improvement. You'd see in some of the trailing data the last 12 months, ice cream has actually been up as a category, which is a nice sign. But then you'd also…

So if the question was about soy, so the price of soy has come down recently. My understanding is it's now, for the products we buy, close to where it was last year. So that will represent some benefit where we use that in some of our savory ingredients, but keep in mind we use a lot of different raw materials. And really in flavors, there's nothing greater than 4%, so soy would be under 4%. And there are other items that -- there are always things going up and down, so I would consider that benefit to be in our outlook and guidance for the rest of the year.

Our next question comes from the line of Curt Siegmeyer from the KeyBanc Capital.

Paul, when you referred to the service issues impacting volumes in flavors, obviously, that's nothing new this quarter. But volumes were up in the quarter, and so I was wondering if you could just talk a little bit about that impact that, that may have had on volumes. And then on the margin contraction kind of similar, if you could give us a better view of some of the restructuring progress that you guys have made. It might be helpful if you could quantify sort of what the onion impact was this quarter on margins as it relates to that?

Yes. So the first piece about service issues, yes, so certainly the service issues affected volume at that particular business. But overall, we were able to overcome that as a group with some of the other businesses I highlighted where there is very good volume growth. A lot of that generated from new wins. So a lot reason for optimism because as we lap these service issues in Q3, that particular business we anticipate would become also additive to the cost, which is to say we should have a nice supporting business there for continued revenue growth. So I think the positive here is despite that headwind, we overcame that across the portfolio, across the businesses and had very nice revenue growth in the flavors which, obviously, is a real bright spot because I think it's a testament to the end of the restructuring and our ability to grow this business, absent that significant distraction. And so I think it was a good, a very good outcome for that group. And I think that it would suggest that the future looks quite good between flavors, colors in Asia Pacific as I think we've got good momentum. I think the wins that I see are quite good. We've got a very aggressive group of managers and sales people out there, and they want to win. And they're not order takers, they focus on getting into accounts, new accounts, B and C accounts. Sometimes you got to hustle up business and sometimes it's about service levels and sometimes it's about technology. And perhaps in other cases, it's about all 3. But this is really what we're focusing on and what we've got the businesses lined up to do. With respect to your second question on margin contraction, yes, I mean, onion was a really big chunk of that on the margin front. So I think we have that headwind playing out in the EBIT margin. Obviously, the dairy business we're talking about as well is also a chunk of that. So I think this, I think as we get into Q3, we have the impact again, not unlike Q2 and Q1. But come Q4, when we lap these factors, I would expect a return to nice growth on the EBIT margin of the Flavor Group.

Okay. That was actually my follow-up question. So the confidence that you have in 4Q returning to growth in terms of OI for flavors, the biggest factor is just lapping some of these headwinds and some of the wins that you have that give you confidence in that outlook?

Yes. Absolutely. That, plus revenue growth. And between calling in FX and restructuring, we haven't really been talking a lot about revenue growth in the Flavor Group in sometime, so this is a real high positive for that group. And I think that when you take that and you take the lapping of these other factors, that makes for what I would anticipate to be a quite nice quarter in the fourth quarter for Flavors. And then again, that momentum builds as we go into 2019. So yes, when I say, hey, I'm optimistic about the future, it's not a pipe dream. It's based on wins. It's based on the management in place. It's based on the elimination of this restructuring, and I think it's going to fall a lot of the success that you've seen in colors and what you're seeing now in Asia Pacific.

The next question comes from the line of Fintan Ryan from Berenberg.

