Good morning and welcome to Sysco's Fourth Quarter and full year fiscal 2020 Conference Call. As a reminder, today's call is being recorded. We will begin with opening remarks and introductions. I would now like to turn the call over to Neil Russell, Vice President of Corporate Affairs. Please go ahead.

Thank you, Joelle, and good morning, everyone. Welcome to Sysco's fourth quarter, and full year fiscal 2020 earnings call. On today's call, we have Kevin Hourican, our president and chief executive officer and Joel Grade, our chief financial officer. Before we begin, please note that statements made during this presentation would state the company's or management's intentions, beliefs, expectations or predictions of the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act and actual results could differ in a material manner. Additional information about factors that could cause results to differ from those in the forward-looking statements is contained in the company's SEC filings. This includes but is not limited to risk factors contained in our Annual Report on Form 10-K for the year ended June 29, 2019, subsequent SEC filings and in the news release issued earlier this morning. A copy of these materials can be found in the investors section at sysco.com or via Sysco's IR app. Non-GAAP financial measures are included in our comments today, and in our presentation slides. The reconciliation of these non-GAAP measures to the corresponding GAAP measures are included at the end of the presentation slides and can also be found in the investors section of our website. To ensure that we have sufficient time to answer all questions, we'd like to ask each participant to limit their time today to one question and one follow-up. At this time, I'd like to turn the call over to our President and Chief Executive Officer, Kevin Hourican.

Thank you, Neil and good morning, everyone. Thank you for joining the call with us this morning. I hope that you and your families are safe and healthy. As we continue to navigate through this unprecedented environment, our first priority will always be the health and well-being of our associates. I want to thank all of our associates for their tremendous work during a period of high stress at both work and at home. I want to especially thank our warehouse associates and our drivers who as frontline associates showed up every day during this crisis to take care of our customers, including those customers in the healthcare sector that needed our support more than ever. During this morning's call, I will discuss the state of the current business environment, Sysco's effective management of the COVID-19 crisis, and how we are strategically transforming the company to be even more effective in how we service our customers and grow our business. I'll then turn it over to Joel, who will discuss Sysco's fourth quarter and fiscal 2020 financial results. Lastly, I'll make a few closing remarks before we turn the call over for Q&A. It has been five months since the effects of COVID-19's pandemic began to significantly impact our industry and Sysco's business directly. As we discussed during the third quarter call, immediately after the onset of the crisis, Sysco took swift and decisive action to reduce variable and structural costs to ensure liquidity and to pivot our business to maximize sales during a period of disruption. I am tremendously proud of the work that we have done during this crisis to help our restaurant partners be as successful as possible during immensely difficult operating conditions. I will highlight a few of these wins in just a moment. Most importantly,…

Thanks, Kevin. Good morning, everyone. I will start with fourth quarter results for Sysco and results by segment, followed by an overview of full year fiscal 2020 performance. I will then give an update on cash flow and capital spend for the quarter. And finally, I'll go through our capital allocation priorities and closing comments. Our total Sysco results for the fourth quarter include a sales decrease of 43% to $8.9 billion. Local case volume within US Broadline operations decreased 38.7% for the fourth quarter, while total case volume within US Broadline operations decreased 41.5%. As a result of the COVID-19 pandemic, we saw a significant decline in both volume and sales across all the business segments. Gross profit decreased 47% to $1.6 billion and gross margin decreased 159 basis points. Our gross margin for the fourth quarter was impacted by pricing to help move inventory and avoid spoilage and by a temporary shift in customer mix as a result of the current operating environment. These results were in line with our previous guidance as it relates to margins. Adjusted operating expense decreased 26% to $1.6 billion. It is important to note that we had $115 million of incentive pay accrual reversals that favorably impacted operating expenses and the run rate in Q1 of fiscal 2021 will be normalized when compared to Q4 fiscal 2020. With that said, the adjusted operating income run rate was profitable in June, even without the accrual reversal. Adjusted operating income decreased 104% to a loss of $34 million, and adjusted earnings per share decreased 126% to a negative $0.29 for total Sysco. Across the business, our results were impacted by various financial items, which I will review before proceeding into individual segment results. Our fourth quarter results are impacted by restructuring and transformational project…

