Great. Good afternoon, this is Robert Ottenstein from Evercore ISI's Global Beverages and Household Products team. Really happy to have today the top management team of the premier growth story in the beverage industry globally. John Fieldly, CEO. Jarrod Langhans, CFO. A lot of questions that we've been getting the last couple of days, so I wanna just kinda jump right into it, guys. So scanner data came out recently, and the sector overall has slowed quite a bit. You know, and it's been kind of slowing progressively this year, and it's taking a lot of investors by surprise. 'Cause, you know, investors look at energy, and let's just focus on the U.S., as a growth sector, and when they don't see growth, obviously questions come up. So, love to get your read on, you know, why the energy drink sector overall has been slowing, what those factors are, and, you know, what needs to happen to kind of turn the overall segment around first? Hey, Robert, glad to be here. Thanks for having us. I'll start off with answering the question, also throw it over to Jarrod. He's also on Zoom, coming out of Portugal today. So, you know, we have some connectivity, but should be a good conference and a chat. I mean, the category has been slowing, Robert. You're absolutely right. I mean, it's, we're watching it very closely over the last several weeks. You know, there's a lot of forecasts as well that, you know, still anticipating good growth in the category, so we're kind of waiting for that to turn around here. You know, we're heading into summer right now. It's the busiest beverage season. That, you know, when you look at July, August, you know, usually best months of the year. So those are things that we're waiting on. I think we have been disappointed with the category, not seeing that category growth as we anticipated, but, you know, there seems to be a lot of factors, from seeing a lot of the write-ups on weather and timing of resets. And it could be also, you know, the spending patterns on, you know, consumers starting to, you know, feel the, the pinch on the gas pump and all the, the rising costs. So there, there's a lot of variables there. I think you look at total beverage overall, and it's, you know, will be interesting to see the reports coming out, but you're starting to see, you know, some spending deep cuts, you know, that you, you haven't seen overall. I think when you look at, you know, Celsius specifically, you know, we're showing good growth as well on the, you know, the scanner data. So Celsius is growing. I think if you back out Celsius out of the energy drink category, it's, you know, in a negative position on growth. So, I think it's good that overall the Celsius on the reads, latest reads, on the weekly reads and the, especially the four-week read, where, you know, we're at 11.5 share, overall in the category. That's as of the June 2nd data. When you look at a four-week read, and that's really the reads that we look at, 'cause you can get a lot of fluctuations on one-week reads is very difficult. So I think the 4- and 12-week read, you get much better kind of trajectory on where the company and the brands are going within the segment. But you know, overall, it, it was, it's been surprising, you know, seeing the category down as much as it is, and we're hoping for a rebound here this summer. I don't know, Jarrod, if you have any other topics to add there. No, I agree with you, John. I think, you know, we're running our playbook, and we're continuing to grow our business. You know, there's some headwinds that we've faced recently that the whole category's faced, but like we talked about last time, we have 12 markets and 15+ share. You know, we're 20+ share on Amazon. We're consistent with that in our more mature club markets as well. So, you know, we continue to grow our business in a variety of areas and continue to help lead the energy category. Great, and then kind of drilling in a little bit more on your kind of recent scanner data, that's slowed a little bit. We're getting a lot of questions on the shelf resets. You know, and I think you know, there is talk that maybe they've been delayed and that perhaps has hurt you. So love to kind of get your best sense of how much of the shelf resets are in the market now today. I know it's tricky when you're dealing with customers that have thousands of stores in some cases. It doesn't happen overnight, but you know, your best sense of where we are with the resets. Are they taking longer than you thought they would? Are they taking longer than the retailers thought they would? And maybe what's causing that, and when you think, you know, it'll... you'll be finally set. Yeah. I think the, you know, resets we're expecting, you know, normal resets is, you know, a lot of the grocery channel is early January. When you look at convenience, you're looking at, you know, historically, March and April is big reset periods. But, you know, it was delayed this year. You know, not getting a clear direction and a reason why, but, I think it's labor when you look at it. A lot of the labor shortages out there has really impacted a lot of these shelf resets, so, I think that's been a major issue on these delayed sets. But I think when you look now, you're probably right about, you know, we're probably coming towards the end of the resets right now, so, as you know, we're gearing up for summer. So you know, we had the biggest reset season. We got a lot of new additional space and better placements. Got a lot of space gains with our Celsius Essentials line, which is our 16-ounce line. We're really excited about that. And you know, so I think you look at it now, we're well-positioned