Ladies and gentlemen, welcome to Watches of Switzerland Quarter Four And Full Year 2020 Trading Update. My name is Kieran, and I'll be coordinating the call for you today. If you would like to ask a question during the presentation, you may do so by pressing star followed by one on your telephone keypad. I'll now hand over to Brian Duffy to go ahead. Please go ahead. Thank you, Kieran, and morning, everybody. Welcome to the call. Thanks for joining us. I am assuming that most of you will have been through the RNS that we issued this morning, so I'm not gonna repeat all of the detail that's there. Just give a bit more color to the results, and then I'll pass over to our CFO, Bill Floyd, who will take you through our guidance for fiscal year 2023. We're very pleased to report our results for 8% sales growth in Q4, 40% for the year. I think some important points I'd wanna make in interpreting these numbers for you. Our sales were almost entirely to domestic clients, 97% domestic, UK, and the US. Pre-COVID, fiscal year 2019, international sales, and by that we mean the combined tourism and airport sales were 32% of our group. Fiscal year 2022, it was 3%. A lot that we had to overcome in that loss of our base. The brand mix has changed significantly. Super high demand brands, and by that we mean Rolex, Patek, and Audemars, are all sold now to waiting list clients. Our showroom stock is used for client demonstration purposes only. Growth for these brands was completely in line with our expectation, although significantly lower than the average growth that we had for the group overall. On the other hand, the other luxury watch brands grew by more than double in the year, and clearly that was the biggest significant contribution to our growth. There was great dynamism, innovation, and investment throughout the luxury watch markets in the U.K. and the U.S. Luxury watches grew overall by 36%. Luxury jewelry has also been very strong growth of 86%, and we have in our group a renewed focus on the jewelry sector. The Watches of Switzerland investment-led model of scale, technology, in-house resources, and expertise has enabled our group to make good gains in the market from both our existing network growth and from incremental projects. Profitability improved. Our EBIT profitability margin improved between 170 and 210 basis points, and cash generation for the year has been very good. We're carrying strong momentum into fiscal year 2023, some very exciting projects ahead for us. Our team are doing a fantastic job. They are the best and deserve credit for the success that we are reporting. Just before handing over to Bill, who'll comment on guidance, I wanna mention our foundation that we're very proud of. The Watches of Switzerland Group Foundation was formally registered in fiscal year 2022 and became fully active during the year. The group has paid GBP 4.5 million to the foundation in fiscal year 2022. We have a great board of trustees, all fully engaged in what we're doing, and they have approved donations to homeless charities, food and fuel banks, and The Prince's Trust. Our colleague engagement and volunteering has been great. Our U.S. registration, our charity, has just recently been completed, and we're progressing projects and partners in the U.S., and once again, planning to fully engage our American colleagues. All in all, we start a new fiscal year with positive and optimistic energy and a confidence in delivering our long-range plan goals. I'll now pass over to our CFO, Bill Floyd, who'll take you through our guidance. Thanks, Brian. Good morning, everyone. In terms of the guidance for FY 2023, we're presenting this on an organic basis and committed projects only. We go into the year with good momentum. We anticipate that the disruption from the pandemic is now largely behind us, and we are seeing good recovery in footfall and airport traffic as well. In terms of the numbers, we're guiding revenue to between GBP 1.45 billion and GBP 1.5 billion. Adjusted EBITDAR on an IFRS basis of flat to +0.5%. EBIT in the range of GBP 157 million-GBP 169 million. CapEx stepping up to between GBP 70 million and GBP 80 million, but that will still leave us with year-end net cash of between GBP 35 million and GBP 40 million. Okay. With that, we'll happily move to your questions. Ladies and gentlemen, if you would like to ask a question, you may do so by pressing star followed by one on your telephone keypad now. If you've changed your mind, you may press star followed by two. When preparing to ask your question, please ensure that your phone is unmuted locally. We have our first question from Carina Sheridan from Goldman Sachs. Please go ahead. Your line is now open. Hi there. Thank you very much for taking my question. I have two. The first one is just about the demand dynamics as we go into the next fiscal year. You've already called out continued strength in luxury watches and jewelry. I just wanted to confirm that that was the case in the first two weeks of this fiscal year, and if there's anything to call out in terms of changes to consumer behavior. For example, have you seen anything in the fashion and classic segment? I realize it's a small part of your business, but it would perhaps be one of the first to show any sign of weakness if there's any macroeconomic uncertainty. My second question is on supply. As we look ahead into FY 2023, do you think that what is the supply dynamic like broadly, but then also, do you think there's any possibility to benefit from supply reallocations from the brands, particularly given the situations in Russia and China, and would this