Thank you, Joel. I'd like to close with a few final thoughts before we move into Q&A. Sysco went into this crisis in a position of strength, which afforded us the ability to act quickly, reduce costs, ensure liquidity and pivot our business in support of customers. Although it has been a tough operating environment, we have managed well through the crisis, and the exit velocity of the business was positive, as Joel just communicated. Through our new business wins, totaling more than $1 billion since the onset of the pandemic and our continued cost out efforts now totaling more than $350 million for fiscal 2021, Sysco is well positioned for current success and future growth. More importantly, we are confident our transformation initiatives, including digital transformation, sales model, regionalization and expense structure modernization are paving the path for the company's long-term success. As I've said, we are managing the COVID crisis and transforming our company. We will exit this crisis a stronger Sysco, better able to serve our customers and differentiate it from others in our space. I want to close our call today once again by thanking our associates, especially our frontline heroes, who are out there working hard, serving our customers every day. And with that, operator, we're now ready for questions.

Thank you. Our first question comes from Chris Mandeville with Jefferies. Your line is now open.

Hey, good morning, gentlemen. Kevin, can you just shed some additional light on what you're seeing with your total and local case growth quarter-to-date? And then specific to the local, what's kind of the delta in performance for those of whom opened up early versus late? Maybe you could talk about any notable geographic or suburban versus rural versus urban differences that you're seeing. And then can you also just help us better understand that negative mix shift in private label penetration for local? I mean, is that a reflection of some of your really true or subscale operators seeing greater challenges within that segment?

Yeah, Chris, good morning and thank you for the questions. You've got a couple of them in there. So I'll go through them in order. As I indicated in my prepared remarks, the sequential improvement through Q4 was steady. So each week, getting better than the week before, pretty much across the globe, pretty much in all sectors, both suburban and rural and urban. Unfortunately, in the month of July, there was some stagnation. I think that's been pretty well documented by both the restaurant customers we serve and others in our space. The good news is it's not going backward. So as cases are surging in many parts of the globe and states within United States, we are not seeing a backward slide. And recently, we are beginning to see again that incremental sequential week-over-week improvements. We're not going to quote stats for the month of August. But we were improving every week through Q4, we saw a stagnation in July, and we're now seeing, once again, steady improvement in the month of August on a week-on-week basis. As Joel said, from a geographic perspective, I think that's some of the uniqueness of Sysco. Our European operations in Q4 were hit the hardest, they were hit the earliest, and they were the slowest to recover. However, that headwind in Q4 is actually more of a tailwind in Q1, because Europe has done a pretty nice job actually of managing the crisis from a health perspective, and we're seeing very strong improvement. And as Joel communicated from a top line perspective, France being the top-performing country in our entire portfolio right now as essentially restaurants are open for business in its entirety. So, we're monitoring it very closely. We're doing everything within our capability and power to help our restaurant operating customers be successful, providing them extensions on their patios, providing them with takeout to go, et cetera. Your question about rural versus urban, I think your insights there are probably on target. The more rural, the better the performance to prior year has been in urban, but we are seeing improvement in all sectors, including urban sectors. And I'll toss to Joel for the question on, I believe, you're asking about Sysco private brand penetration, and I'll toss it over to Joel to answer that question.

Thanks, Kevin. Yeah, Chris, I would suggest that I think the – as in our business, good operators win all the time, and others that struggle – at times struggle. And so, I think the – what you're really seeing there is just the impact of the mix change in the business that is indicative of both the mix between, again, some of the better operators and others that have not managed to survive and then also between the overall business that's obviously growing faster in those areas of QSR, of national accounts, of health care. So I think really, that's the primary impact which you're seeing there from a brand perspective.

Okay. And then just my follow-up is, Joel, as we look to fiscal 2021, can you quantify that the customer mix impact to Q4 gross margins, as you stated that's what will only likely persist going forward? And then, can you offer any more concrete color on CapEx spend and D&A since the latter actually increased quite notably in the quarter?

Sure. Yeah, from a margin perspective, Chris, I'm not going to quantify that specifically. What I would say, as we talked about, the margins improved consistently over the course of the fourth quarter and heading into the first quarter. So, some of the impact that we had in the beginning of the quarter, that was really related to inventory movement to avoid the spoilage, something that actually continued to go away really out throughout the course of the quarter. And the margins were more reflective of the mix impact that we're referring to. We anticipate those to continue as we move into the first quarter, but I'm not going to give any other specific commentary or guidance on that. The second part, as it relates to – I'm sorry, I lost you – the second question?