to really maximize the opportunities right now. And- Mm Y ou know, we're, as Jarrod mentioned, we have a lot of great assets, a great plan, a great strategy, new innovation coming out this summer that'll launch, great assets we're leveraging. And we're excited. We're gonna run towards Vegas. That's our mission here at Celsius right now, is we're gonna run our playbooks and audible and grow and bring new consumers to the category, and we're gonna have our finish line in October at NACS, which we're really excited about, and continue to drive this category forward in 2025 and beyond. I'll be there to give you the high five. But in the interim, it's sounding like, I don't know, you're 85%-90% or so done on the shelf sets. They took longer than expected. Would it be your best sense, you know, that in the next month or two, as the shelf sets are fully in, as the consumer sees it, as your marketing plans kick in, that your scanner data will kinda re-accelerate up for you guys? I mean, that's the plan. You know, we got the shelves are set for the year, you know? There'll be midyear cut-ins as well. I think there's further opportunities. A lot of retailers do some midyear resets. Well, you know, hopefully get the category to continue to change to more of a growth mode as we enter into summer, leverage those assets. I think we're at 11.5 share, you know, nationally in the last 4-week read. We're up 35%. If you looked at the weekly scan data, like total scans of MULO, we were running around, you know, in January, about 40 billion a week, and the most recent last several weeks have been right around 50 million, so an increase of 10 million a week is pretty impressive on the scans. Yes, we wanna go higher and grow from there, but it's a good baseline to build upon. You know, I think the portfolio, when you look at it, the better-for-you proposition, the functionality, the fitness lifestyle, you know, and some of the great flavor profiles with our core line, fruit forward, and our Vibe line and the Essentials, we got a really great portfolio for today's consumer looking for better-for-you essential energy. And our Live Fit mantra is broadening, resonating with a broader audience than ever before. I just got a picture yesterday of a gentleman; he was 103 years old. He drinks a Celsius today, and his longevity is because he says it's because of Celsius, keeping him live and fit. It's just phenomenal seeing some stories like that coming in. But, you know, it's interesting there. The product does resonate with a broader consumer. Jarrod mentioned, you know, over 12 markets, above a 15 share, so this portfolio plays in energy, and it plays in at the top level in several key markets within the U.S. So, you know, it's gonna take time and, you know, opportunity's there, and we just gotta, as Jarrod mentioned, gotta continue to execute against our playbook, pivot, you know, what's working, why is it working, continue to find opportunities, continue to bring new consumers into the category. And I think retailers will continue to expand the energy sets, you know, 'cause it is one of the only categories really growing in all of beverage when you look at LRB. No, absolutely. So let's, let's kinda talk kinda strategically a little bit, and again, just staying on the U.S. market. So unlike some of your competitors, you don't rely on, on kind of that core or hero SKU. You've got different kinda brand families, if, if you will. So love to kinda just understand better how you kinda stand back and segment the market, and you know, what you know, how, how you do that and how the different product lines, you know, meet different consumer occasions or different demographics, and, and particularly, you know, how, how, how incremental they, they appear to be, and, you know, any, any- Sure E arly reads on Essentials? Yeah. No, absolutely. I think, I think the way we're, you know, we're building out the portfolio is, is working really well. We're trying to reach a broader consumer as we, you know, gain this additional distribution and availability, and how do we bring more consumers into energy and also grow the portfolios? And, you know, when you look at our core line, which is more Fruit Forward, it has a better for you, really leverages that better-for-you healthy halo more than, you know, if you look at our VIBE line, and, like, I got Cosmic Vibe, and you have a- I have a Tropical Vibe I'm drinking today. You know, there's it, it's almost an experience in every sip, right? So it's a little bit more of an emotional connection with consumers and all underlining about that live fit mantra with essential energy, with a fitness lifestyle, but plays a little bit differently on the tone. So the VIBE line, more experiential, more outgoing, one could say, has a different, maybe a little bit more aggressive personality versus our core line, which is more fruit forward and better for you, vibe. And then you look at our, another expansion we did. We just launched a Blue Razz Lemonade at 7-Eleven, just kicked off this year. Really great success, great flavor. It's a Fizz-Free line. So we have three Fizz-Free flavors right now, also have a Fizz-Free variety pack coming out. We have a Raspberry Acai, a Peach Mango Green Tea, and then we have a Blue Razz Lemonade. Some really great flavors, and that's gonna expand, potentially expand the opportunity as well. No one's really been too successful with the Fizz-Free opportunities, but we do see a really loyal following, and we think there's a big opportunity, especially going after consumers looking for, you know, cold coffees and those type of opportunities to grab some of share there, and bring