represent any upside, potential upside to your guidance? Thank you. Thanks, Carina. We honestly haven't seen any change in the dynamics that we experienced throughout fiscal year 2022. As Bill mentioned, we are seeing a return of traffic in some areas that will obviously be incremental, like the airport that was very small. We're seeing returns of traffic in London and in New York. Again, that traffic, particularly folks working in the cities, have been slow to return, but it's happening now. Vegas, you know, overall, the hotel occupancy and whatever has been good, but the convention calendar hasn't been as complete, and attendance hasn't been what was typical either. We're now seeing that return as well. There are specific areas actually we'd point to of likely improvement because you're physically gonna have more people in these towns that we're doing business in. I mean, overall, the dynamics haven't changed. We're two and a half weeks in actually, and honestly, no change overall in the market dynamics that we're experiencing. What did you call the group of consumers actually that you said would be the first? Some of the fashion and- Just the fashion and classics, that lower end segment. Ah. I realize it's a small part of your business. It is a small part of our business. It's predominantly a part of our online, and I'm unaware of any impact there's been in that category either. You know, our jewelry business depends more on sort of traffic and out there. Again, it's remained very strong. Honestly, at this very early stage of the new fiscal year, we haven't seen any difference. The market's very, very strong. We'd love to have more product, fundamentally, which kind of takes me onto your second point. I was in Switzerland last week, and seeing many of the brands directly, and obviously, they're all experiencing a downturn in China. It's pretty public. Now what's happening, particularly in April, first quarter, wasn't what everybody was hoping for, but April, there's been a much more negative impact with the lockdowns in Shanghai and clearly the overall distribution and logistics and whatever else all getting hit. Should that result in more product being available for the non-Chinese market? Logically, yes. I mean, again, we haven't seen any impact of that yet. Yes, logically you would think there should be some more product around. Thank you. That's really clear. Thank you. We have our next question from Antoine Belge from BNP Paribas. Your line is now open. Please proceed with your question. Yes, hi, it's Antoine Belge at BNP Paribas Exane. Three questions. First of all, with regards to the outlook for the brands with super high demand, so what's the sort of algorithm of growth for this year in terms of price and volume? My second question is on the margins. You're expecting between flat and 50 basis points improvement in adjusted EBITDA. So, yeah, what are the moving parts behind that? I think there were some still some one-off benefits of COVID in the base and, yeah, any, you know, color on investments that are going to be made this year. Finally, when you mentioned that the guidance is without acquisitions, how likely acquisition this fiscal year? Of course, I'm not expecting you to disclose anything, but more like, you know, are there a lot of like shorter prospects or, yeah, so what's the sort of pipeline looking like? Thank you. Thanks, Antoine. On price and value, the dynamics that we experienced this year is the consumer is definitely open and willing and acting in a way of higher price. We've sold more gold, more Everose gold, less steel. The consumer has definitely been happy to price up throughout the year. However, when you then look at the mix of our businesses, we've reported the Rolex demand being pretty modest and the increase in the other brands being double. That mix impact by brand leads to a reduced ASP for us. Our volume increase in fiscal 2022 was bigger than the sales increase because ASP went down single-digit purely because of mix. Within each brand, the ASP went up quite significantly. Going into this year, we have price increases that have all been announced. We're not planning or expecting any more in a calendar year, somewhere around 4% or 5%. Year-on-year, will the mix change? Much less so. I think the big year of change will have been last year, but we'll see. As we've said, there's real dynamic momentum across the whole category and these non-super high demand brands are in a better situation with regards to supply. The margin, like Bill, you want to comment on? Yeah. Margin, Antoine, we're guiding for flat to +0.5%. I mean, I'd look at that in a couple of ways. First of all, the margin progression over the last couple of years has been superb. We clearly have ambition to drive the margin higher. But we need to get some time under our belt to be confident in that. But at the moment, I'm good with the range we've given. There's a few things that still need to wind out from COVID as well. There's a little bit of rate holiday and the like in the UK that need to wind out over the course of the next few months. Overall, you know, we've had a bit of a margin hit on Rolex in the U.S., which will work its way through as well. Overall that, you know, we should make up for a lot of that with volume. That's the reason for the guidance being where it is. Finally, in terms of acquisition, you know, I think as we were very clear when we did our long-range plan that acquisition was a key part of the growth strategy, specifically in the U.S. and in Europe. Remains the case. We remain active, you know, in the year, you know, we acquired businesses, five