Greetings, and welcome to the Diversey first quarter of 2022 earnings conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star and zero on your telephone keypad. As a reminder, this conference is being recorded. Thank you. Hello, everyone, and welcome to Diversey's first quarter 2022 earnings call. With me today are Phil Wieland, our Chief Executive Officer, and Todd Herndon, our Chief Financial Officer. As a reminder, during this call, we will make forward-looking statements. Some risk factors that may impact these statements and could cause actual future results to differ materially from our projected results are described in this morning's press release and in the reports we file with the SEC. The company does not undertake any duty to update such forward-looking statements. On today's call, the company will discuss certain non-GAAP measures and make references to certain supplemental data which we believe can be useful in evaluating our performance. The presentation of this additional information should not be considered in isolation or as a substitute for results prepared in accordance with GAAP. A reconciliation of these non-GAAP measures and referenced supplemental data can be found on our website at ir.diversey.com and in our most recent annual report. Now over to Phil. Thanks, Grant, and good morning to all of you dialing in. There are two areas that I'd like to highlight this morning. First, I'll provide some initial thoughts on our strong first quarter results, and then read across to our confidence in hitting our full year revenue, adjusted EBITDA, and margin goals. I'll then discuss how our business model is uniquely built to tackle the challenging global dynamics. I'm gonna turn it over to Todd to put some meat on the bones of the quarter and cover the 2022 outlook. Starting with the quarter. I remain confident about the resiliency of our business and our long-term growth prospects. As I'm sure you know by now, Diversey is one of only two large global companies that offer a full suite of hygiene, infection prevention, and cleaning solutions in a highly fragmented industry. It's that fragmentation, coupled with the foundation that we have built for organic revenue growth, margin improvement, and consolidation that gives us a competitive advantage in penetrating the over $46 billion total addressable market. Our first quarter results highlight the strength of our business model despite the current macro environment. Specifically, revenue improved by 4.5% as compared to the prior year or 6.8% higher than pre-pandemic levels with significant recoveries still to capture. Our constant currency organic sales growth accelerated to 7%. That revenue growth was driven by our base institutional. That's our institutional business, excluding infection prevention of 26%, and food and beverage grew by 15%. Adjusted EBITDA margins of 9.1% were in line with our expectations for the quarter and are forecast to significantly improve sequentially throughout the year as our pricing and cost containment initiatives are implemented and continue to mature. Moving to the macro and how our business model is standing up to the challenges. We are clearly operating in an unprecedented environment with multiple COVID variants impacting global economies, with rising inflation, with supply chain bottlenecks and other operating factors that can be difficult to predict and really challenging to manage. I've been extremely pleased with the resiliency of our business model and our management team's agility in the short term while maintaining focus on our long-term growth goals. Some highlights of our current initiatives. Firstly, we've been focusing hard on pricing to cover inflation. While input costs continue to rise steadily, we're implementing price increases across our various geographies and products. In the first quarter, we realized more than 6% revenue growth from pricing, and I expect this level of pricing to increase further as we move through the year. To date, our price increases have been well accepted. We expect these increases to remain intact, reflecting the essential nature of our products and services and their appeal to customers. Secondly, we have maintained a focus on controlling our fixed costs and leveraging our variable costs. Our first quarter margin of 9.1% is reflective of the near-term inflationary environment. As our pricing actions continue to be implemented, including additional pricing as required, we would expect our margins to meaningfully improve between now and the fourth quarter of the year. We also continue to invest in opportunities to expand margins into next year and beyond. A good example being our plant investment in Kentucky, which remains on track to be completed by the end of this year. In that example, by co-locating our main warehouse with manufacturing and adding more capacity to bring currently contracted manufacturing volumes in-house, in combination with optimizing freight lanes, we expect to improve total company margin by roughly 100 basis points from next year as we work to deliver our targeted long-term EBITDA margins of 20%. While it's still early in the year, we're pleased with our early pricing and cost containment results as we continue to navigate this unprecedented environment. While of course, we cannot predict the pace at which variable costs and overall inflation begin to normalize, we will maintain pricing discipline so we can drive revenue growth and capture margin expansion opportunities as the year progresses. Just as important, I'm very pleased with our continued progress