Good afternoon, everyone. Thanks for joining. I am Bernie McTernan, one of the internet analysts here at Needham & Company. My pleasure to introduce the Beachbody Company that operates under the brand name and ticker symbol BODI. We have Mark Goldston, Chairperson, Marc Suidan, CFO. They're gonna run through about a 20-minute presentation. I'm gonna hop off, and then I'll hop back for Q&A. So if you have any questions, please type them in the portal, and we'll be sure to get to them. Without further ado, turning it over to Marc S. and Marc G. Thank you. I'm Marc Goldston. I'm the Executive Chairman of Beachbody. It's really nice to be with you guys today. Forward-looking statements. Marc, you wanna advance the slides, please? So make sure everybody gets a chance to look at that. Okay, next slide, please. So the company, which is called The Beachbody Company, we operate under the brand name BODi, B-O-D-I, which is also our ticker symbol, which stands for Beachbody On Demand Interactive, and we are the only fitness, nutrition, and wellness platform that we know of in the United States. We've got some major brand names, household brand names that many of you know about. You see them on the screen, P90X, Insanity, 21 Day Fix, and our Shakeology superfood shake is one of the largest brands in the nutritional supplement category. Then we have a small connected fitness business as well on the BODi Bike. We've got a catalog that is perhaps the most formidable in the world of 134 programs, and within that 134 program library, there's approximately 9,000 streaming videos underneath that. In 2023, we were named the #1 fitness app in the world for workouts by CNN. From a revenue standpoint, 2023 was a $527 million revenue year. We had 1.5 million subs, 61% gross margin, and impressively, our digital monthly retention of our users was 96%, which is really impressive in this category. We have a history of EBITDA positivity. We had 21 years, actually, of consecutive EBITDA growth, which went through with the company going public, and now since then. We've impacted over 30 million customers here, and our video streams are now totaling in excess of 786 million. So this is a monster within the digital fitness industry and a major factor as well within nutrition. On the next slide, you can see the management team, which is Carl Daikeler, who is our Co-Founder and CEO. I mean, Carl is the pioneer of the home fitness category. If you remember back in the day, all of the infomercials that were done for P90X and Insanity, et cetera, Carl is the architect of all of that. He also co-created the first superfood, which we sell as Shakeology. He's just got an amazing background and is sort of a legend within the fitness industry. Myself, Mark Goldston, I've been here for 11 months. I specialize in turnarounds. I was a public and corporate CEO for 34 years. I've run companies such as Fabergé, Elizabeth Arden, Einstein Bros., took it public. L.A. Gear, invented lighted shoes, created the Reebok Pump, co-founded Athletic Propulsion Labs, a sneaker company, with my twin sons. I was the original chairman and CEO of NetZero, which then became United Online, which is one of the largest internet conglomerates in the world. I wrote a book called The Turnaround Prescription, on how to turn around troubled companies. I'm also my hobby is I'm an inventor. I have over 112 U.S. and foreign patents. Marc Suidan, our esteemed CFO, has been here almost 2 years, had a great career at PwC before that, leading TMT. Did over 100 deals. Great background for this. Then Michael Neimand runs our network. Kathy Vrabec, great background, is our Chief Operating Officer. On the next slide, what you can see is in terms of the way the business breaks out, the revenue drivers of this business. It's 46% nutrition, 51% digital streaming, and then a very small 3% in an area we don't really focus much on, which is connected fitness. But interestingly, in the nutritional supplements, and we sell that largely through our network of BODi folks, and then we just recently started selling on Amazon. Actually, we recorded a 50% increase quarter-over-quarter in Amazon on selling our products, so we've just recently started pushing the direct-to-consumer arm. But we have brands like Shakeology and our Beach Bars, our special collagen, Bevvy. I mean, we have great products. We just need to sort of dial up the, the focus on the feature set of these products so that the rest of the market understands what we have. Because right now, most of the people who use these products are only people within our network, and in fact, if you went to the BODi.com website, you cannot buy our nutrition products unless you're part of the network, and that's something we're starting to change. The digital streaming business is 51% of our revenue. We sell you monthly, quarterly, semiannual, and annual memberships. The annual price is $179, like a Planet Fitness would be. It's, like, basically, you know, a very inexpensive monthly fee, and we reach a huge audience because of the appeal of that price point, and we've got everything covered from a genre standpoint, whether it's hardcore cardio, weightlifting, Pilates, yoga. We have things for beginners all the way up to the most advanced. In the next slide, what you can see is the way the nutrition and digital, which is the majority of the company, breaks out. We've got 1.2 million subscribers in the digital business. The gross margin is just under 80%. We have these 134 individual programs, massive retention. Our daily active users and monthly active user