consumers in that just really don't like energy drinks because of the carbonation. So, we think that's a, that's a play there. And then in the Essentials line, you know, when you look at the energy category and 70% of sales are in convenience, a big chunk of those is a 16-ounce offering, and that was really lacking in our portfolio. You know, trying to compete with some of the 16-ounce, with a successful line, you know, has been challenging. So we did, you know, in the past, we had a Celsius Heat line that was mainly really targeted at fitness. We did broader it. We came out with the Celsius Essentials line, with essential aminos and it's great flavors, and it's been working. You know, we launched it initially at 7-Eleven. It's going in Circle K, a variety of other retailers, and allows us to have that offering that the consumers are looking for, 16-ounce. They want a little bit more liquid and more fluid in their purchase, and that allows us to compete in that segment, and it's been incremental. So, you know, I'm sure there's some crossover, but what the data we're getting from Mintel and Numerator is showing, you know, not a lot of cannibalization, so it's truly incremental to our portfolio. We think it allows us to compete in that performance, energy, new age arena within 16-ounce sugar-free. And it's differentiated as well. So, a little bit more aggressive as well on the tone and personal brand persona when you think about the Celsius Essentials. It is at 16-ounce, it's more chrome, it's got more of a an aggressive feel and tone, and... And but the flavors are lights out, as always. We take pride in our flavors. We wanna be the world's most refreshing drink. That's something we spend a lot of time on, and we're gonna continue to drive that home, and we think that's the... At the end of the day, consumers want better-for-you. They want, you know, zero sugar plays, they want essential vitamins, but most importantly, they don't wanna sacrifice flavor or taste, and that's where we try to win. Yeah. I know it's super early days on Essentials, and so this may not be a fair question, but I'm just asking it because I've gotten it so many times from investors. And that is... Are there any metrics that you can point to, like repeat purchase or, you know, incremental information in terms of the demographics or anything like that, that gives you, you know, an early sense of confidence on incrementality and the success? And again, I apologize, it's super early- Yeah ... and you really don't get a good answer on a lot of that stuff for a couple of years. But this is- Yeah ... a question that I keep getting, so I just, I've gotta pass it on. No, no, please. Absolutely, and I think those are the questions we're asking constantly internally as well. You know, the longest retailer that the line has been in is 7-Eleven, so, but it's only been there even really, like, you know, you're looking at it almost, like, five months. So, still really, really early. It's rolling out to a broader distribution base, so I, I think we have a lot to learn. You know, it, it is targeted for that 18-24 male consumer, versus, you know, historically our 50/50 mix with our other portfolios. So, you know, that's where it's targeting. It looks like we are hitting that consumer based on the initial survey data we have gotten back. But I think it's, it's really... We gotta get through summer. I think you gotta get a broader distribution on the portfolio as well. Now it's gaining more of a broader distribution, and see how it performs, also on a regional basis. It's really geared for that six, convenience. It is available at Walmart and just about every retailer in the country now. So, we've got a lot to learn. We're watching the data closely. I don't have any additional specifics on that. Jarrod, I don't know if you want to add any color on there. No, I mean, like you said, it's based on the incremental data we've seen so far. It's showing that it's additive to the product. Great, great. So, kind of tangential to what we've just been discussing, a lot of the data and research we've done, Numerator data, suggests that almost 80% or so of your growth comes from consumers who are new to the energy drink category. So, I'm wondering if that's what your data suggests. And in terms of those incremental drinkers, does it tend to be kind of, you know, different demographics, maybe a little bit more affluent or different age groups? And then, you know, the other thing that I'm picking up, and it's a lot of anecdotal data, John, is that you're sourcing maybe a little bit more from coffee than some of the energy drinks. And in general, we hear that energy is sourcing from coffee, but maybe it's a little bit even more for you. And, you know, certainly a lot of young women... You know, almost every time when I take the commuter train and I see a young woman drinking a Celsius, I, you know, ask them: "Hey, you know, what was... What was your path to get there?" And very often it's starting off with coffee, and then maybe they try another energy drink, but they settle on Celsius. So love to get a sense of, you know- Yeah ... your role in terms of expanding the category, where that's coming from, and is it, you know, kind of more coming from coffee now than perhaps in the past? ... Yeah, no, I love that story, by the way. I always talk to consumers when I see a can in the, a can of Celsius, you know, and usually my first question to them is, you know, "What other energy drinks did you drink before Celsius?" And then I usually get a really bad look, because I've basically told them that they're an energy drink consumer. And then, you know, 'cause they