So firstly, I guess, following on from the last question. Are you still confident of achieving, like we've seen several quarters of declining margins within the Flavors & Fragrances business, would you still be confident of getting back to the 20% target margin from that business in time? And secondly, in terms of the working capital developments in the -- during the quarter or in the first half, I know you explained the slight different presentation of the working capital on the securitization. But I think, and if I'm not wrong, I think back at the Q1 call, you did mention at that stage that working capital outflows that you saw in the first quarter, you expected to, if anything, to unwind to the back-end of the year. What are your thoughts that overall working capital movements for the rest of the year, please. And then, finally, just -- I guess, a more broader -- a high-level question. So in the last few months you've seen a lot of M&A enhancing the space, and specifically as you've done with Naturex and IFF acquiring Frutarom, which would seem to me at least to be trying to sort of muffle in on the areas where I sense it is operating and particularly, with regards to the natural colors in food and beverage. Could you give us some of your, I guess, high-level thoughts on what this means for the industry as a whole? And like do you think that it might -- could this be a negative for Sensient's growth outlook in the midterm having to compete with the giants of the flavor and fragrance industry?

Okay. So first question, are we confident? Am I confident in 20%? The answer is yes. What we're seeing right now are, to some degree, some exogenous factors and in other cases, onetime self-inflicted problems. But the margin decline does not have anything to do with the portfolio or the markets that we're operating in or anything unusual with respect to a market pricing dynamic or a raw material dynamic. Yes, there's always price pressure in various parts of the market. That's nothing new. Maybe there's a little bit more in 2018 than there has been in the last few years, but I wouldn't tell you anything outrageous and nothing fundamentally has changed about the market. So I think this is a matter of lapping these factors, and I think I would be very, very confident to tell you that you'd see a nice resumption of the EBIT growth in Q4 and as we get into 2019. So a lot of that -- the 20% is driven by good technologies, operating a lean operation, lean from an SG&A standpoint as well, and I think we've got of those components in place, and so now it's a matter of continued execution -- continued execution on selling flavors. With respect to your second question, working capital, so I'll let Steve talk about that one. Steve loves talking about working capital. But I'll say this, we -- what we said in the beginning of the year and what we've said even towards the end of last year is that we anticipated that inventory would peak in the first part of 2018. Some of that facts -- some of that had to do with I wanted to improve our service levels in some of our plants, so I intentionally had them build and hold…

And so just following up on the working capital. So Paul covered the build, which we said peaked, and I certainly would agree with that. Since the beginning of the year in terms of days, we've seen inventory come down about 22 days and it's also coming down in terms of the dollar value on the balance sheet. Receivables, obviously, we have some builder receivables just with the strong sales. But in terms of -- the days are fairly constant to a year ago, so as we go through the year and we monetize that that should be a positive for cash flow. So I continue to expect benefits in the second half of the year and also the tax benefit that we generated this quarter will have some real tax flow -- cash flow benefits in the second half of the year as well.

Our next question comes from the line of Christopher Perrella from Bloomberg Intelligence.

A question on Colors. With the robust sales group -- sales growth in Colors this year, I would have figured greater margin expansion. How much are the recent acquisitions and integration costs weighing on margins this year?

I would -- not much. I think that the Globe acquisition it was about, let's just say, $8 million to $10 million in revenue when we brought that in, so not terribly dilutive there. And then with respect to Mazza, we just -- we closed on that one about a week or 2 ago. I mentioned that will be about $0.02 dilutive to the corporation in the course of the remainder of the year. So I would tell you that the gross margins that we can achieve in that business should be right around the average of what we can achieve in the Color Group, in general. So not much today, maybe a touch, maybe it's 50 basis points on gross margin. But I think as you get into 2019, we have more time to sell those products and integrate those businesses, I think it'll be right -- consistent to where that margin profile is for Color.

Great. And then in terms of the stronger dollar and the FX exposure, could you just remind me what the largest FX portion, is it Europe, is it over in Asia?

So for us, the big currencies would be euro, peso, pound and there could be a couple of Asian currencies as well, but those are the big ones.

Your next question comes from the line of Mike Sison from KeyBanc.

I missed a little bit of your -- beginning of your call, but when I think about flavors sales growth, a good portion of that was volume. Did you address that? Is that the bulk of the sales growth ex foreign currency?