ratio is 33%, which is truly impressive, and the average person is doing a little over 5 workouts per active sub per month. The nutrition side of the business-... had over 151,000 paid subscribers. Again, 60% gross margin. We've got six major brands within that segment of the business. Great monthly AOV of $118, and from a product type standpoint, we cover 30 different areas. Next slide. Basically, if you look at this graphic, this essentially will show you from a nutritional standpoint, what we have. Again, this is kind of a well-kept secret because even though it's in excess of $250 million business, it's largely a function of only people who are members of our network. So we're now starting to present this more to people outside of that, and that will be a big part of our future, as well as developing it inside the network. But we've got a superfood shake called Shakeology, which is an amazing brand. Phenomenal listing of ingredients and probably top of the food chain within that category. We have an entire grouping of health supplements that runs you from first thing in the morning to last thing at night. We have energizers, pre- and post-workout hydration products, and then we make our beach bars, which are our snack bars in three different flavors, which are also tremendous products. The next slide will show you this is essentially our Netflix of fitness library. We have a very impressive competitive moat. Some people in our business are spending $300 million-$400 million a year creating content. We have 134 programs. We spend a fraction of that, as Mark will go through, literally a fraction, because we've got this formidable library. It would probably cost you $500 million-$600 million to build this library again, assuming you had 134 titles at your fingertips, which of course you would not. But that's a huge competitive advantage of this company. The next slide will show you that when CNN Underscored tested all of these various fitness apps in 2023, BODi came out to be number one, which is really impressive, something that was a nice surprise we got around the holiday period, when we heard that we were awarded number one by CNN. Next slide. Mark, I'm gonna turn it over to you to go through the numbers. All right. Thank you, Mark. Good afternoon, everybody. So let me run through the P&L financials here. On the top left, we have annual revenues and gross margin. So as you can see, this is a company, pre-COVID, was already running at $756 million with a gross margin of 72%. COVID brought a lot of people into the digital and home fitness business, so that peaked revenues at $874 million, and since then revenues declined to $527 million. What's important is note the gross margin did go down to a low of 53%, but we've just, we've been on an aggressive track record to improve it, and 2023 was 61%. More importantly, as it relates to stabilizing revenue, you can see our Q4 2023 revenue is $119 million, and our Q1 2024 was $120 million. So we've taken out a lot of costs out of the business, but been really focused on also stabilizing the revenue, and you can see that starting to profess itself. You could also see the gross margin, we finished 2023 at 61%, but our Q1 was 67.7%. So really, really aggressively improving the economics of the business. On the top right, you've got the annual adjusted EBITDA, and, as Mark said earlier, this company has an incredible track record of running profitably, just as recent as 2019, a 10% EBITDA, that's $78 million. In the whole COVID era, it was, you know, the era of grow at all costs. Yeah, there was a big loss incurred, and then we've been fixing that up, ever since. So you can see how that loss melted away from $86 million to $23 million in 2022 to $9 million loss in 2023. And then more importantly, if you look at the past two quarters, we reported positive EBITDA. If I move on and look at it from a cash flow standpoint, on the left-hand side of this page, just an incredible improvement in our cash profile. So 2021, the company used $340 million for operations and investing activities. That went down to $74 million in 2022, down to $33 million for the year in 2023. In this Q1 that just passed, that went positive $13 million. So really, you could see this really aggressive cost takeout we've been doing, which we're representing how that built up over the past few years. We're on track to deliver, that's the bottom number there, $250 million of savings in 2024 over our 2021 structure. And when we reduce our OpEx and our CapEx by we're on track for $250 million, that would be the lowest the company's seen in over 10 years that we've been measuring this. So incredible progress here to re-architect our cost structure for where we need to be. This is how we're trying to drive the P&L. The good news is, when we set this target, there's been significant improvement against most of these metrics. So in the case of nutrition gross margin, it used to be a high of 65%, it went down to 50%, and we just finished at 60%. And we've been saying we want our target to be 60+. Our digital gross margin was a high of 87%. It did go down to 73%. We just finished at 79%, so we're within a hairline of the target we set out to make it 80% or above. Our blended gross margin is right in that target. We said we want it to be 65%-70%, we just finished at 68%. Our sales and marketing has been operating in the mid-fifties. We finished Q1 at 49%. Our aim is to get it at 45 or below. Our tech and G&A expenses, those have held pretty steady as a percentage of revenue. As you know, those are largely fixed costs. So