on strategic growth drivers. We continue to evolve our value proposition with digital innovation and a focus on service, which is leading to higher retention levels and acceleration of net new customer wins and a robust pipeline of additional growth opportunities. This is especially strong in our strategic focus areas, including U.S. food service, global accounts, and water treatment. All of this is expected to drive double-digit top-line growth in Q2 through to Q4 this year. With that, let me now pass it over to Todd to give you some more detail on our strong first quarter and our outlook for the remainder of the year. Thanks, Phil, and good morning, everyone. Before diving into the numbers, let me tell you why I feel so great about our results. First, we did what we said we'd do. Our top-line growth and pricing were at the high end of expectations. EBITDA margins will improve throughout the year. I'm happy with our cash flow, and finally, I'm confident in our full-year outlook. Now, starting with the results. Net sales for the quarter were $660 million, an increase of $28.5 million or 4.5% as compared to the first quarter of the prior year, and 7% organic constant currency growth. I'm especially pleased with our revenue growth in the quarter, which is inclusive of the headwind associated with the normalization of our infection prevention business. This resulted in a decline of $76 million in infection prevention revenue compared to the first quarter of 2021, in line with our expectation. Now, moving on to our segments. Let's start with Institutional. As Phil mentioned, our Institutional-based business represents more than 60% of our first quarter revenue and continues to perform well. First quarter revenue was $395.8 million, a 26% increase over the prior year quarter, driven by a combination of new customer wins and continued expansion with existing customers as we continue progressing towards a return to pre-pandemic levels. Speaking of new customers, we're on track to exceed 3% annualized net new customer wins, improving from 2% in 2020 and 3% in 2021. As it relates to our existing customers, we highlighted in our fourth quarter call that we have an opportunity to organically recapture at least $220 million of revenue in the coming years as countries and businesses begin to ease COVID restrictions. Our Institutional recovery remains on track, with Europe at above 90% of 2019 volume and emerging markets at above 80% in the first quarter, showing good progress to start the year. Despite the additional remaining recovery opportunity, first quarter revenue exceeded pre-COVID levels by 6.8% in total. I believe this is a testament to the resiliency of our business model and the effectiveness of our growth initiatives. Our infection prevention business, which represents approximately 10% of our revenue, began to return to more normalized levels beginning in the second quarter of 2021 and continued throughout the year. First quarter infection prevention revenue of $76 million represents a 50% decline versus prior year in what we believe to be a sustainable run rate reflective of this business as we move forward. Our infection prevention business continues to reflect new wins with revenue more than 25% higher than pre-COVID levels, and we expect to continue to make gains in this strategic growth area. Finally, our food and beverage business, which is roughly 30% of our revenue, has also generated positive momentum supporting our long-term growth goals. We continue to experience high customer win rates for new business and recently introduced water treatment to further expand our organic growth initiatives. Our revenue of $187.8 million in the quarter is a 15% increase over the comparable prior year quarter. Now, let's move on to adjusted EBITDA. Consolidated adjusted EBITDA for the first quarter was $60.3 million, a 35% decrease as compared to the prior year quarter. This was above the high end of our guidance range and represents a 15.7% increase over the pre-COVID baseline in 2019. As Phil mentioned, we're especially pleased with this outcome in light of the numerous inflationary pressures we have had to overcome throughout the first quarter. Our institutional and F&B segments delivered adjusted EBITDA of $53 million and $22 million respectively, representing declines of 26% and 31%. Both segments were impacted by high input cost inflation, particularly in Europe due to the war in Ukraine, and we're taking aggressive pricing actions to address the price cost gap. Now let me touch specifically on costs for a moment. The current reality is that inflation is both difficult to predict and has progressed at an unprecedented pace, which makes life really tough. Cost volatility can put pressure on margins in the short term, but over time, it will eventually turn positive as inflation recedes and we continue to price for the value we provide to our customers. To offset and get ahead of costs, our full year pricing expectation for 2022 is an increase of greater than 8%. Combined with our steady productivity gains, we anticipate offsetting inflation first in dollars, and as inflationary pressures moderate, I believe we can capture margin improvement as well. In these tough times, cash becomes even more important. As a result of that, I've invested a disproportionate of my time to focus on cash generation, and I'm very pleased with the first quarter results. Free cash flow was $19 million in the first quarter of 2022. That's compared to -$73 million in the prior year quarter. This is the first time we have posted positive free