Well, we talked about it a little bit. But for you, Mike, that's a every -- we'll take it -- I think, where you're going on that one, I think it's just sort of the breakdown between price and volume. And as I'm looking at it overall, it's an overall volume, was a bigger impact than price. I think price has been pretty nominal this year, in general, probably across the corporation. So the growth that we're getting is fundamentally volume driven. And you could -- I think it's safe for me to say that, that would be across each of the 3 groups.

That's great. And then when you think about turning the corner and volume growth for the segment, you feel pretty good that you'll continue to see that momentum in the second half of the year. And if so, what are the areas you think will continue to drive that growth?

So I think we're going to continue to see the nice growth, top line, where I continue to guide on Color and Flavor, mid-single-digit top line growth. So you can infer from my answer to your last question that, that would be principally volume driven. Asia Pacific would be mid- to high single-digit top line growth. And there, again, I think volume will be a good chunk of that piece as well. So I think it bodes well for the second half of the year to see good top line growth in the business and I'm inclined to say that we should be in very good position. Well, we haven't given 2019 guidance specifically. I think that, that mid-single-digit top line growth should be a good benchmark for us to be able to achieve overall as a corporation, but even that, within each one of these businesses. Now to the other part of your question about what businesses, I mean, certainly natural colors had a really good quarter. We had very nice growth, in particular in North America, natural colors had outstanding growth. Good growth in Asia. Cosmetics continues to be a good driver of revenue and volume. But you're seeing, and we're seeing also, very good growth coming out of the Flavors Group in our Natural Ingredients business, in our BioNutrients, fragrances and then certainly within our Flavor businesses as well. North America Savory had good growth and we also see good growth in Latin America. So pretty broad-based overall and that's very, very exciting to see because it's a -- I think it's a testament that things are looking pretty good and we've got some good momentum and it's not just one pocket or one piece of the company driving it.

Right. Paul, that's great. And then given that the volume growth has really turned a corner here for flavors, I know you still have some -- you will have a headwind in foreign currency and raw materials a little bit of an issue, but what do you think needs to happen to get sort of the operating EBIT growth in line with the good sales growth in that business over the next couple of quarters?

What I need is it to be October 1, 2018. In other words I need a lap, the Q3 headwind in there because I think, ultimately, for mid-single-digit top line growth, that should translate very nicely to mid- to high single-digit OP growth, which will be very nice to the EBIT margin. So I would anticipate -- fully expect that Q4, you'd see that relationship return to the Flavor Group.

Okay. Great. And then, I guess, last question, your balance sheet is still in really good shape. Multiples are definitely high. We've seen one of the other bigger players has done recently, pretty big multiple there. But what do you see in the M&A market and where do you see the opportunities to maybe continue to build upon your growth via acquisition?

We like these umbrellas or what we call -- or you may call it platform technologies. So companies like Mazza are very consistent with what we're looking for. They are businesses that, once we buy them, we feel like we can make use of our rather vast sales network and we can make use of these technologies in a lot of different parts of the organization. So the Mazza one is going to be able to -- that's going to be -- help us to sell nutraceutical products within our pharma colors and excipients business. It's going to allow us to sell cosmetic active ingredients for hair, for face. It's going to allow us to sell and perhaps, better extract natural colors and do so in a solvent-free manner. And I don't want to -- I think the solvent-free piece, I can't tell you how important that is to a significant portion of this market. If you can move away from chemical solvents or alcohol as a solvent, that is a big point of difference in your extracts versus say, somebody else's. And so not only for natural colors is that true, but also extract as an alternative to a natural flavor providing -- using this technology to achieve it is a very strong and compelling method. So these types of acquisitions are right what we're looking for. I think we can get them for a fair price and I think they're technologies that have a lot of play within our organization. So to some degree, there are a lot of these types of companies out there and it's just a matter of picking the right one and finding the ones where you can bring the technology as far as possible for your organization. And I think Mazza is exactly that type of company, and I'm pretty excited that we got it.