stores, with combined sales value of around $100 million all in the U.S. You know, but only as we've continually said, you know, it's family businesses. We understand that things take a long time to resolve those, and conclude, and we've got to be patient, and we've got to get to know people, and people have to be very comfortable that, you know, that their heritage in many ways or legacy will be in our hands. That will take time. We never look to overpay, of course. It remains a part of our strategy for the foreseeable future. Thank you very much. No problem. Thank you. Have our next question from Erwan Rambourg from HSBC. Your line is now open. Please proceed with your question. Yeah. Hi. Thanks a lot. Good morning, gentlemen. Erwan Rambourg from HSBC. Three questions if I can. I was wondering if you could give us an update on where you believe your market shares stand following this very strong end of the year in both the U.K. and the U.S. Secondly, I understand you have your allocation for calendar 2022 from the super high-end brand, but high demand brand, sorry. But the understanding is they will still contribute less as a percentage of sales as was the case already last year. Is there hope that at some stage you maybe have more production coming or you know at some stage that those brands can grow at the same pace than the average, or is that just structural? Maybe thirdly, anecdotally, as Rolex seems to be out of stock pretty much everywhere, how easy is it to convert first time purchasers who want a Rolex to other brands? You know, I don't know if there's a percentage or if you could comment on, you know, which other brands might benefit from the fact that there are no Rolexes to buy. By default, where do you try to convert them to, and is it efficient? Thank you. Thanks, Erwan. You know, market share is kind of difficult for us. We've been kind of reluctant to quote it because of concerns about kind of accuracy of information. We have GfK data in the UK, but even then we have, you know, there are adjustments that we know that we have to make where the panel doesn't result in the right kind of representative. We do things like we, you know, the accounts of the companies that give us one source of, you know, accurate shipments out from them. We speak to the brands and try and understand what their overall growth levels are in the marketplace. We know our growth with them, and therefore we know if we're gaining share or not. That's the thing that I probably track more than anything. You know, how's the brand doing overall in the market? If they'll tell us that, and they're normally willing to give us an indication. We know how well we are doing, and therefore we're gaining share. I think across the other luxury brands, we have definitely gained share without any doubt in the U.K. market. We are the biggest in the U.K., and that's, I think, very clear to everybody, and we're continuing to gain share. We have the specifics that we're doing of increased distribution, monobrand of increasing our distribution and presence. Our online positioning is clearly, you know, very strong for us again, and that's outperforming. We have a very strong market share position in the U.K., and it's improving. The U.S. situation with market data is even worse than there used to be NPD tracking the market, but it really wasn't representative at all. It was a source of something. We really had to, you know, construct market data independently. Again, it's quite a job. It's a matter of going around all the brands and looking at distribution. It's not something that we're again, you know, fixated with knowing exactly where we are from a market share standpoint. Again, we do the same thing of trying to understand their trends and ours and know whether we're gaining or losing share. Once again, particularly in the U.S., we know that we've made some important strides in gaining share. I would say that our share there in the U.S. is definitely a double-digit now. Clearly a hell of a lot to go at, as is the case in Europe. We do get calendar indications of intake, as you know, from Rolex. We get kind of fiscal year, their fiscal year, indications from Patek and Audemars, so slightly different calendar. You know, my job is to try and continually get more and justify more and look for opportunities. The biggest justification we have for getting more product is the investment that we make. In terms of, you know, production capacity from these brands, you know, they're very, very discreet. They really don't intend to give away your market information. Along with everybody else, we're largely speculating on it. The only exception is Audemars have said that they are increasing their production capacity. Even then, it's relatively modest, around 10,000 units. We'll see. The mix may well change in the same direction that it did this year. I think the significance of the change might be a little less. What we do with Rolex is we try and sell Rolex, of course. That's a job. We now have products that we can present to clients in store and go through the whole selling routine. We then you know give the news regarding the wait times overall. Of course, if somebody's you know looking at a Submariner and then told it's you know could be a matter of years before they get it, then the next thing we would look to present to them is an Oyster Perpetual within Rolex in which the waiting list will be a bit less and they and so on. Our priority of course is always to sell the brand that the client's interested in. If somebody's in, as many people are, buying for a special occasion and wanna buy something