cash flow in the first quarter, and we see this as a good indicator for the remainder of the year. However, given the current environment, we will likely be more selective in the short term when considering opportunities in our strong pipeline of accretive M&A. At quarter end, we had cash and cash equivalents of $216 million and available liquidity of $658 million, which I view as a position of strength. We have roughly 50/50 split between fixed and floating rate debt with interest rate caps in place for our protection. I'm confident in our liquidity. Our net debt leverage ended the quarter at 4.7 x. We are focused on generating increased positive cash flow for the full year of 2022 and expect to see net debt leverage improvement by year-end. Finally, let me provide our view on the 2022 outlook. We remain confident in our ability to grow our top line while improving our margins. As we look forward to our long-term opportunity, we are extremely energized. We're encouraged by the recovery of our base business as markets reopen from COVID with a continued opportunity to capture additional revenue that was lost during COVID. We also expect to continue to win market share while maintaining focus on our pricing to cover rising input costs. The infection normalization should now be substantially behind us. For the balance of 2022, we anticipate a return to growth in infection prevention based on our innovation and differentiated technology. While we're encouraged with our first quarter results and our positive momentum, we continue to operate in an unprecedented environment. I reaffirm high single-digit percent revenue growth and adjusted EBITDA of $380 million-$420 million for 2022. If the positive trends we saw in the first quarter continue and the inflation environment begins to abate, we would expect to update our outlook as the year progresses. One last item before I turn it back over to Phil. While we do not plan to provide quarterly earnings guidance, our current forecast is that approximately 37% of our full-year adjusted EBITDA will be earned in the first half of 2022, with the remaining 63% in the back half of the year. This first half, second half outlook reflects the pre-COVID historical seasonality of our business and the continued progression of our various cost initiatives, coupled with our price increases and surcharges that are expected to continue to build throughout the year. With that said, I'll hand it back over to Phil for a quick wrap-up. Thanks, Todd. Let me share a few closing thoughts. Firstly, on growth. We have strong customer retention, long-tenured customer relationships, and a robust pipeline of new customer growth opportunities. The 2% annualized growth from net new wins in 2020 that became 3% in 2021 is showing further growth in 2022. Secondly, on pricing. We have demonstrated pricing power to offset inflationary pressures. The 6% we saw in Q1 will grow to more than 8% for the full year. This, along with cost containment, will deliver sequential margin growth through 2022. Finally, we are pleased with the progress we're making in transforming Diversey and with the resiliency of the business model that delivers during both good times and challenging times. Let me close by thanking our team around the world for their continued hard work in delivering our mission to protect and care for people. With that, operator, please open the line for questions. Thank you. At this time, we will be conducting a question and answer session. If you would like to ask a question, please press star and one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star and two if you would like to remove yourself from the question queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the keys. One moment please while we poll for questions. The first question comes from Josh Spector from UBS. Please go ahead with your question, Josh. Yeah. Hi, guys, and thanks for taking my question. Just first one on the guidance. You know, you held your guidance for the year. Your pricing appears a bit better. You know, growth, I assume, appears perhaps a little bit worse, at least from a macro perspective. Just curious if there's any change in bias from the midpoint to perhaps the top or bottom end versus what you're seeing today. Josh, I think firstly, I wouldn't say that we were seeing our growth lower than we were previously indicating. Actually, quite the contrary, we're really pleased with the way that our growth is tracking this year. We just mentioned before how we're seeing that increase. We've seen that increase steadily over the last few months. Having said that, you know, it's still very early in the year and therefore, you know, it's not appropriate this time to increase the guidance and therefore, you know, I think we stick with the range that we've got, and we wouldn't be pushing you up that range at all. We're pretty comfortable with where consensus is at the moment. Okay. No, thanks for that. Just on food and beverage, just a question around the growth there overall. I mean, you have a lot of things going on and between pricing, you know, base new wins, talk about the water treatment business ramping. Curious just on the volume side, if you could provide any context about how things are trending between the new win side of the heritage Diversey products versus how much of the volume growth is the water treatment selling taking place. Thanks. Yeah, sure. Maybe it helps for me to unpack those F&B numbers a little bit. If you take our organic constant currency F&B top line, it's about 14%. Within that, the pricing in F&B