basically see Celsius as part of their daily life and daily routine and don't really see it as an energy drink. So I think, you know, it's interesting. I think we're bringing in, you know, consumers that prior wouldn't enter because of the aggressive tone. That's one thing we're very keen on. We don't have an aggressive tone within our persona and mantra. And, you know, when you, when you look at, like, traditional energy, it's pretty aggressive historically, on the advertising and the tones of some of these brands. So, you know, coffee, I think, is definitely we're sourcing from coffee, that some of the data shows that it's a great. You know, those are new to category consumers as well. And then I think, you know, when some of the data that's showing the new to category, it's, it's people entering the category for the first time. So, you know, they ideally, the energy category has always taken, you know, a story like you mentioned, taking coffee consumers, and I think that's the initial kind of question on a survey that everyone gets. But a lot of folks that is 18-24 college students are really big on. Pepsi has helped us just expand really broadly into the college and universities as well, which is really exciting, especially as the students will be getting back to campus here shortly on their break. But yeah, I mean, coffee, I think you're seeing also increased consumption on existing users, so of Celsius. So when you look at our consumers, there's more availability. We're getting more impulse purchases now as we continue to build more cold availability, so I think that's key as well. But you know, it's also consumers that, you know, haven't drank... They don't drink soda, right? And they see us as, you know, a healthier alternative than some of the soda category as well. Great. So I wanna kind of ask you a little bit about, you know, how do you think about balancing, you know, volume growth in the... Sticking to the U.S., volume growth versus pricing, right? You know, Red Bull took a kind of mid-single digit price increase in November, and, you know, they've been able to keep most of it. You know, they're not growing a hell of a lot anymore, but, you know, they've been able to keep it. The other side is the category's gotten weaker. So, you know, Monster's talking about doing something later in the year. We'll see if that happens. But, you know, you can kind of continue on your current sort of trajectory, or, you know, you could think about raising price. And in that, you know, it's tricky, right? Because you've got, you know, younger consumers that, you know, may not have a lot of disposable income, and then you got others that have more, and it's different everywhere. So, you know, do you feel that you know, is this a category and a product where you can do differentiated pricing by zip code? Is that feasible? Is that desirable? And, you know, how are you thinking? And obviously, you're not gonna tell us what you're gonna do, but how are you thinking about what, you know, you may do in the second half of the year, kind of the pros and cons about doing a price increase within the context of your overall strategy? Great question, Robert. I don't think we'll fully answer that question, are we doing a price increase, yes or no? But I'll let Jarrod kick off the beginning of the question. Well, I'll jump in as well. Yeah, I mean, I guess the beginning of the question, haven't, like, some of the fast food or on-the-go food kind of restaurants gotten in trouble for talking about, you know, optimizing by geography and zip code and stuff like that? I don't necessarily think we'll be able to do that. I know that there's gonna be different venues that you might see different pricing, and a lot of that has to do more of, is it a single serve in cold, or are you buying a warm 12-pack off the shelf, right? Which is just different user occasions, so people are willing to pay more to get a cold drink now that they can indulge in, you know, immediately, or go to a fast food location and grab something now on the go. So I think, you know, you're gonna still see that, but I, I don't know that... I mean, you know, maybe, maybe the, the top two guys are farther along than we are, but I, I'd say we're not in a position where we're, we're able to dive in and say, "By zip code, we're gonna take this pricing, so if you're, you know, in this location, you'll get this, this location, you'll get that." And then some of that will play in, you know, ultimately the price is being set by the, the C&G location, or by the retailer, or the grocer, et cetera. So, you know, from our perspective, we, we just control what we charge into our distributor, who then, you know, the price is really set at the, the grocer level or the retail level. Yeah, and I mean, Robert, I think when you look at the pricing opportunity, I think there's a variety of different levers that can be used, pricing, promotional strategies, also, pricing within slotting, and there's a variety of different channel strategies, packaging strategies. We have a great opportunity at Celsius. We do really well with variety packs. You've probably seen those in a lot of retailers there. So there's a variety, as Jarrod mentioned, cold 12-packs, 4-packs, variety pack strategies that you can also, you know, have levers there on pricing strategies. And also, I think, when you look at the consumers as well, and the positioning of the Celsius portfolio, we always say we wanna be a premium offering in the category. So we do think there's opportunities for Celsius. You know, the brand does have drive value. It also offers something differentiated in the category. So when we look at