that day or short term, then inevitably they'll look at other products. You know, I think it's, you know, fairly obvious the brands that they then looked upon as alternative. You know, other sport watch brands, be it Omega, Breitling, Hublot, and so on for men. Cartier would be the next obvious go-to in our experience for women. Again, it just depends. Somebody wanna buy a watch that day, then clearly we have a huge assortment of product to present to them. Right. Very clear. Thank you. Best of luck. You got it, Erwan. Thanks. Thank you. We have our next question from Daria Latysheva from Bank of America. Your line is now open. Please proceed with your question. Hi. Good morning. Thank you very much for taking my questions. I have two. In other luxury watch brands, do you see any risks for a more challenged demand dynamic in light of some sort of a deteriorating macroeconomic backdrop given this year was an extraordinary one for the brand as they recovered from the relatively low base? Do you think consumer sentiment fundamentally changed to non-Rolex watch brands? We just wanted to get your view on that. The second one would be, could you please discuss the firmness of your waiting list for super high demand brands? How likely is someone to actually drop out of the wait list given the length of the wait list on key models? The third one would be whether you could please elaborate a bit more on the inflationary pressures that you're seeing in the business within OpEx specifically. Thank you very much. I think there's real dynamism with these luxury watch brands. We're talking about Cartier, Omega, Breitling, TAG Heuer, Tudor. I mean, across the whole spectrum, smaller brands doing extraordinarily well. Girard-Perregaux is doing very well as a brand with a Laureato range. Zenith is having a nice success. We can't get enough MB&F. We can't get enough H. Moser. There's great dynamism, and we think the biggest single factor is the market underdeveloped. We believe that in the UK, and the UK is a very strong market. We still believe, and I think we're proving day in, day out, that it's underdeveloped. There's more demand out there. There's more demand that can be stimulated, you know, which obviously we look to do with our beautiful stores and impactful marketing and the great client service that we give. The underdevelopment of the U.S. market is even more evident. We did anticipate in getting to the U.S. that the non-super high demand brands would proportionately perform better. You know, what's happened has gone beyond our expectation. Nevertheless, that was the direction of travel that we anticipated. What comes along with that sort of success and momentum is more investment, more support. That's what's happening. The brands are investing more in product development and marketing. The retail sector is clearly investing more. We are. Others within the market are doing the same. There's a lot of investment going into the market, a lot of expansion, and elevation of presentation of product. Honestly, we don't think there's anything really short term about it. We think there's real positive momentum and all of our experience, you know, pretty much, underwrites that overall. We find the waiting list to be very firm, actually. We experience it day in, day out when we're calling the client saying, "Good news. You've been waiting for a year, but your product's now available." The clients tend to be in the next day, you know, when they make an appointment, for as soon as they're available. They're pretty quick to come to the store. They clearly have the pleasure of buying something that they've been waiting for. The waiting lists, we find are pretty firm. You know, because it's become such an important part of our business, we're trying to get more methodical on the, you know, recording analysis and continual communication with clients on waiting lists to manage their expectations overall. But it's firm and dependable in terms of, you know, converting it to sales overall. Bill, you wanna go into inflation? Yeah, I'll pick up on that. We're in a position where we're relatively well insulated from inflation compared with most others out there. In round numbers, 75% of our cost base is the product that we buy. We operate on fixed margins with the brand. If the wholesale price goes up 5%, the retail price goes up 5%, and we honor the price rises that the brands ask us to put through. On the rest of the cost base, the next biggest component is people cost. That's about 10%. Clearly, we've got pressure there as everyone does. You know, where we operate, we are you know, one of the places I think where people would like to work on the high street. We already pay people, you know, comparatively well. We're always doing what we can to make sure that we make the overall employee value proposition as strong as possible. After that, rent is our next biggest part of the cost base. That is largely fixed. We've got a few turnover rents, but by and large, that's fixed, and we're on leases that are 5-10 years generally. We've got good protection on that, and the team have done a fabulous job over the last couple of years of getting the lease agreements in really good shape. Then after that, it's marketing. You know, we're not immune to inflation, but I think we are in a more isolated place than most other people are out there at the moment. Thank you very much for your help. Thank you. We have our next question from Kate Sheridan from Investec. Your line is now open. Please proceed with your question. Morning, everyone. three from me, please. First of all, in the US, have you seen any