is about 8.5%, and the volume is the balance. It's still the case that, you know, the predominance of our volume growth in food and beverage is coming from our core cleaning and hygiene products. You know, we've been on a very good winning spree there right through 2020, and that accelerated through 2021. Water treatment is coming online more significantly. You know, we said at the end of last year, we'd got to double-digit millions, and we thought that would continue to increase. Sure it has, but you know, it's still, you know, not the most significant part of our growth. Very helpful. Thank you. Thank you. The next question comes from Vincent Andrews from Morgan Stanley. Please go ahead, Vincent. Thank you, and good morning, everyone. Todd, I just wanted to close the loop on one of the guidance items on COGS, 'cause I kinda remember when you reported the fourth quarter, it was, you know, oil was $125, and I think you added in a $25 million-$35 million incremental cost, sort of based on some analysis you'd done regressing sort of that oil price range, around a basket of raws. Obviously oil is not at $125 anymore, and it can clearly be volatile, but I just wanted to see whether sort of the reiterated guidance assumed any change in the oil price assumption or the flow down into those, intermediate chemicals. Yeah, Vincent, appreciate the question. I would tell you that, you know, our view is still roughly the same as the outlook we gave at the end of our last earnings call. We're still in that range. Albeit, I would say estimated costs have slightly increased, and we're implementing additional pricing and surcharges to offset that. I think the net range we gave, you know, this last period is roughly the same. I'd say we're also confident that we can continue to manage the business in a very challenging operating environment, you know, and expect really headwinds to shift to tailwinds as changes abate. You know, we're expecting a good jump-off point as well as we enter 2023. We're effectively- Okay. -kind of in the same place net where we discussed last quarter. Okay. Understood. A lot of moving parts, which I'm sure will keep moving. Maybe just a follow-up on the second quarter. Is that progressing different than you thought, you know, when you reported Q4 or did the street, did we all just kinda mismodel it? No, I think maybe it's staying on inflation just for one second. Clearly, inflation's having a significant impact on our cost base. I think you know, as a reminder, our direct costs, material costs were up 10% in Q3 of last year, 16%, that accelerated to 26% in Q1, and we're expecting a full year outlook of 28%. You know, implied in this full year view is that we expect costs to remain at an elevated level at about where we are for the remainder of the year. In terms of putting it into numbers, you know, given direct material costs, you know, are roughly 33% of revenue, that 28% inflation's you know, worth about $240 million in the year. Which is what we're you know, seeking to overcome in terms of dollar inflation first. You know, that takes some time to implement, given the price cost time lag that we've discussed in the future. You know, our full year outlook really hasn't changed. I think maybe just the pacing of how the numbers will flow quarter on quarter, you know, may have changed a little bit, which is why we gave the outlook of the 37%-63% in the script that you know, you heard us talk through. Which I think is just a little more precise than you know, when we first learned about the you know, Ukraine situation and how it may phase. Okay. That's very helpful. Vincent, maybe just another thought, you know, when you look at the 37% that we're talking about now in the first half, if you go back to the pre-pandemic period, that was about 41%, right? The business always had, you know, this fairly significant seasonality, H1 versus H2. It's obviously a little bit more extreme than that this year just because it takes time to pass the inflation through the pricing. I think that 41%, 59% data point is quite interesting when thinking about what we've just been talking about. Yeah, that's really helpful. Obviously, not a lot of clean year comparisons, given what's happened over the last couple of years. Appreciate all the color. All right. Thanks, Vincent. Thank you. The next question comes from Chris Parkinson from Mizuho Securities. Please go ahead, Chris. Great. Thank you so much. Obviously the focus, you know, on margins has really been the cumulative impact of inflation over the last few years and ultimately since the, you know, the IPO process. When you take a step back on slide four, you know, and you go over your sourcing, supply chain and operational excellence plans, can you just offer a little bit more color on, you know, ultimately where you know, once inflation is kind of fully dealt with, where you ultimately can go on the margin front for both segments and just how that filters into the, you know, the EBITDA CAGR guidance over the long term? Just any additional color would be greatly appreciated. Thank you so much. Yeah. Let me start. The first thing to say is, you know, we've been very clear and we've reiterated a lot, that we're tracking to 20% EBITDA margins. Nothing's changed, you know, in that at all. If you look at, you know, what we've been able to do on strategic sourcing, I think we feel really good about what we're doing there. In fact, we've probably put even more resource in this area as we've thought about how we can work with R&D to reformulate, how we can look at trimming the range, making