Depreciation that was up, increased in Q4 was his question?

Yeah. I'm not able to hear you.

Okay. He was...

Can you repeat the question, Chris?

Yeah. No, the latter part was just with regards to how to think about CapEx spend in fiscal 2021 as well as D&A since it saw a pretty notable uptick in Q4?

Yeah. So I think the capital spend piece, we certainly, as we indicated, we're going to be much lower than we were the prior year in Q4. And I would anticipate we would continue those trends as we head into the next fiscal year. I think the – at one point, we've talked about the fact that we anticipated our total capital spend to be somewhere in the range of 25% of what we'd call our normalized run rate. And I would anticipate that being more likely than not. We will, of course, continue to evaluate that as the year goes by and conditions change. But again, certainly focused on those urgent projects and those key transformational initiatives that we've talked about.

Okay. And anything on the D&A front?

You know, there is nothing really major to call out there, Chris, on the D&A side. I mean, I think they're – yeah, there's nothing really significant there to call out.

Okay. Best of luck in the back half of the calendar year, guys. Thank you.

Thanks.

Thank you, Chris.

Thank you. Our next question comes from Edward Kelly with Wells Fargo. Your line is now open.

Yeah. Hi, guys. Good morning. I just wanted to follow up on the case growth trend, just to avoid some confusion here. At the bottom, you were down about 60% or so. And I think it was around mid-May or so you had given us an update. Post that, we'd heard from you that things continued to get better. I'm just kind of curious as to why you won't talk about the exit rate on case growth. It kind of seems like logic would follow that you're probably down in the US, somewhere in like the low to mid-20% range at the end of the quarter. Is that ballpark? Just any way you can help us there, because it's important as to how we're going to start modeling the current quarter?

Yeah. Ed, we exited the month of June in the more like the minus 30% range. That's a global number across all lines of business that we've had. And we've seen improvement in August from that starting point, if you will, for Q1 of fiscal 2021. In fact, the most recent week was our strongest week since the beginning of the pandemic. So as I said, there was steady improvement. We exited Q4 at minus 30%. We were stagnated in July, and then we begin to see a weekly improvement since that point in time with the most recent week being our best week. That's where we are at this point. We're not going to get into kind of the business providing weekly guidance for obvious reasons, but we're seeing positive trends in improvement. And another key point that we said in our prepared remarks, we're profitable at a minus 30%, and we are confident that our sales results for fiscal 2021 will be better than that rate. And we're prepared if in fact a worst-case scenario were to occur, and we were forced to have restaurant operators shut down again, we're prepared to handle inventory reductions, expense reductions in a rapid manner, if that were to occur.

Great. Thanks. That's helpful, Kevin. And also just as a follow-up, on the regionalization, can you just talk about the genesis of the initiative, the benefits that you expect to get from it? What are the risks, if any? I'm just kind of curious as to what's really changing here for you and the upside associated with it.

Yeah. Thank you for the question. Appreciate it. The OpCo model, as we called it, served Sysco well for decades. And there's an entrepreneurial spirit and culture tied to Sysco that grew up from the foundation of this company, which was by families coming together to form a purchasing consortium. So that's how we grew up. It's who we were. We had operating company leaders who, yes, ran the Sysco playbook. But there was a fair amount of independence in entrepreneurial thinking and behavior in regards to how that structure worked. There are strengths tied to that. The disadvantages tied to that though would be it takes longer for Sysco to implement a change, and we wouldn't be as consistent as we wanted to be across the country if we rolled out a new program, a new initiative. With regionalization, we've essentially removed the operating company mentality and moved on to a regional president, who will now supervise multiple physical locations and a single combined sales force across all locations. The benefits that will come from a regionalization approach is a better alignment to the corporate strategy, ability to move faster on implementing change and to be a more consistent version of Sysco. On the risk side, we have some leaders that have departed the organization as a part of that change, and these were hard-working people who cared about the success of Sysco. On the opposite side of that risk would be we've placed, obviously, our top talent into these bigger jobs. And we call it fewer, bigger roles led by our top talent. So what I'm personally confident, because I've done this before multiple times in my career, when you put top talent into bigger roles, they can have a very positive impact on an even broader geography on an even broader set of responsibilities. I do just want to explain with detail one specific upside, which would be to now have our sales force led across physical geographies. We can do a better job of sharing resources across boundaries, being easier to do business with for our larger customers. And net-net, we believe it will accelerate our pace of change.