Our next question comes from the line of Garo Norian from Palisade Capital.

Help me kind of a little -- a bigger picture here. For the full year of 2018 versus full year 2017, understanding the adjustments that have to be made for 2017, on a local currency basis, can you help me just with EBIT, is it -- how does it compare year-over-year? And I'm trying to kind of get to, as much as possible, a like-for-like and then after that kind of understand the impact of the onion stuff on EBIT.

Yes. So if you take the guidance and you start there, the $3.60 to $3.70 versus just over $3.40 for the end of last year, EBIT will certainly have to be in the mid-single digit growth range to achieve that type of level. I think that certainly, depending on what happens with taxes, as we noted in the call, tax -- that may be a benefit. If it is, that that could be additive to the range. But right now, it's hard to project how that would come out. But that's, obviously, below the EBIT line. I think the specifics on the onion piece of thing. Onion is a significant impact here. It's a significant headwind to EBIT. But some of that starts, as I said, we lapped that in Q3, so we get relief in Q4. And as you noted, a lot of those crops are still pulling out of the ground in late Q4 and early Q1, so it's hard to get a total read on those. So that would be -- it's a little bit more difficult to see what the uplift would be in Q4 from onion specifically. But yes, I think, overall, to answer your question, EBIT, to make the math work, would need to be about in that mid-single digit range for this all to come together.

Got it. And that's kind of talking in local currency?

That's right.

Got it. Got it. And then separately, just going back in a certain direction on M&A. Have you guys gone through, I mean, some of these deals have been significant. Have you gone through a robust process internally to really evaluate Sensient's and its position and who, maybe of the bigger players, if there was a combination would make the most sense or make no sense or how do you guys kind of gone through an valuation of kind of moving the chess pieces on the board in big scale M&A?

Yes. Well, I guess, I'd say this. My mission is to earn the highest return to shareholders. And so on a daily business, what does that mean? That means, you look at sales, you watch sales, are we executing on NPD, are we executing on supply chain, the things that we need to do. So I'm focused on the strategy of the business and how do we grow this business organically. How do we make acquisitions here and there, to add to that? And I guess that's the way I think about the business. We want to maximize returns and there's a lot of different ways that, that can be done. But we're always looking at the market, we're always looking at opportunities and -- yes, I guess, that's all I have to say about that.

Yes. And then just one last one. I was curious on the progress being made towards new leadership for flavors.

Yes. Progress is good. In the interim, they're stuck with me and they'll have to work through that. But no, I think we got some great general managers down there. We've got some great folks on our staff. We've got great folks in the business and they're very motivated to be successful. They got a little chip on their shoulder, which I like because I have a chip on my shoulder, and I think it's a good combination. So we're looking at a lot of folks in and outside the industry and we're considering all our avenues. But I would anticipate that we're, obviously, going to name somebody here in the future. And I think I want to make sure they're the right person and they're a good fit to our strategy and the culture that we've built here, which is a lot about empowering folks to make decisions and really driving for results and doing so in a very sustainable fashion. So those people aren't necessarily so easy to find. And I think that we're going to continue to consider a number of candidates and we'll let you know when -- Garo, you'll be the first guy to know. Well, actually, you won't. Everybody will be the first guy to know, technically.

Our last question is from the line of Davis Paddock from Invesco Advisers.

Just to follow up on the inventory question. You mentioned that you very largely needed to increase inventory last year as you're going through the plant consolidation. Do you anticipate getting back to inventory, returning to level either on a day's inventory or percentage of sales to 2016 levels? Is that where we should be expected to go back to? And if so, sort of what -- over what time period it will take to get back there?