sure that it works better for customers and also optimizes efficiency. If you look at supply chain, you know, we've talked a lot about some of the M&A we've done to get the more strategic control of our supply chain in places like Australia, but also this new plant that we're building in North America. We're really excited about that. It's gonna come online towards the back end of this year, maybe slightly ahead of where when we were first expecting, and that's gonna deliver 100 basis points improvement. Our operational excellence also is going well. I mean, I think we're well into that. We were well into that at IPO. We're still tracking with that. I think maybe pricing is the one that we've really had to put extra focus on for obvious reasons. When we said at IPO that you were gonna see us taking our responsibility as a market leader extremely seriously, you know, we've done that. If you look at the pricing that we've passed in Q1, I think you can see that bearing fruit. We've invested a lot of time, effort, and resource, not only into the basics, but also to some of the more systems-based solutions, just to make sure that we're really doing everything we can to optimize across the board. Rolling all that together, I think, you know, we feel really good about the 20%. I think it drifts back a little bit because, of course, we're having to manage this cost inflation. We don't know exactly when it's gonna abate. We're expecting it to sort of be somewhere near the peak at the moment, but as what happens from here, you know, quarter by quarter, it's hard to tell. Hopefully, that gives you a bit of a sense of where we're going. No, that's helpful. Just a quick follow-up on the free cash flow. I mean, you made a conscientious effort to kind of bring some attention in your pre-prepared remark on this. Just to dig in a little bit more, you know, there was a decent amount of noise, you know, for the first couple of quarters just from 2021, much of that associated with the IPO process, which is perfectly understandable. Once again, you know, once we get through kind of this difficult time on the inflationary, you know, front, how should we think about further about, you know, the working capital metrics, any other moving parts, cash taxes? You know, just any data points that can give the investment community additional confidence, you know, to further drive your net debt, you know, down further, you know, over the long term, less than 4.5x, would be greatly appreciated. What should we be ultimately monitoring? Thank you. Yeah. Let me just give you a color. This is Todd again. On the maybe the 2022 view. If you take that midpoint of the EBITDA guidance, you know, we're gonna see about $50 million in cash taxes. You know, north of $75 million, just a little bit of cash interest. You know, $75 million-$85 million or $80 million of one-time costs. That's really broken down by $30 million of our kind of North America footprint project we're excited about that goes away. You know, about $7 million-$8 million of one-time SOX implementation. Then I'd say maybe $10 million of ongoing M&A, which puts to our kind of growth algorithm of a couple of points of inorganic growth each year. About $25 million of restructuring, which helps us towards our progression to 20% EBITDA margin outlook. We're gonna have this year about $130 million of CapEx, of which about $25 million-$30 million links to our North American footprint project, which then after this year allows us to reset around that 3% cash kind of target investment in on an ongoing basis in CapEx. This year, we expect to have a bit of favorable working capital. We're, you know, progressing on a number of issues. You know, as an example, you know, implementing supply chain financing to help extend our payables. You know, doing a lot of work on investment in advanced planning to help our inventory accuracy service levels as well as reduce our inventory over time. We have a lot of focus in that area. That's kind of this year, and you should get around $100 million of free cash flow in 2022. Then as our EBITDA outlook, you know, increases, we'll clearly have that going forward. If you wanna think about your cash tax modeling, you know, you might take about 12.5% of the incremental EBITDA and apply that to cash taxes because we have some significant positive attributes to allow for that. You know, around 3% on CapEx going forward, and our one-time should migrate towards this, you know, $40 million-$45 million going forward, which then will clearly generate significant increases in 2023 free cash flow over 2022 even. That's hopefully a complete answer for you. Very much so. Thank you so much. Thank you. Ladies and gentlemen, just another reminder, if you'd like to ask a question, please press star then one. If you'd like to ask a question, please press star then one. The next question comes from Ashish Sabadra from RBC Capital. Please go ahead, Ashish. Hi, this is Ade on for Ashish. Thanks for taking my question. I just, you know, given it's been a few weeks since you guys implemented the fuel surcharge, I was just wondering if you guys had any comments on how the customer receptivity has been around that, if you're getting any pushback. Maybe if you could just comment on how quickly the surcharge is sort of designed to roll off, you know, if and when oil prices ease off as well. Thank you. Yeah. Let me try to give you some insight here. I think the first thing to say is, you know, whereas in Q1, everything we did on pricing was straight price and no surcharge. As for Q2 onwards, it's gonna