Great. Thank you.

Thank you, Ed.

Thank you. Our next question comes from Nicole Miller with Piper Sandler. Your line is now open. Nicole Miller Regan - Piper Sandler & Co.: Thank you so much and good morning. Just two quick questions for me. The first is going back to the early prepared commentary around your ability to invest and find leverage while others focus on survival. Could you just talk really big picture about the national distribution situation? It seems to me, you don't really need anybody to lose for you to win. And what I'm wondering about is, it seems to be making consumers confident to eat at restaurants and taking the share back from grocery. I think that there's plenty of super-regionals that are actually seeing a recovery as well. So could you talk about maybe you as a global brand? Maybe there's a difference between a super-regional versus a regional versus an independent? Thank you.

Nicole, thank you for the question. I just want to come back to one of your key points, which is we, as Sysco, can and will win during this environment. It doesn't necessarily need to come at the loss of a specific competitor so to speak. Some of the key stats that we use to convey these points, we have roughly 30% share of wallet from our independent street customers that we serve today. That is something that we know we can improve. And with just the customers we serve today, we know we can drive increased sales at Sysco. We've also recently changed our sales consultant compensation system to motivate them to go win more local street customer business. We believe we can increase market share through that activity. Today, we're not declaring the amount of net new business at the local level that we are winning because there's a lot of churn and tumult within the independent street customer business that I can come back to later. So we're not quoting those stats on today's call. The $1 billion of net new business that I articulated in my prepared remarks actually did come from the national sales level, some of that business in the SYGMA sector. And the why we're winning business at the national level at an accelerating rate is because the trust that those customers have in Sysco. They have confidence that we will have access to product, including fresh product. They have confidence that we're going to ship on time and in full. And they're moving business away from others over to us because they have confidence that we are here to succeed with them, both during this pandemic and more importantly, afterwards, that they can grow with us. So why I'm confident is we…

Sure. I'll start with that. And a couple points, number one is that the general mix of our business, if you think about it, is about 50:50 when it comes to local and contract. So when you think about the 62% of our business as restaurants, I think that roughly applies. And then again, there's a smaller percentage of that that is the QSR versus the fast casual. So, we haven't specifically given those points out, but that's really how to think about and I think the math that you did is fairly representative of how I would think about that ultimately. I think the question on whether the talk about the shift is really related to this idea of fishing where the fish are. Let me be very clear, we are not – this is not some overall strategic focus that says we're no longer focused on independents. We clearly – that's our bread and butter. That's the things that we do best. That's the business that we support in the most effective way. And so that clearly remains a focus of ours. But during this time of uncertainty where those recoveries may be somewhat slower in that part of the industry, this is really about what I'm doing, I'm (00:53:54) fishing where the fish are and focusing on those areas where we have a right to win in that space, in the QSR space, in some of the other chain businesses. In health care, be another opportunity where I would say is somewhere we'd over index. So that's the perspective I give as it relates to that. Kevin, I don't know if there's anything else you'd like to add there.

Yeah. It's a good question. We understand the question. And just to be clear, as Joel said, we are actively pursuing growth in both sectors. I just want to make one important point. Prior to COVID, we, Sysco, were posting our highest case growth in the independent sector in more than 10 years. We were winning share at an accelerating rate. We anticipate that will continue post pandemic, and customers want to eat at independent restaurant customers, farm to table, fresher trends, et cetera, and we're going to win in that space. And it's the most profitable sector. So we aren't shy about the fact that we want to win in that space and that will be our long-term growth strategy. In the meantime, Joel's expression of fish where the fish are, yes, QSR is the best-performing sector at this point in time. And we have the opportunity to go win new business in that space and we will do so. Nicole Miller Regan - Piper Sandler & Co.: Thank you.

Thank you.

Thank you.

Thank you. Our next question comes from Jeffrey Bernstein with Barclays. Your line is now open.

Great. Thank you very much. Just two broader industry questions. Kevin, you mentioned in your prepared remarks that, perhaps Sysco is seeing less of independent closures among their customers, versus the industry average. I was wondering if you can provide any color on, whether it's your closures or what you're hearing in terms of the broader industry. The foodservice distributors seem to be our best gauge of how the independents are doing during such a difficult crisis. And then, I had one follow-up.