Yes. Well, I think there is certainly an opportunity to take a number of days out of this inventory. We think some of the bigger opportunities lie within flavors right now because we, let's just say, kind of built inventory for the service reasons I described before. So I think we're going to -- you're going to see some -- particularly, sales continue to look good. You're going to continue to see inventory kind of coming out of the system. Plants run well. They've been consolidated. They run better and better, and that's going to help. We're always going to have a little bit of the "we run a crop based business, too". And so that's a business where, in some cases, if you don't have the inventory, you're in big trouble because there are no easy substitutes for that. Now the flip side of that is when you're the guy who does have inventory, there's a lot of nice opportunities for you there, too. So that's a little bit of a balancing act and I think, right now, we're a bit heavy there. But as Steve mentioned, and he'll give you a few more details, I think that's one of the areas that we really targeted for bringing down the inventory levels.

Yes. So I think as we get into next year, we've optimized more of the plants. There is opportunity there. It just was not the focus over the last 6 or 12 months as we're coming out of restructuring. And you referenced 2016 inventory levels, and I don't have the numbers in front of me, but I would just go back to what Paul said about that Natural Ingredients business. So that business, outside of anything we're doing, can cause some fluctuation year-to-year and we did have a couple of lean years on certain inventories like garlic, and I think that might have been in the '16 and '17 year. So that might be a little bit of a limit on our ability to get back down to that low level, but we definitely would be able to make improvement form where we are today.

Okay. That's helpful. And then moving to the onions that you mentioned in Q4, to start improving, is that more on just a comparable basis? It's not getting worse compared -- I think, it started last year in Q4? Or is there something fundamentally changing in the market that are bringing the onion cost down back to sort of more normalized levels?

Well, the onion cost is more of a factor of our business. And as much as some of the yields were not where they needed to be because we grew less crop overall, you're obviously not running as much volume through that particular part of the plant so there's accounting overhang there. But no, I wouldn't tell you that anything is fundamentally changed in the onion market from a cost standpoint. Recognize that we grow this product and garlic, ditto, in a lot of different areas. It's not just in one area. So it's a pretty diversified track of spots. And -- but so, yes, as we get into Q4, and in fact even as we're here in Q3, early reads are we're cautiously optimistic, but it looks like things could be returning to a better situation on onion from a yield standpoint. But again, we're taking that out of these fields for the next several months and processing it for the next several months, so things may change there. But right now, things are looking better than they did earlier and that's a real positive.

Great. And then just the last question, you mentioned that customers are increasingly requesting kind of an integration on your color and flavors capabilities. Could you give a little bit more color on what they're requesting and how you're trying to serve those requests?

Yes. I'll give you some color and flavor on what they're requesting. Yes, and I think a lot of it is just about speed. And some of the folks we deal with, they want to launch products in like 4 or 5 months, not 2 or 3 years. And I think that, that in and of itself, requires very, very quick action from suppliers. That's point number one. Point number two, not necessarily every customer has the same technical resources. And so to that end, if you can provide some of those technical resources to customers, that can be a very compelling point-of-sale difference for you versus, say, somebody else. But I think the third piece is that these products, particularly in their natural iterations, are very complex to work with you. I mean the reason we make money, and part of the reason we're successful, is that this is an applications-driven business. These applications are not traditionally taught in food science programs. Not every customer has, say, flavors or color scientist on staff. In fact, I would say the majority of customers and potential customers do not, so there's a lot of value that we can add in of these transactions. And so as you look at opportunities to sell natural colors with natural flavors or natural colors of extracts, there's a lot of complications built into that. The inherent variability of crop-based raw materials is a significant development challenge. But that's what we see as a real point of difference in our business, is the ability to make that a more seamless project and process for our customers.

We have reached the end of the question-and-answer session. Please contact the company with any additional questions. At this time, I will turn the conference call back to the company for closing remarks.

Okay. Thank you very much for your time this morning. That will conclude our call.

This concludes today's call. You may now disconnect.