pickup in consumers buying watches on credit? The second question, again, in the US, can you talk about where you're up to with the integration of the five stores acquired in the States, mainly with regards to the reserve side of them? My final question is what actually is your average selling price of non-supply constrained watch brands? Thank you. Okay. We'll take that one while I'm talking about the first two. U.S., I'm sorry, U.S. pickup in- U.S. credit. Right. In credit. I don't think so. If anything, I think overall COVID period, the amount of credit sales in the U.S. has been down. It's been down. Overall. No change there, and certainly no pickup in credit overall. Where we are with the five stores acquired, so the three Betteridge stores, we've actually, the first, the biggest one is in Greenwich, Connecticut. We have signed a lease to expand their presence with the store next door and just working through exactly how we're gonna configure that. That will expand within this financial year. We're also looking to expand the stores in Vail and Aspen. We again have an agreement to expand in Aspen, not quite what we're hoping for and we're looking for more space there. Vail, we're still working on it, so I honestly wouldn't think that Vail and Aspen will significantly impact on this fiscal year. We'll see, we're working on it. The store in Plano, if you remember, Plano, Texas, we acquired a business that didn't have Rolex, but we had the pre-agreement with Rolex with competitors in the outdoor mall. We effectively get exclusivity in the mall. The store with Rolex will open within this fiscal year, and we're still working on the exact timing, but it's all designed, and that deal is done. Minneapolis, we have reallocated. No, we haven't. We have refurbished the store or changed the format of the store, turned it into watches only. Watches of Switzerland Group is the fascia. Watches of Switzerland is now the fascia name. The landlord there, who are the same landlord as American Dream, have a really good plan about creating a more destination luxury area that of course we would be a key part of. But that's more in their hands than ours at the moment as to exactly when that happens, and we're not planning it in the fiscal year. The ASP, Bill? ASP of the non-super high demand is around about GBP 3,000. Great. Thanks so much. Thank you. We have our next question from Richard Taylor from Barclays. Please proceed. Your line's now open. Yeah. Morning, Jim. I know you called it a non-supply constrained balance, but can you just talk to the inventory situation here? I mean, obviously, you've doubled sales in the year. Are there some models within this area where you actually can't get enough stock as well? And sort of related to that, what is your closing inventory position, if that's sort of representative of what you know where stock is in the business overall? Thank you. Yeah, no, a good question. We do have shortages, I think across all of those brands. We can't get enough Santos from Cartier. We can't get enough Must de Cartier from Cartier. From Omega, we can't get enough Bond watches. There's still huge demand for the Bond watch. Did I say Moonwatch earlier? Sorry, we can't get enough of the Moonwatch, can't get enough Snoopy's. We're trying to get more gold product from them. The shortage overall is a bit unusual with all these brands, I would say, when we always have some degree of shortage, particularly when new products come in and take off as they often do, but we're very often chasing supply. On the other brands, Breitling can't get enough of the new Navitimer, off to a good start, and can't get enough Endurance Pro, which was a good success. TAG Heuer, as I've indicated, but again, we've been chasing demand across the board. There was, and still is to some degree, a bit of a challenge in the industry with subcontractor component manufacturers. I was there last week and hearing the specifics of what was going on, suppliers of cases and dials and hairsprings and whatever. That across the board impacted production capacity. But that's largely improving overall. That definitely impacted TAG Heuer towards the end of last year and the fourth quarter. We can't get enough MB&F, can't get enough H. Moser. I mean, you name it, we're kind of chasing volume somewhere, across all of these brands. We have been, you know, we would say maybe bold in terms of our commitments. We could see the way the market was headed. We were very positive about our prospects, so we were very upfront in terms of making our commitments to buy. That definitely, you know, favored us in Q3 and Q4 of the last fiscal year, and we remain, you know, in that position. We're obviously a very big player for all of these brands and, accordingly, I think able to secure good supply overall. Inventory at the end of the Inventory's up at the end of the year, Richard. That's partly as a result of the acquisitions that we've done earlier on in the year. Betteridge in particular carries a lot of jewelry inventory. We're getting hold of as much product as we can, you know. If you wanna work out a number, I think you've probably got enough component parts from where we've said we've landed on net debt and the guidance on CapEx that you can probably back into it reasonably well. Okay, thanks. Then just a quick follow-up. The lack of availability in some of those, is that more to do with some of the production issues and components that you mentioned, Brian, rather than sort of a lack of willingness of those brands to give you stock and keeping it themselves? Yes, there is that. I mean, fundamentally it's the