that, we do see value within Celsius, and there's opportunities. You know, as we see fit, we're gonna take pricing where there's opportunities. You know, there's costs increasing from oil and transportation, and those things, we keep a close eye on, and we're gonna do what's best for the portfolio and best for the business, as we continue to navigate, you know, the markets that are in front of us. You know, I think we're good position to see a margin accretion in Q1. So, you know, Jarrod said on the earnings call, you know, upper 40s on gross profit, so we're keeping an eye on that. We need that to continue to drive the business. And there's additional leverage opportunities as we continue to scale and grow, that we work to take advantage of as well. Great. Let's go international. So, last time I was in Toronto, a month or so ago, I went into Circle K and asked how Celsius was doing, and they were saying it was just flying off the shelf. But, you know, the interesting thing was that it was actually not in the cooler yet. I mean, there was a little, maybe there were three or four SKUs in the cooler, but it was actually flying off the floor, and hadn't fully got into the cooler yet. So, a lot of good anecdotal stuff on Canada. Again, I know it's really early days, but John and Jarrod, are there any kind of numbers that you can give us that support, you know, the very strong anecdotal data that I've been getting from my trade visits, albeit just in Toronto, in terms of how the brand is doing in Canada? Yeah. Well, well... Last weekend, we were a little bit unsuccessful with our Ferrari partnership with F1. They unfortunately didn't make the podium and perform as well as they did in Monaco. But, so we're a little bit disappointed there with the Ferrari finish, but great team, and they're gonna have a good finish the rest of the year. When you look at Canada, we're actually pretty surprised out of the gate. I forget the read, the four-week read we had, but I believe it was, it was at the end of the... It was likely at the end of the quarter, we're a little around a 5.5 share. That was, it was pretty impressive, and that was only after really a few short months, you know, with having gaining distribution. I think Canada exceeded all our expectations. There's a lot of opportunities there, especially as we, you know, work through summer. I think it gets us, you know, it really shows the brand scales. You know, when you look at the opportunities in Sweden, right around a 14 share, we continue to see growth in Finland, and those are some of the markets that we've been pretty established in over the last several years. We've got this new opportunities and new markets that we're headed into, and, you know, it, it's exciting. It's exciting. Jarrod was up there not too long ago as well. Yep. As you look at the UK entrance, again, I know very early days, what are you seeing in the UK now? Jarrod, you wanna take that? Yeah, I mean, UK and Ireland's early days, so it's really about kind of fitness and health locations first and starting to build brand awareness. You know, we've actually seen some pretty good brand awareness in places like the UK and Australia already. Australia, we're not even in, and there's some pretty good brand awareness over there. So the brand is carrying a bit. We do have some global assets with some of our influencers and F1 and global assets like that. So from an awareness perspective, we're seeing that grow. But really it's kind of a fast seeding kind of process, where it's about timing and sequencing. So we're not looking to go big bang and just blast it everywhere. It's about get in there, build it the way we've built the product in the U.S., get in the gyms, get in the fitness locations, get in the health locations, start building the brand awareness, and then build into the retail locations, and then go, go bigger from there once you, you got that nice, good roll in. So we're kind of right in the middle of that. I think, you know, as we get to the back half of the year, that's where we'll really see, you know, the success of the U.K. But, early days, you know, we're, we're doing very well at, at meeting or exceeding expectations of both us and our distribution partner. Great. Great. And when you think kind of long term on the international strategy, you know, how are you... Are you kind of like saying, "All right, these are the markets where it, you know, it looks the most interesting, and then this is the best partner for us, given their route to market and their current portfolio"? And, you know, how are you thinking about it? And do you think five years from now, you could have five, six different partners? You know, you're gonna have, you know, somebody different in, let's say, Brazil than in Australia, and, you know, all depending on sort of the who the local players are. Is that how you're thinking about it, so it could really be multiple routes to market over time? Yeah, I mean- Yeah, definitely. Yeah. Go ahead, Jarrod. Yeah. I mean, if you look in the different markets, inherently, there are different distributors to begin with, right? So the distributors that are really big across APAC or EMEA or LATAM, they're different. And so you know, inherently, it's really, for us, it's about finding the right partner. And we're agnostic about who that is. We just wanna make sure we get in with a good partner, that we're gonna grow together and profit together and share in our ability to really grow this brand and expand it internationally. ... Okay. I just got a question from an important investor asking about, you know, Pepsi inventory issues and how much that has played into your reported results and what kind of impact that may have in the second half of the year? Yeah, so we talked about it last quarter. You know, some background, if we look at days on hand, kind of the way we look at days on hand is we measure it by looking at the kind of the current weekly depletions versus total inventory, right? So as we're growing, if the days on hand stayed the same, it'd actually be higher year-over-year, right? 