Good afternoon, everyone. We're gonna get started here. I'm Eric Serotta from Morgan Stanley's Beverages and Household Products team, and I'm very pleased to welcome Celsius Holdings to Morgan Stanley's Global Consumer and Retail Conference. Before we begin, please see Morgan Stanley's research website at www.morganstanley.com/researchdisclosures for important disclosures, and if you have any questions, you could reach out to your MS sales representative. As many of you, you know, Celsius has been on an incredible growth trajectory. Celsius became the number three player in the energy drink category last year, and on the heels of the distribution agreement with Pepsi, which started October first of last year, has reached 9, 9.5% share in Nielsen tracked channels, recently. Joining us today are EVP Toby David and CFO Jarrod Langhans. Toby, Jarrod, thank you for joining us, and thanks for the product samples, keeping us caffeinated for the week. And certainly based on the sample here, they're doing their job in terms of... The brand is doing its job in terms of expanding occasions and demographics. So to start, you know, looking back over the past 14 months or so with Pepsi, Celsius has gone from, you know, mid-70s ACV to about 93% today. Your market share has gone from 3.5% to 9-9.5%. I know it's a little higher in Circana. Your revenue is on track to more than double this year. How do you frame the growth opportunities from here in terms of distribution breadth, distribution depth, velocity, non-tracked channels, international? What's, you know, most important to your longer term growth profile, and what's changing as you scale? Yeah, so I think we have opportunity in all, all those areas that you mentioned. You know, our ACV is, is in a great place. Pepsi has been a great partner, really getting us in the doors. As we look out to 2024, you know, resets will really start in January and go through May. So we see a, a great opportunity to get better space, more space, more SKUs on average, but also, more slots on average. So, the IRI data doesn't really give you the kind of slots, the double-facing, triple-facings, but we're looking to get multiple shelves in many instances and really have an opportunity to go broader and deeper across our footprint on tracked channels as well as untracked channels. In untracked, you've seen where we've got about 10% of the Pepsi sales run through food service, so we think we're just scratching the surface there. We went from next to nothing to 10% of what Pepsi is delivering for us, so that's been fantastic for us this year. We see opportunity to continue to expand that, especially in the QSR arena next year, and then to add SKUs across that footprint. In a non-tracked C&G, where Pepsi can get us into a couple of 100,000 locations, we see opportunities to get more SKUs in those locations as well. You know, we rolled out with Pepsi on 10/1 last year, so we were kind of forced into their system, whereas this year we've been able to go kind of hand in hand and work on Planograms and work on AOPs and really get into the mix there. Then there's other channels that we haven't really tapped into yet to get into. We also have a Drill Deep strategy. Probably back in 2020, we had 6 markets that were Drill Deep. In 2022, we had 18, 23 this year, and we're gonna have 30 next year. So in those, we have kind of a 5-pillar, 360 approach, where we go in, it's got three different tiers, there's different levels of investment. It's the same approach we've done for the last decade, where we get in there, really build brand awareness, build market share, and we can get into kind of Miami or South Florida as an example of one of those that's farther along in terms of its tenure with us working through that program. But see lots of opportunity across the board. International is probably more of a couple of years away, but definitely a lot of runway there as well. Great. So, you know, even though you've had this incredibly strong growth profile and a very successful 2023, you know, more recently, we have seen the market share flatten out a bit on a sequential basis in that 9%-9.5% range since early August. So obviously, a lot of moving pieces in terms of your growth and the category. So can you help us unpack why that market share has kind of been range-bound recently, and when you would expect that to move higher sequentially? Yeah, I think there's a lot of noise in the category right now. I think in particular for us, if you look at some of our historic Q4s, you've seen that there's some seasonality at play, maybe a little bit more for us than some of our peers. I think part of that is, you know, we've done really... Our sales team has done an incredible job as far as getting large displays dropped at grocery and some of the big box stores. We merit that space. We'll drop 100, 200, sometimes up to 1,000 cases in a massive display, and we sell through that product on a regular basis. If you don't sell through the managers or, besides themselves, and they don't have the inventory in the back to keep it, they have to move it. Pepsi has to come pick it up. So we merit that space, but during Q4, anybody who goes to a grocery store can attest there's a little bit different dynamic when you walk in there, whether it's Halloween, Thanksgiving, or, you know, with Santa Claus and reindeers decorated everywhere, there's not as much space on the floor. So I think we're impacted a little bit more than maybe some of our peers there. Then you just look at Red Bull. You know, they launched a seasonal SKU. This, I think, was a pear cinnamon. Anytime they do something, you know, the market shifts a little