what's happened in absolute dollars, they've dramatically come down, and that's what's kept them in line. Our next big target is turning net income GAAP positive. That's key for us, but if you look at the three metrics below, I mean, last year, those were all, negative, with the aim of making them positive. So you can see we've already, done three out of four of them, turned them positive. So Adjusted EBITDA 2 quarters in a row positive, cash flow from operations, if you compare it to Q4 or Q1 of last year, a big flip to turn it positive, and free cash flow positive, the first time since the company went public. What's driving this? So I did talk about our cost reduction. The cost reduction has two components. Our fixed cost in CapEx and head count is $200 million. We've... We're on track to achieve that this year. And separately, I'll talk about the 1,000 basis points, which at $500 million of revenue, gives you $50 million. So when you combine both, that makes it $250 million. What's key is we're not- we're doing this in a way that re-architects the business, so we're not damaging the product or the revenues. Mm-hmm. A good way to explain that the product hasn't been damaged is what Mark spoke about. So we revamped our digital platform in 2023, and it was rated the best fitness and workout app by CNN, so really enhancing the product. Then from a go-to-market standpoint, we've been launching or are in the process of launching several initiatives that are all about generating new revenues. So we launched a premium model last fall. It actually has a really nice conversion rate, so it's been a big positive for us, and now we're in the process of flowing more traffic to it. So what happened is we'd spend money, get people over, and we'd convert about 2% of them, which is the industry norm. What we wanna do is capture that 98%, have them try out the product, and then convert a nice percentage of them. Win back, we have a massive database of former and current prospective customers, so going back to them with an offer to bring them back is a great way to bring them into the fold without needing to spend on customer acquisition cost, which is a contributor to this 1,000 basis points. And in performance marketing, we've been deploying new performance marketing initiatives like Refer a Friend, gifting, affiliates, and influencer model. Mark mentioned Amazon. We've been pushing Amazon more aggressively. We grew it 50% quarter-over-quarter. And digital rights, we're pretty much the only company that we're aware about, where not only could you subscribe, but if you wanna buy a program and watch in perpetuity on our platform, you could also do that now. So we're trying to go where the consumer is and give them what works best for them. So some recent development, we spoke a lot around our sales and marketing coming down. That's driven by a mixture of launching low customer acquisition cost channels, but we also revamped our affiliate fees, so they're all at industry norms, and that's what's gonna drive 1,000 basis points out of the P&L. We also signed up Brendon Burchard as our Chief Growth and Performance Advisor to our network of affiliates. He's a, he's a great inspirational leader. He's written three top New York Times list books on high-performance habits, so very well qualified in that space. And like we said earlier, produced $9 million from cash flow from operations in Q1. And in that 90-day period, we improved our liquidity by $10 million. So really going in the direction we said we're gonna go. Mark, I'm gonna pass it back to you here. Thanks, Mark. You know, this is... Look, listen, I joined 11 months ago, and, you know, my, my specialty is doing turnarounds. I'll tell you, I would not have guessed that we would have been able to get EBITDA positive in Q4 2023 and then consecutively in Q1, or get the free cash flow positive as we did in Q1 of 2024. So the, the turnaround from that standpoint and our rearchitecture is going ahead of schedule. The thing that really attracted me to this company, other than its incredible library of content that I was aware of, you know, I personally spend 2 hours a day training and have for 40+ years, so I'm an anomaly, but I'm a devotee of the category and hugely appreciated the content of this company. But what really got me excited was the TAM. I mean, the TAM for this company and the categories that we're in is about $237 billion. The nutritional supplement market alone is $164 million. Digital fitness is $13 billion, with a CAGR that's gonna grow at 31% through 2032. The way we look at it is healthy desserts, which is you can use our nutrition products. We have a whole campaign around healthy desserts. It's a huge market. And then connected fitness, which we've de-emphasized as a company, is less than 3% of our revenue, but nonetheless, it is a category that we are in, in a small way, in a massive market. I only say this to you because this is not a category where you're really worrying about stealing share. There's so many people in the collective marketplace that makes up the spectrum of BODi and its products... that with us having 1.2 million digital subscribers and 150,000 nutritional subscribers in a market that has a total TAM of $237 billion, you can see why I was so excited about this opportunity. On the next slide, what you can see, Mark, can you - thank you, is that we've created several billion-dollar franchises in this company. I mean, the, probably the best-known name in the fitness market is P90X. Probably got a higher awareness than any company or any brand