be a mix of straight pricing and surcharge. You shouldn't think of this as it's all gonna be surcharge going forward. What really matters here is that we explain the underlying dynamics to the customer so they understand what's going on and what needs to happen to the pricing. Let me give you a couple of examples that might help. If you think of emerging markets, right, where, you know, volatile inflation has always been, you know, part of the operating landscape, it's almost all price rises still. Most of those changes that we're gonna see in Q2 will be straight price rises. If you come into Western Europe, where obviously it's traditionally been a much more benign environment, there we're going much more with the surcharge. We've implemented a system based on energy index that we're gonna update quarterly. You know, the first one has gone in. On a quarterly basis going forward, we'll be making adjustments, and that'll be up. At some point, we'd expect that to come down. Maybe give you a sense of it. As we think about our total pricing for this year, I think about 20% will be surcharge, and the balance of it is gonna be straight price. Maybe just coming back, I think to the other part of your question. Look, I mean, customers do not love this, but I think overwhelmingly they understand it. You know, we're able to explain very clearly the underlying movements in the commodity prices. And as we do that, you know, they relatively readily understand and accept that, you know, we need to do this. I think you know, we're feeling really about as confident as we can at this stage of the process that we're gonna be able to make the progress that we need to across the pricing and the surcharges. That's very helpful. Thank you. Thank you. The next question comes from John Roberts from Credit Suisse. Please go ahead, John. Thank you. The market's obviously concerned about high debt level companies in this rising interest rate environment. Are there ways you can accelerate the debt reduction by divesting or partially divesting? I'm thinking about, is TASKI a relatively standalone unit, and do you need to own 100% of TASKI in order to get full value for the rest of your portfolio? Hey, John, it's Phil. Let me deal with the TASKI thing and then, Todd maybe can give a fuller answer to your question. We don't have any plans or expectations to sell TASKI, and I'll tell you why. The TASKI business is performing incredibly well. We've invested a lot in innovation. The guys have done a terrific job, and it's really bearing fruit. The future growth prospects are fantastic. As we've said before, you know, the TASKI proposition integrates really well with the chemicals proposition, and we think they work really well together to allow us to take market share. No, I don't think we've got any plans right now in that respect on TASKI. Todd, maybe you give a broader answer as a bout interest rates and how we're kinda trying to manage the impact of those. Yeah. Sure, Phil. You know, first of all, I'd say we're cognizant about our net debt leverage, you know, which was 4.7 x in the quarter. We believe that that number will be 4.4x or below by the time we get to year-end here based on our outlook. I'd also say we're, you know, pleased with our liquidity position at the moment. We had over $650 million liquidity at the end of the quarter. The fact that we have no maturities coming due on our long-term debt until early 2028, I think puts us in a pretty good place at our weighted average cost of debt less than 4%. The other thing I think I would mention is we are looking at ways to generate cash creatively. You know, we refinanced the business at an optimal time in the fall of 2021. As part of that, you know, refinancing, we executed half a billion dollars cross-currency swaps that were in the money. In Q1, as an example, we converted that favorable cross-currency swap valuation into $44 million of upfront cash here that also increases our liquidity. I think, you know, that's not an example of a divestiture or non-core asset, but a great example of how I think we're doing a nice job managing liquidity and generation of cash. I was just thinking since water treatment chemicals could be managed without you fully owning all of the assets in operation, that maybe there might be other parts of your business that could be still a big part of the portfolio, but you don't have to own everything. Yeah. Look, John, it's a good thought, and it's, you know, it's one obviously we've been spending a bit of time thinking through. There's nothing significant that I can tell you about at this time. Thank you. Thank you. Ladies and gentlemen, we have reached the end of the question and answer session, and I would like to turn the call back to Phil Wieland for closing remarks. Thank you, sir. Look, thank you for that. Look, these are clearly tough times. You know, against that backdrop, we feel like we're acquitting ourselves really well. The pricing, as you've seen, has been market leading. Our new business growth continues to accelerate, and our cost containment, you know, is bearing fruit. You know, we're really facing into the challenges, and steering the business both for the short term, but also making sure that we've got at least half an eye on the medium term, and we're navigating to to optimize against that timeline as well. With that, thank you all for your questions and for listening, and we'll talk to you all again soon. Thank you. Thank you. This concludes today's conference. You may now disconnect your lines at this time. Thank you for your participation.