bit. I don't think they're having incredible success with it, but it does make some noise. And then you see Alani Nu, they had two launches during that time period where I believe one is their Witch's Brew seasonal. So maybe a little bit of our female demographic was shifting over there for a short period of time, as that's a seasonal in and out. You know, the Kim Kardashian SKU that came out, Kimade, that got a big load in. I don't think the velocity is very strong on it, but I think, you know, there's just a lot of noise out there. I would just, you know, caution everyone to go take a look at some of our historical Q4s. There's nothing abnormal about what's going on now. We expect for Q1 and Q2 for things to shape up. We have some big expectations. Great. Then you mentioned the spring resets and the shelf space. So this is the first time you're fully integrated with the Pepsi system into the planning process. What's the early read in terms of, you know, the percentage of your accounts that are resetting space for the spring? And you know, what's the early read on how much incremental space that you're getting? Yeah, I mean, we don't really give guidance on exactly what we're getting and where we're getting it. You know, it's gonna be different by account. You know, we are pleased with the resets we're getting. We're gonna get more space, we're gonna get better space. So we're looking forward to that across the next couple quarters as we get those resets. Working with Pepsi, there's opportunity to get into their planograms early now, instead of being forced in, like I said, a few minutes ago, where their Medals program, the tier three and tier four accounts, the accounts that they control, the inventory that they control within a lot of the c-store channels, we're able to get more SKUs and better placement in this year and be there for the full year instead of kind of get in where we can find the space. So we're looking forward to having, you know, more space, better space across the board, across all our channels. Yeah, I would just add that, you know, you look at some innovation that we're, we're gonna be launching, some of it's in the public sphere due to some of the trade shows that we've been recently at. We just launched a 16-ounce offering, our Essentials at 7-Eleven. They asked for it early. We're planning on a January launch. We launched it last month. That's, you know, 4 SKUs that's gonna be rolling out nationwide in January. We're actually gonna add a fifth SKU to that assortment. We have a couple of our SKUs coming off exclusivity at 7-Eleven and Circle K that we're gonna roll out nationally, as well as some of our Vibes. We have two Vibes. We have a non-carbonated SKU, as well as a core SKU, and also some variety packs we're gonna be launching. And we don't launch these things out into like, into the air. Like, we actually have plans for these. These are gonna find space out there. So, you know, I think we're pretty hopeful for what the resets have in store. Great. And then, turning back to the non-tracked channels, you've talked about significant opportunities on the Pepsi truck, that gets you into channels that you couldn't on your own, like, colleges and universities, hospitals, hotels. Yeah, how do you size up the potential opportunities in some of these channels where, you know, really traditional energy drinks don't really play in a, in a hospital cafeteria or, or places like that? And then how has the initial consumer pull been with some of your, food service customer wins, like a Jersey Mike's or Dunkin'? Yeah, I think that, you know, food service has obviously been a pretty big leap up for us this year. It was really nonexistent for us prior to the Pepsi deal. It's tough to put a number on it 'cause it's a bit of an unknown for us. I'd say it's early stages, but, you know, to be at 10% of Pepsi's revenues with us, that's pretty significant. I know... And we got to that figure pretty quickly, and I know that outpaced where Bang had ever achieved and Rockstar as well. So you know, we do feel that Celsius has a bit of a different usage occasion than our peers in the category. You know, Jersey Mike's, you referenced, we went into 2,000+ locations there. That happened about, I don't know, 6 or 8 weeks ago. You know, the early data is encouraging there, and the hope is that could be a proof of concept as we want to go into the other QSRs that Pepsi services, whether it's like a Taco Bell, Pizza Hut, some of the other establishments. Then, you know, Dunkin', we went into a number of their locations nationally, which I think is very interesting to go into a coffee house. They brought us in. They feel we're incremental. We only went in with one SKU. Hopefully, we'll get some more SKUs in there in the near future, but again, if that works out well, I think that really speaks to the expanded occasions with which Celsius offers, and maybe opens doors to even other retailers, like a Starbucks. Great. So, shifting gears, so anecdotally and looking at the panel data, Celsius clearly has a different demographic profile than traditional energy drinks. Can you just give us a quick snapshot as to the demographic, your brand's demographics, versus traditional energy brands? And then, you know, more importantly, how are those demographics changing as the brand is scaling from, you know, 3% share to 9%-10% share? And you know, how do you look at that in terms of implications for your long-term growth? I mean, we're our demographic's much broader than the energy category, so we almost look at it as a full beverage play, so the entire beverage category. You know, we've got the... We're aging down, so kind of the 18-24-year-old are coming in and consuming our product. 