around. Billion-dollar brand. Shakeology, which is our superfood, and if you look at the listing of our ingredients against the major competitive brands in that category, you would see that we have more and deeper ingredient listing than anybody does. Beachbody On Demand is another billion-dollar brand, and now BODi, which is Beachbody On Demand Interactive as well. So the company has a long history of not only building famous programs which have achieved huge success, but the overarching brand names in and of themselves. The next slide will show you essentially why we believe we've got our tentacles out in so many different elements of the market. The top series are the influencers or micro-influencers, like coaches, partners. We call them partners now. They used to be called coaches. But you can see across the top, the sheer volume of people from a followers standpoint, that people in our company or affiliated with our company have, and then our super trainers, which are the people along the bottom, people who are featured in our 134 fitness programs, they have massive loyal followings in and of themselves. So we've really got this great sort of confluence of both trainers and influencers and members of the company who collectively give us, you know, followings in excess of, you know, probably 30 million when you add it all up. So on the next slide, what you basically can see is a summary of what Mark and I have talked about this morning, which is really shows you the value. This company was... had a $3.9 billion market cap, about 2+ years ago. If you look at the asset base then and the asset base now, I mean, we have 134 programs today. We had less then. We've got a $250 million+ nutrition business. We have a customer base, former customers, and qualified leads of over 12 million people in a category with CACs between $60-$100. It's probably $1 billion worth of acquisition in that bucket, and yet today our market cap is a fraction of what it was previously. Part of that is because we're a turnaround. We've shown the financial results that shows this turnaround is working and is working ahead of schedule. We've now started to load our innovation pipeline for the back half of this year and into 2025, so that the company can focus on potentially growing the top line. But what we have at the core of this company, with the fitness library, the strong nutritional business that we've got, the huge database, the huge social media following, and the fact that, listen, this is a category which has not seen much, if any, consolidation. Every category I've ever been in as a CEO, we have been a consolidator. You know, I have an old expression: if you don't want more of what you have, you shouldn't want any of it. Well, with $340 million of federal NOLs, $385 million at the state level, we have the opportunity, when the company is turned around as a public stock, to be able to be a consolidator if that's something that's of interest to us and our shareholders. With that, I want to turn it back over to Bernie and open up for questions. Yeah, great. Thanks, Mark, for the presentation. Very comprehensive. Maybe just to start, you know, Mark, you had the slide in terms of, like, what, you know, what the checklist is and the turnaround and expenses. Do, do you guys have the, the right expense base right now, or, or how close are you to, to getting there? I think, I mean, truthfully, I think we are there now. We've taken the breakeven to the company, Bernie, from $900 million to less than $500 million. So we have built a massive amount of operating leverage into this P&L, so that when we do start to grow the top line over time, the flow-through economics will be, for example, I joined in June 2023. Just since then, we've taken out $125 million of costs in the business, which is how we got to the total of the $250 million. They had taken out $125 million in the previous two years to my getting here in June, and since June, we've taken out $125 million additional. That's fixed costs plus OpEx, etc. So from our perspective, might there be some more room? Sure, there might be. But with the P&L that we've now constructed, this is sort of a rocket that's poised. We now need to, down the second half of the year and into 2025, focus on that top line, and then you will see the effects of the operating leverage in this P&L. I'll give you an example, Bernie. In 2019, company did, I don't know, Mark, $770 million of revenue, and we posted $78.9 million of EBITDA. If we did the same revenue that we did in 2019 with the current infrastructure, we'd probably make in excess of $160 million in EBITDA versus the $79 million. So love the architecture, love what the team has done. Now, the goal is to start focusing down the road here on the next goal, which is the innovation pipeline. So what's the path to revenue stability, and where is it gonna come from, most importantly, probably? Is it more so digital or nutrition, you think would be the bigger driver of the two? It's a great question. As you know, we have sort of a two-pronged approach. We've got network, and then we have direct to consumer. Within the network, certainly, we've done a great job of relatively stabilizing the digital revenue over the past several years. We need to increase the subscriber base. We really need to increase our penetration of nutrition. That's a big part of our opportunity. We have 1.2 million digital subscribers, but we have 150,000 nutritional subscribers, which is, like, a little over 11%-12%. We should be way higher than that in terms of penetration, so we're changing