'Cause it's, it's based on current depletions. You know, with that said, we, we did talk about Pepsi did take their inventory up last year. In turn, they took their days on hand up last year. We were new into their system. We were growing fast. We continue to grow well. You know, but they're also one of the largest and best supply chain and distributors in the world, so you wouldn't expect them to carry an excess amount of inventory forever. So we did talk about last quarter, they did start optimizing, and they did, and it impacted our net revenues. And as we look at things today, it's been pretty steady lately, but they did continue to optimize in the quarter. There's probably somewhere in the neighborhood of $20-$30 million of optimization that they did during the quarter. With that said, depletions continue to grow, and really looking at last week's, we saw the depletions, that's depletions out of the Pepsi system, you know, grew mid-single digits versus Q1. Or sorry, mid-teens versus Q1. So we're still seeing good growth and good depletions out of there. They've just optimized their business. We've had a lot of conversations across the supply chains, and all indications are that we're in a good place now. So I think, you know, we're kind of at that point where they've fully optimized their business and we're in good shape. Now we're still in the middle of the 100 days of summer, so we've got three weeks left in the quarter, so that doesn't mean they're not gonna pull an extra 1 million cases out as we continue to grow and really drive this business. So it's not a perfect amount, but based on kind of the days on hand and depletions and where we are today, you know, we think we're in a good place, really to go through the first half of the year. So back half of the year, I would say is probably less of an issue when we're looking at comps. First half of the year, I think they'll probably, you know, finish off their optimization based off our discussions, and then we'll move forward. Now, with that said, there is opportunities for us to really further leverage our business and from a margin perspective to benefit each other, and that's really, right now we're going to both mixing centers and DCs within the Pepsi system. Obviously, if we go straight to a DC, there's gonna be opportunity for margin improvement on both ends. 'Cause if you're going into a mixing center, you're going from the plant into the mixing center, and then from the mixing center to the distribution center, as opposed to going straight into the distribution center. The caveat to that is the distribution centers carry less inventory from a days-on-hand perspective. So there could be a little bit of noise, but that would be nominal as we look over the next few years. So I think we're kind of at that point where we're in good shape with them, and as we go forward, it won't be the noise that we've seen prior. Great. So wanna you know, this is kind of a high-class problem. You guys got a great business model. You can grow and generate a lot of cash at the same time, so love to get your thoughts, whether it's this year, next year, about use of cash, more M&A or share buyback. And in related to share buyback, you know, your stock is very volatile. You know, it jumps around a hell of a lot on the short-term scanner data, which may or may not reflect the underlying fundamentals. So as for example, what about using share buyback to kind of smooth out the stock? So when the market's taking you down on scanner data that isn't really reflective of the business, you could offset that with a buyback. So love, love to get your thoughts on that. Yeah, Robert, we're always looking great opportunities. You know, those are things we're talking about. I think we're, you know, we're sitting in a really good cash position right now, and I think, you know, as we look for opportunities, it's good to have that cash position. We're generating good cash flows as well. You know, those are opportunities. We look at, you know, potential M&A, you know, but really wanna keep the teams focused at this point. So, you know, immediately that's not something of urgency, but, you know, if right opportunity comes along, you know, we do have that capital, but it's gotta be something really special that really aligns with our, our organization, and it, it would have to be an easy bolt-on. But not something we're really actively pursuing at the moment. But when you look at share buybacks, they're those are strategies we've talked about internally as well. I think, you know, right now we feel we're in a good cash position, and, you know, if you look at Monster as our peer we look up to, you know, they're sitting at about, you know, one-third to cash. We are, you know, and when you look at it, the positioning, they have about three times more cash. So we seem to in a pretty good level right now. You know, but as we move forward, those are things we're talking about internally at the board level for sure. Great. Well, I think that's a super way to wrap things up. Thank you so much for joining us. This has been great, and congratulations on all the success so far. Thank you, Robert. Thanks for having us. Thank you. Cheers. Thanks, Robert. Thanks, everyone.