75%-80% of our growth has been incremental to the brand, so we're expanding the pie for the energy category. But we, you know, we've got all ages we're seeing come into the category. Our historically, it's been kind of that 25-45 range, but like I said, we're aging down, but we're also aging up, and all over the place. So the way we target is more of communities. So we've got our Drill Deep strategy. We've got 30 different markets, and then within those markets, we look at a variety of communities. Obviously, we go to our core fitness, but we're looking at that 18-24-year-old demographic. And then there's a variety of other communities that we're targeting, whether it's with our MLS partnership, or with our F1 partnership, et cetera. But it's, it's a pretty wide range of demographics that we're seeing. We're also 50/50 male/female, so a lot of females are... We're bringing them into the category from an incremental perspective. You know, is there anything else? I think you nailed it. All right. So, GLP-1 drugs, the Ozempic and Wegovy, have been a hot topic in the food and beverage industry. The work that we've done actually highlighted that energy drink consumption could actually rise among GLP-1 patients who are more fatigued and the side effects. How are you guys thinking about that opportunity? I know Celsius sort of started with the whole calorie-burning, negative calorie, thermogenic positioning. It's, it's certainly evolved more into much more of a lifestyle positioning, but how do, how are you thinking of it in terms of opportunities there and positioning for the brand? Yeah, I don't think we'll go back to the future, to the calorie-burning days of the company. We're gonna stick with where we're at today. But I would say that I would agree with you. I think it's an opportunity for Celsius. Anybody who's, you know, if, whether you take it or if you know somebody who's taking those Ozempics of the world, you know, you're taking in less calories, therefore, you have less energy to, you know, that you're producing. Therefore, you know, one would think that, you know, the energy category would be a benefactor of that. I think Celsius might be the biggest benefactor when you look at the perception of our brand is, you know, we're rooted in fitness, the people that are taking that are trying to lose weight. We have kind of a healthy halo around our brand. I certainly think that if it's gonna benefit anyone, that Celsius could be that benefactor. Great. And then, in terms of competitive dynamics, I think it's fair to say that most energy brands, you know, over the past 12-18 months, have benefited to varying degrees from Bang's decline. Celsius, arguably, disproportionately benefited, as, you know, Bang was coming out of the Pepsi coolers, while you were going in. How are you thinking about the risk from here to your growth if Monster is successful in revitalizing the Bang brand? I would say that we—I would agree we're the biggest benefactor of the shelf space, not necessarily the consumer of Bang. You know, we were the... You know, Monster and Red Bull, they had plenty of space. The retailers weren't looking to allocate the Bang space to them, and we were the next man up. We were the third biggest in the category, so, you know, we ended up being able to take advantage of that from a shelf space standpoint. With them coming back, we're not giving up. We're not ceding that space to them. We've proven our worth. You know, I think it's, you know, pretty obvious we're probably gonna expand our shelf space, not lose any from them. I don't know if we're... You know, the Bang consumer is a unique consumer. It is interesting that, you know, Monster and Bang had their issues. Part of that was because Bang was, you know, stealing share from Monster. They created Reign to combat Bang, and now all three are on the same truck. You know, I don't know how big Bang gets. I mean, it's a solid brand. If it gets up to a 4 or 5 share, you know, where are they taking that from? I certainly think that, you know, there's some cannibalization that could be happening within the Monster portfolio, you know, and I also think C4 and Ghost might be at risk a little bit there. If we had any consumer shift over to us, I don't think we're losing them. We feel like we're in a really strong position when it comes to Bang. Good. And then, turning to the international side, you know, John said 2023 was all about planning. 2024, you're, you're starting the rollout with Pepsi in a handful of markets. You talked about Canada, in the first quarter, and then sort of a broader rollout in 2025 and beyond. So how are you thinking about sort of the, the midterm market share targets as you enter these markets? And, you know, what, what broad level of share do you, do you need to make it worth it? And, you know, what should we expect in terms of incremental investment as you're, as you're, entering these markets? Yeah, so if you look at Monster, about 35-37% of their revenues is international. It did take them a little bit of time to ramp up. You know, the world's a different place today than it was 20 years ago, so there's different things you can do to build brand awareness and to get things moving a little quicker with digital media, social media, all those kind of things that didn't necessarily exist back then or at the scale they're at now. So we see an opportunity to get in and build brand awareness fairly quickly. We will, you know, be methodical about it. So if you look at the Pepsi system, it's a little different than the Coke system. Pepsi uses a lot of partners across the