our approach to how we communicate with those people who sell our products to show the feature-rich element of what we have. We've gone outside of that to Amazon as an outside channel, and we've shown 50% quarter-over-quarter growth in the Amazon channel selling that. So I think what you'll see, Bernie, is a focus on digital, which giving it some lift as well, and a major focus on nutrition, which, listen, six years ago, Mark, correct me if I'm wrong, we did close to $800 million just in nutrition. Today, it's $250 million, same products. So we know the opportunity is there, and in fact, there's over $1 billion of former nutritional purchasers of our products in our 12 million member CRM base of former users and qualified leads. So we know where the opportunity lies, and now we have to go after it. How competitive is the just nutrition industry in general, and maybe how is your product differentiated from others? Well, it's highly competitive. That's the... But the better news is it's a $164 billion, with a B, market. So we're a $250 million player in a $164 billion market. So we really don't need to worry about the competitive set per se. What we need to concern ourselves with is the fact that we've built these massively loaded products with ingredients, unlike what a lot of other people have even done, which is why we're premium priced. We've just got to do a better job of explaining to people on a competitive matrix what we have versus what they have, so there's justification to buy our product. But the market is massive, and we don't really need to worry about share stealing. Okay, what? Like, but can you help us understand? 'Cause that's, like, in terms of, like, what you have versus what they have, like, you know, and the fact that you guys did have so much more sales before, like, why- Right ... isn't your revenue base back to where it was in 2019? Like, why is it so much smaller now? Why aren't I younger, faster, and better looking like I used to be? I mean, the reality is, we have a much smaller base of people selling our products today than we had six years ago. Right. That's something that is in the direct selling industry, in general, has been affected by one, two, what we largely do, Bernie, is we sell bundles, solution packs. So we'll go to you and say, "Bernie, if you wanna get yourself in shape, we've got a 1-year digital fitness subscription, plus we've got nutritional supplements like our Shakeology, plus we have a meal plan." So you're buying into a bundle. So think about it like Spectrum. You're buying broadband, cable, and phone, and TV. It's all part of one package. What we used to do, and what we will do again, is focus on: Why are you buying individual broadband, individual cable, individual phone? We have to break out the benefits of these products so that when the bundle period is over, you fully understand the product benefits of the components of the bundle. We have to do a better job of that. You'll see more of that in our marketing, and you'll see us marketing that to the outside world as well. So I feel really good about that. I know the products stand up to any test that we do competitively, and I know the market size is enormous, and we've got great brands to start with. Understood. Maybe switching over to the digital business, engagement defined as DAUs over MAUs is up year-over-year. Where do you want this metric to be? You know, what, and I guess, what's, like, the right content mix to get you where you wanna be? Or is that fine, the engagement's, like, you know, where you want it to be, and this is a good spot? Mark, what I would say, Bernie, if you look at our DAU over MAU, as well as our monthly retention, 'cause one's engagement, and one's the output of engagement, right? If people are engaged, they're more likely to renew. Yep. It's actually been incredibly stable for quite a few years, and when you think about the fact that we drove an 80% price increase 'cause we revamped the platform, you would think those would have fallen off like crazy. So, the fact that they've held up just tells you people really like the product, right? Now, the fact that people like the product, now we gotta get the message out to more people so that our net subscriber count grows and not contracts. And that's the part that we're revamping a lot of our marketing, our messages, and how we're appealing to people. By the way, making our programs available for purchase is also part of a way of helping people get into the fold in a different way. If somebody doesn't wanna subscribe to the entire library but just wants a weightlifting program, then great, buy the weightlifting program. When you go to Apple TV+ or, or Amazon Prime, they give you the choice of rent or buy. So we're trying to give the consumer the choice, and in the fitness industry, we're pretty much the only one who can do that. And, you know, Bernie, I, I know you know this, but for the people who are listening, this company, when it was in excess of $1 billion of revenue, making $130 million of EBITDA, this company was selling individual programs, if you remember, through infomercials via DVD. So you would buy P90X for $119.99, and you would own it for the rest of your days, and we may or may not have had an ongoing relationship with you, and this company was hugely successful. When we went to the subscription business years ago... We stopped selling individual programs. We only sold access to the library while you were paying. We're now going back to offering digital purchase, like forever access. The difference is, unlike the DVD