demand that's there, obviously that's putting pressure on supply. Yeah, I mean, the component, you know, when we all first experienced lockdown, there was big concerns and people were more pulling back than expecting what happened, which was a more positive market overall. You had the actual lockdown experience, then you had a bit of conservatism. There's been catch up getting played pretty much ever since. It's definitely a better situation. A lot of the subcontractors have scaled up. A lot of the other movement manufacturers have scaled up and quite a number of the brands have scaled up their production capacity. It was a bit of a challenge, I think, for the industry overall over you know Christmas period. As I say, we got ahead of it and I think we're in better shape than most, and the overall situation's definitely improved. Thank you. Thank you. We have our next question from Flavio Cereda from Jefferies. Your line is now open. Please proceed with your question. Hi. Morning, guys. Brian, following up from the last questions and on the non super high demand brands, 'cause I guess that's where the focus is. Do you, with given that some of them do have their own DTC, their own retail exposure, do you find that they are, is it more of a challenge in terms of getting more time pieces and you need more selling space, you need to do more monobrand stores, you need to engage with them a lot more? Because I'm finding that, I guess that some of them are also starting to play the game, right? If you want to buy a particular Santos watch, you need to be a Cartier client and have other time pieces, I believe. That's kind of changed a bit. I was wondering if you could call out any of these brands that you think are doing a particularly good job in probably elevating the profile and the perception of the brand. Also, my other question was just so that we're clear on this. When, Bill, when you mentioned about the Rolex margin hit in the U.S., can you explain exactly what you mean by that? Thank you. Yeah. Hi, Flavio. I mean, there definitely is an elevation of all of these brands going on. As I mentioned earlier, the momentum, the success brings with it really good developments of products and increase in marketing. The infrastructure I think is important too, you know, more people there that can really help us on logistics and, you know, getting distributions approved and stores designed and whatever. One of the biggest areas I think though that's very, very clear in terms of investment is within retail. You know, we're investing more. Our whole formula and success and model in the UK has been through investment. Stores, technology, and the marketing. That's obviously what we're doing in the US. There's more scope for investment in the U.S. as we've, you know, contended all along. That's where you can see a really big difference. I mean, I think if you looked at distribution in Manhattan today versus what it was five years ago, it's pretty much revolutionized. That's why I'm, you know, pretty confident about the trends that are there, that they're all now getting supported. These are wealthy groups, as you know better than anybody. The amount of investment and support that's happening, the amount of products that's now being seen out there in the market and friends telling other friends about the great timepiece that they've bought, all of that just, you know, adds to that natural momentum. I think it's a pretty exciting time for the category. Follow-up on the Rolex margin. The margins that we've had in the U.S. have always been higher than we've had here in the U.K., and elsewhere in Europe, I believe. That's because U.S. stores were typically less productive. As time progresses and we get more productive and retail the brand better, we've got more productive. This was something that was anticipated in the long range plan that the U.S. margin would come in line with the U.K. margin over time. That's what happened. It's something that we knew was gonna happen at some point. It's probably happened a little bit earlier than we would have liked. It's come in with effect from 2022. Very clear. Thank you. Thank you, ladies and gentlemen. If you would like to ask any further questions, please press star followed by one on your telephone keypad now. If you've changed your mind, you may press star followed by two. We currently have no further questions on the line. I'll now hand back to Brian Duffy for closing remarks. Thank you. Thank you. Thanks everybody for your questions and joining us. We really feel good about what we reported to you this morning. Feel good about our prospects of the new financial year that we're two and a half weeks into. Feel also good about, you know, other things that we're doing in our community. You know, the Foundation that we set up this year. We've paid GBP four and a half million into that, and it's now been in the process of getting allocated to good causes. Our focus of the Foundation is on the cities, the communities that we live and work in. We've approved, you know, significant donations to charities for homeless, food banks and now fuel banks, of course. We continue to expand our work with The Prince's Trust. We've got it up and running in the U.S. We feel very good about that and feel great about our relationship with our colleagues who've done a tremendous job for us and continue to be enthusiastic and very professional in everything that they're doing. Again, thank you for joining us and look forward to seeing you next time. Thanks. Ladies and gentlemen, this concludes today's call. Thank you for joining. You may now disconnect your lines.