world, so there's a lot of big partners, though. You know, you got partners that cover 10-20 countries. So really, it's working with those partners, building launch plans, building a really kind of a playbook, and then rolling out. And so we're talking in 2024, we'll roll out in a handful of markets. We'll really get aligned with each of those partners, and make sure as we roll out into the in 2025 and 2026 at a, you know, faster pace, that we've really got the right playbook, and the right strategy in place. So we're not looking to do a shotgun approach. We're looking to make sure that it's really about doing the right timing and sequencing. We don't see a rush to get into those markets, so the investments we make will be modest, but they're not gonna be really impactful over the next couple of years. And so, you know, we'll see where we go with that. But we do have an opportunity with, call it the core 6 or so partners that Pepsi has to be pretty sizable roll out over the next 3-5 years. And then turning back to the U.S., looking at pricing. Last year, you guys were pretty restrained on pricing. You talked about, well, you're just getting into some new accounts, you're not gonna come back with a price increase three months later. More recently, we've seen Red Bull move on pricing to certainly some people's surprise. It looks like it went in. We'll see how long. We'll see if it sticks and what the promotional response has been. But how are you thinking about price opportunities from here? I think it'll be interesting to see, we're five weeks in, so let's give it a couple of months to see if it sticks. You know, it's definitely an opportunity. If you look at the CPG market in general, there's typically annual price increases that go through. The energy category has been a little different. So let's see, maybe we got a trend where two years in a row, there's some pricing that goes through. You know, I think it-- them being the super premium brand, it'll be interesting to see what the consumer does and what kind of price elasticity we have there. But, you know, I think that's something that'll give us opportunity in 2024. And then, you know, if I look back to this stage a year ago, you know, one of, one of the surprises to me has been the strength in your velocity, at the same time that you've massively increased distribution. Pretty unusual in the CPG space to see that, you know, after an, after an initial dip, that it really accelerated as strongly as it did. How do you, you know, how do you explain that, or what do you think drove that acceleration and velocity as you got into the second and third quarter of this year? And how are you looking at velocity growth in 2024 and beyond? Yeah, I mean, I'd like to think that it was a great management team that, that led that velocity gains, but that's probably not the case. Listen, we've got a great marketing team, a great sales organization that, that was able to wire into the Pepsi system in a, in a really fantastic way, where we didn't see any disruption. You know, from a merchandising standpoint, Pepsi is best in class, keeping us in stock, inventory levels, getting us incremental placements, whether it's helping on the displays or end caps. Getting into the Pepsi coolers was really, you know, beneficial for us, and like, when you go to a Walmart near the checkout. But our marketing team has done a fantastic job. We kind of have a little bit more of a unique methods that we use. We are very heavy on the influencer side, very heavy on the digital side. We have great partnerships around the country, with different, with MLS, as Jarrod cited earlier, F1 with Ferrari. So, you know, we've really implemented kind of the strategies that you've seen us leverage in some of our original core markets that we focused on. You know, we have... In South Florida, you know, we've talked about our market share there. We have a 24% market share. We passed Monster. We're number two energy in one of the largest energy drink markets in the country. So it's about taking the playbook that we've developed over the years, that has worked there in South Florida, and Boston, New York, Dallas, and L.A., and markets like that, where we really significantly overindex in market share versus our national average, and we're trying to replicate that around the country. So this year, well, last year, we expanded to 18, what we call drill deep markets. This year it was 23. Next year it'll be 30. We're confident that, that this, that our tactics travel. Those are all very different markets that I just cited. You know, Buffalo, is not even one of our drill deep markets, and our market share there, which we haven't given out, is it's, you know, remarkably high. I mean, I couldn't think of a market any different than South Florida, and it's, I think, it just showcases that our brand is able to travel and hits different demos in different regions. Great. So, let's shift gears and talk a bit about margins. First, you know, more shorter term, 2024. So, Jarrod, you called out on the third quarter call that after the, you know, substantial gross margin improvement that you had this year, that there wasn't, you know, not to expect you to really squeeze a lot of incremental margin improvement out in 2024. Can you talk a little bit more broadly about the puts and takes for gross margins in 2024, and, you know, where the potential upside or downside levers are? Yeah, I think some of that's we wanna make sure we don't set expectations that, people are gonna get over their skis, right? So we wanna make sure that we have the, the ability to really continue this, investment and this growth of the business. And