days, when you buy it from us now, you will have access to it forever, but you have to come back to our app every time you want to use it and access it through the app. We will have an ongoing customer relationship with both subscribers and digital purchasers, which is a huge twist to the model. We're going back to the hybrid model of what we had before, and I think it's gonna prove to be very successful. Great. What about, what about pricing power with the subscription? Obviously, you mentioned the big price increase. Is, is that-- could this be another lever in the future? Well, listen, the way our plans are today, at gross, we sell it for $15 a month. If you buy an annual digital subscription, it's $15 a month. If you break it out on a daily basis, it's very, very inexpensive. We do run promotions, as you see, with $50 off or $60 off, to try to go get competitive pricing within promotional wells. But by and large, pricing is really not our issue. We are attractively priced, you know, just as Planet Fitness would be, for example, in the gyms segment. So pricing for us is not so much an issue. We have to get the word out that we have every genre covered, and we have it covered from the very beginner to the expert, and we've got meal plans that are proprietary to augment your exercise program, and we've got nutritional products and supplements to make it more of a holistic approach. Once we start to do a better job of communicating that, with the large TAM that we've got and the pricing that we've got, I think we'll be very competitive. Understood. Connected Fitness, you mentioned only 3% of revenue. Yeah. Is there any like, you know, would shutting that down make sense? Is that, like, a drag on profitability right now, or, or is it kind of a, you know, more neutral on the EBITDA basis? Yeah, what I would say, Bernie, is it's not a... It messes a bit our gross margin now, but it's such a small number, it's not a big deal. Everything we're selling is out of inventory. We're not adding more to that inventory, so we're really what we're doing is we're shifting that inventory line, converting it into cash. So a small drag on the gross margin meanwhile, because you still gotta deliver the bike and support it, and so on. What we're committed to is making sure we keep delivering the best content, right? Content. We're like the world's best content maker of fitness. We'll keep doing it for bikes, but we don't need to have our own hardware. Let other people compete to be innovators in the hardware space. That's not our forte. We wanna be hardware agnostic so we can partner with different players, so we don't have to commit this crazy working capital. And listen, we like being a high 60s gross margin business, right? You know, Mark, one of the things, Bernie, is interesting, we were talking about this this morning. Every single person out there in the installed base who has anybody's bike can use our content on their phone, their tablet, their computer, or their smart TV and enjoy their ride, whether they're using our product from a bike standpoint or not. So that's where we wanna be. So we wanna be supporting the large installed base from an equipment standpoint, some of which is ours, most of which is not, using our content for a superior ride. Yep, that makes sense. Maybe sticking on the Connected Fitness theme, would love to get your, like, initial thoughts of when you saw across the wires at Peloton, there was some private equity interest there? Yeah. Listen, Peloton's spent a lot of money building a brand name, obviously, so, there's a following there, and, obviously somebody will look at that and determine whether they find that to be an attractive business model or not. But in the end of the day, that, that really doesn't have anything to do with us, 'cause Connected Fitness is a tiny part of our business, and what we do with nutrition and our program library is very, very different than what they do. So, you know, like, like always, wish them the best of luck. Hope everything works out for them. It's, it's good for the category. Yep, understood. Just lastly here, unless any other questions from the audience come through, just, you know, taking a big step back, like, what would a successful 2024 look like for BODi? Well, it's off to a good start in that regard. I mean, we had hoped when I joined 11 months ago, we had hoped that in 2024 we would be able to show EBITDA profitability, we'd be able to show free cash flow positivity, of course, that happened in the first quarter, and that we would be able to articulate a fully vetted innovation pipeline that we could sequence in cadence through the back half of the year and into 2025, to put us in a position, certainly in 25, to be able to really focus on top line growth. Remember when we said early on when I joined, that in the turnaround, we are managing that balance sheet. We've cut the debt in half since June of last year. Our cash position looks good. We've taken our margins up by 500-600 basis points. We've lowered our break-even by $400 million. So all of that is still in the process of the turnaround. We're not done yet, but we're way down the pike. So the 2024 that I would view as being a success is having the financial turnaround having been completed, and having the beginnings of the launching of the innovation pipeline start to show itself. Well, that's great. I think that's a great place to leave it. Mark and Marc, thank you so much for the time and participating in the conference. Thank you, Bernie. It's really a pleasure to talk to you guys. Have a good-