Yeah, Jeff, thanks for the question. And so what we quoted is our customers, from a closure perspective, are performing better than the industry average. I prefer not to get into quoting those percentages, but it is a factually accurate statement. What we see in the independent space, because this is a really important question, I think there's been some external reports that are embellished as it relates to permanent bankruptcy closures. There's two types of closures that we're seeing right now. We're seeing the temporary closure for the restaurant operator who is struggling with how to succeed in just the takeout and delivery business. We're in active conversations with those customers. And as restrictions ease, they're getting back into the game. And then obviously, there's permanent closures. I think some of the industry reports tied to permanent closures are very elevated. What we anticipate is that there'll be an increase in churn. There will be a timing gap caused by that churn, by those that exit and then those that will actually get back into this business after they've cleared their bankruptcy. But there's an opportunity for us to take share during that environment as well as we increase share of wallet and as we do more new customer prospecting this summer and into the fall than we've ever done before in that 30% share of wallet that I talked about. It is also important, the HEALS Act that's being negotiated. We are optimistic and hopeful that it will get approved because our small business customers would benefit and need help from that Act. And we like the initial drafts of what's being proposed. And we're optimistic and hopeful that the HEALS Act can get approved and assist those small customers. So that's our best way of answering it. We anticipate an elevated amount of churn. We do not see a substantial and significant reduction in the number of doors in the industry for the long-term. And I'll toss it back to you, Jeff, for your follow-up.

Actually, Kevin, if I could just add one other important point there. I think, Jeffrey, the other point that's really key is the help that we are actually providing to our restaurant customers. I think one of the things that we certainly feel good about are the things that we've done in terms of – Kevin mentioned in his prepared remarks, the grocerant, the marketplaces, the product baskets around PPE and sanitizing products. The things we're doing to help assist with the outdoor dining with the to-go containers, et cetera. There's a whole series of things, including web development that we've done to actually help our customers. And actually, we feel good about that. And I think that's part of the reason that we do feel we've had some lower than what we'd call in the industry, so just wanted to add that one point.

No. I appreciate that color. And then, just my follow-up kind of broader industry question, again, Kevin, in your prepared remarks you said, you think obviously, the recovery was stagnant in the month of July. It's improving a little bit now in August, but you mentioned that you thought the food at home fatigue is real. And you thought that the consumers will reengage when things are safe, which is obviously a very bullish comment. Just wondering what gives you the confidence that the restaurant industry can get back to seating (00:58:56) what was 100% capacity or at least serving whether in restaurant or at home, when it just seems so hard to read it right now, when most of these restaurants are only reopening at 50% capacity. So I'm just wondering how the confidence level in terms of 100% when right now, it does seem good, but in reality they're just not servicing or they're not necessarily looking at the full industry. Thank you.

Yeah, it's a really good question and I appreciate it. And the why we are bullish about our ability to say that is because we can see the data at a finite level across the globe, by sector, by geography, rural versus urban, et cetera. And here's what I can say with confidence. As the restrictions are removed on the restaurant operator, there's almost an immediate improvement in the results in that sector. And so, we can see very clearly in those places where the easing of restrictions is greater, the data performing substantially better and when they move from a Phase 1 to a 2 or a 3 et cetera, there's an almost immediate pop. The reason that we've stagnated or did stagnate in July, as you know, we paused in most locales, the extension of the easing of restrictions. So that's why the recovery stagnated. But what we're seeing is in August, even with that stagnated level of restrictions, the business is now starting to get better again because consumers want to go out. And so that's my best way of answering the question. Rural versus urban where the restrictions are different, we can very clearly see the difference in the results. And we do know that at some point in time in the future, those restrictions are going to begin to ease. People wear masks and wash their hands and do all the things we're supposed do. You can safely go out to eat. You take out, do delivery and restaurant operators are also getting better at it. Last thing I'd say, our restaurant operators are getting better, doing takeout and delivery. And customers are getting used to using an app to order food, be picked up at a restaurant and then bring it to their home. So it's for those reasons that we have confidence.

Great. Thank you very much.

Thank you.

Thank you. Our next question comes from Kelly Bania with BMO Capital. Your line is now open.