we don't wanna make decisions based off of consensus. So, there is opportunity to, to slowly turn the, the screws a little bit, and to, to drive some margin, but we're, you know, we're in growth mode right now, so it's not where we wanna buckle down and really start leveraging everything through the business, 'cause we see a lot of upside on, on growth, market share gains, and those kind of things. So that's really the core focus. We've done... Our operations team has done a great job on building out our Orbit Model and really reducing freight costs. They've done a great job on getting raw material costs back in line after you saw the spike across 2020, 2021, and 2022. We were able to flush out the international cans, which were very costly. So you know, we've got long-established relationships now with our co-packers. So as we continue to grow and scale, there's opportunities across the board from a procurement perspective, from a manufacturing perspective, continued freight opportunities with the Orbit Model and getting miles off the road. There's also opportunity with our promo calendar and getting more bang for our every dollar we put into promos. We see opportunity across gross margin, but right now, we're not ready to draw a line in the sand and say, you know, we're gonna expand it by X amount. ... Okay, and then longer term, you know, you've previously talked about a goal of getting to, you know, Monster-like gross margins. You know, when you compare your margins on an apples-to-apples basis, you know, with the, accounting for the freight accounting difference, you know, you're basically there in terms of Monster's global, you know, total company gross margins, but still a pretty substantial gap if you look at Monster's kind of high sixties, U.S. margins. So what are the, you know, biggest areas where you could potentially close that gap, from here? You know, they're obviously, you know, 3.5-4 times your, your size, even in the U.S. So and scale matters, so how much of that gap can you close, and what are the areas where, where you think you can make a difference? Yeah, I mean, they set the standard, right, for where we should be able to get to, and we use them as a goal, and so we believe we can get there. It'll take time. You know, as we scale up, like I said, there's opportunities across procurement. There's opportunities in working with our manufacturing partners, with capacity utilization, with longer runs, and those kind of things as we grow, and as we scale up across the US. So we think there's definitely opportunity, the opportunity within the promos, like I said, so there's opportunities across the board as we scale up. And then as the growth moderates, that's kind of where we'll start to look to really fine-tune things and see some leverage come through the system. Great. And then, looking at channels, and this sort of ties back to margins. You guys have always had a strong presence in club, strong presence in... I wouldn't say always in club, but in the over the past two years or so, had a strong presence in e-com. What are you looking at in terms of the potential for growth in those channels from here? The growth has remained really robust as you've built out brick and mortar, particularly c- stores. And then, you know, how do you look at those channels versus, you know, versus grocery and c- stores from a profitability standpoint? Clearly lower prices, but I assume lower cost to serve as well. Let me jump on the profitability one, and then you can jump in on the growth. It's a little bit different model, so in Club and Amazon, you're not doing that white glove service. So I think that Club is 18 packs, full pallets into the DCs of Costco and Sam's Club, and then, you know, forklift the pallet onto the floor. So the kind of that cost isn't there in terms of getting the cans on the shelf. So there's a little bit of savings there, and in turn, you know, they do want a little bit that they get to keep. And so at the end of the day, I'd say the margin profile from a gross margin perspective is consistent, you know, from channel to channel. But, you know, a large part of that is 'cause of the how the cost structure is set up, and it's the same thing with Amazon, where it's direct from our warehouses into their DCs. So there's a little bit of savings you get 'cause you don't need the white glove treatment, and in turn, you share some of that extra margin. Yeah, I would just add that, you know, we're number one on Amazon within the energy category. Been ahead of Red Bull for a few quarters now, just surpassed Monster in Q3. Still feel there's plenty of runway left there, as well as in Costco. You know, we haven't really given out any specific data, but what we have said is we're one of the top-selling beverages at Costco, not just within energy, but in total beverage. So we've really performed well there. Sam's Club, I think we're still in the middle innings. You know, would like to see if we can, you know, gap that up and maybe hopefully get close at some point to where the Costco numbers are at. There's definitely room for growth in both of those. One thing that I think it will be interesting to see as our brand awareness grows and some of, you know, call it some of our under indexed markets around the country, as we increase that brand awareness, you know, people, they'll trial your product in the convenience stores, and then what ends up happening and, you know, per Amazon, they'll tell you, they want you to get further distribution in these markets because as people are exposed to your product, they'll try it in convenience, and then they'll go buy the bulk packs at Amazon. And I know the same thing occurs at both Costco and Sam's. So, you know, we're still in our relative infancy as far as brand awareness, well behind where Red Bull and Monster is, and I think that speaks to where the opportunity actually lies. If we had massive brand awareness, like, you know, some of the other brands out there that I won't name, but aren't getting pulled off the shelf, that would be a problem. But the fact is, you know, there's many markets around the country where we are still in our infancy, which just means we have tremendous opportunity for growth left. Great. And then, you know, look, the energy category has always been dynamic and competitive. Celsius's growth has certainly attracted a lot of new entries into the whole clean energy, performance energy, whatever, whatever, however you exactly wanna call it. So what do you think differentiates Celsius from the competitors out there, whether it's Ghost, Alani, C4? And, you know, are you looking at these brands through the lens of, you know, competition for, for market share, or, you know, more, more through potential to grow the overall category? Yeah, I mean, those are all, like, very solid brands. You know, we respect the entrepreneurs out there that have grown those businesses. You know, I think we're quite a bit different than each of the ones you named. We have a much broader demographic. I think each one of those, you know, I don't want to say they're niche because I feel like that, that might be a slight, and that's not the way it's intended. I think they just have a narrow demo, a narrower demo than we have. You know, each of those, you know, play... Not each of them. I don't think Alani really plays in fitness very well. But Ghost and C4, I mean, those have done nice within the fitness channel. That's where we really grew up. We continue to heavily invest within the fitness channel because that's where our roots lie. That's where we gain our authenticity and credibility. When people see their trainers or people that are heavily into fitness consuming our product, it creates a spillover effect that shows that this brand is actually a better-for-you product. So yeah, I would just say we have a broader demo. I think that, you know, they're good for the category. You know, we're trying to take share from everybody. You know, we're incremental to the category. We are bringing new consumers in at a higher rate than any other brand, but at the end of the day, if we're gonna compete with the Red Bulls and the Monsters, you know, we wanna capture as many consumers as possible. I think the other piece is, you know, retailers are apt to give opportunities to newer brands and give them space. So that's typically, you know, presents a little bit of a challenge when you're going through negotiations because there's only a limited space. The good news is, the category is growing and the retailers are giving us energy more space to the detriment of CSDs, dairy, teas, coffee, and a whole host of others. So, you know, the other good piece is if they fail some of these smaller brands, that's opportunity for us to capture that space. Great. Then could you talk a bit more about your innovation strategy and the pipeline, both for 2024, and, you know, how you're thinking about innovation over the medium term? You know, Red Bull obviously has a very different portfolio strategy than Monster. How would you think about Celsius in terms of that spectrum? Yeah, I kind of spoke about it a little bit earlier. We have quite a bit of innovation that's coming out in 2024. You know, one of the big things we did this year is we bifurcated our lines. We took our core, our core SKUs with the fruit on the package, and we separated that from our Vibe lines. And we went to retailers and said each one of those has a different, a slightly different demographic. It's exactly the same formula, just different flavor profiles in the way that we market the brands. But by bifurcating it, what we're going for is trying to get in, you know, theoretically, a full shelf of each one of those. And that allowed for us to go to the retailers and ask for, for additional space for each one of those lines. We introduced the Essentials 16-ounce line at 7-Eleven last month. That's gonna roll out nationwide. So as part of the portfolio, the hope is you get two shelves of the, of the Vibe in the Core line. You start building out, hopefully, to a full shelf of the Essentials line over time. And then, as we look at innovation, you know, typically, you know, both Jarrod and I sit on the innovation team. You know, we're, we're highly caffeinated, trying samples all the time, and, you know, we look at different opportunities and, you know, primarily through in the energy category. I think there's some other levers we can pull there within energy, but then also, like, what categories have that big TAM, where, you know, if you come in and you make even a medium-sized impact, it can be significant from a revenue standpoint. So we look at all these things, but right now our primary focus is continuing to go grow this core portfolio. We feel like this is a unicorn. We don't feel like 10 share is nearly good enough, and that's why we cite the Amazon data, why we cite the South Florida data. Because we truly believe that's what the potential of this brand is. But over time, we're gonna build out that portfolio. We just... You know, we only have a limited amount of bandwidth, and we wanna make sure not to distract the team. Great. Well, I think that's a great point to end on. We'll keep everyone on schedule here. Thank you, Toby. Thanks, Jarrod. I appreciate it. All right. Great. Thank you. Thank you.