Hi. Good morning. Thanks for taking our questions. Kevin and Joel, I was wondering if you could just talk a little bit more about the changes to the compensation structure that you mentioned and how that's being received across your sales force. And anything we should consider in relation to this change as we think about just trying to model margins going forward? Or how much of that compensation structure is part of the $350 million in longer-term structural cost savings?

Yeah. I'll do the first part, Kelly, and then I'll toss to Joel for margin. But let me make one thing very clear, the comp change was not in any way, shape or form intended to decrease our operating expenses. The comp change was to better align the focus of our sales consultants and the strategy of our company, which is to profitably grow. So the biggest change – and I'd actually prefer not to get into the granular details of our comp structure because it's proprietary confidential and we believe a differentiating item at Sysco versus other places where people can work. But what we've clearly been able to do is create a comp structure that provides our associates with a level of base pay that they need to be able to pay their bills and have a comfortable living and the appropriate incentives that drive their behavior to prospect net new profitable business at a rate that will be greater than the past. However, with that said, the compensation system was informed by and advised by our sales consultants. We asked them what they wanted. We asked them what they felt would be a fair and appropriate method of compensation to address their concerns, address their needs. So to answer your question directly, the feedback and the input from our sales consultants has been extremely positive about this change, but it's changed. And when you introduce change to a large number of people, obviously, communication is important. Change management is important. And we've leaned very, very heavily into the communication and change management efforts tied to this. But we know this is going to help drive improved business performance, and it was not done to reduce operating expenses. I'll toss it over to Joel to talk about the margin comment or question.

Sure. Kelly, the way I would think about that is this program, as Kevin talked about, is designed to incent profitable growth. What that means to me is continue to drive line item penetration, continue to drive new customers. When you combine that with some of the other things that we've talked about that we'll obviously providing more detail later, such as our pricing tool, some of these things, ultimately, we do believe are things that will not only improve our gross profit dollars, which is really the most important measure, but certainly the growth from a margin percentage and ultimately generating more gross profit dollars. Again, I like percentages. I like dollars more. And I think the way I would think about that is ultimately what this is designed to drive and how I would think about that, Kelly.

Thank you. And our next question comes from John Ivankoe with JPMorgan. Your line is now open.

Hi. Thank you. I remember maybe it was a couple of years ago, and I'm going to just do all this by memory, not my notes, so excuse me for that. The regionalization of Canada and the question I think was asked back then whether there would be some opportunities of kind of applying that regionalization done in Canada to the US and I think for a number of different reasons, I think just how the geography of Canada is different than the US, the answer was no. But am I right in kind of remembering that, correctly? What did you see in Canada in terms of overall productivity and reception from both the employees and the customers? And if there were any learnings from Canada, whether positive or negative, that we can apply to the US is basically a good benchmark, if you will, in comparison of those two markets? Thanks.

Yeah, John, it's a really good question, and I'll just say a couple of important things tied to this. In a host of ways, Canada is a great business for us to test things, try things, and there's a host of examples, regionalization being one. We're doing some work on direct-to-consumer up in Canada to learn a lot about that space right now. We can test marketing concepts in Canada. So it's actually really helpful. It's a business that is reasonably consistent and similar to our US business, and it's a business that we can use as a test laboratory. And our Canadian team wanted to do what I just described, the regionalization, and it's worked very well for Canada. As indicated, they can move more swiftly on rolling out change. They can get to better, quicker alignment on key transformation initiatives. And as Joel said in his prepared remarks, when needed, they can execute on things like expense reductions faster. So a leaner, more efficient, more aligned model. And we believe the US business will benefit for all of those reasons. John, my point two is there's no better time than the middle of a pandemic to make a change like this. And I mean that sincerely, right? So we have a proud 50-plus-year culture that served this company well. We're a very profitable company. We've consistently grown sales and profit. And change like this introduces risk. There's no better time than now to be able to do that. And why I say that is, our team understands the impetus and the need for change. Our leaders are completely aligned with what we're doing, and they're running towards the light as to a better operating model and change management 101. But this COVID crisis, if there's a silver lining in the cloud, the impetus for change and the willingness and the appetite for our leaders to get on board and go in the direction where we're headed, has never been higher, and I believe that will pave a road of success for us as we head to the future.

Great. Thank you.

Thank you, John.

Thank you. That concludes our question-and-answer session. Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.