Good morning. Our next presenting company is John B. Sanfilippo & Son, trades on the NASDAQ under the ticker JBSS. Company's been a longtime supporter of our Ideas Conference, and we appreciate that. They're an investor relations client of ours as well, so if any of you would like to have a follow-up after this, please reach out to myself or one of our staff, and we'll be happy to take care of that for you. Here today to start off the presentation is Frank Pellegrino, the company's CFO, and to close the presentation is Jeffrey Sanfilippo, the company's CEO. As an incentive for those of you to stick around for the duration of the presentation, we have some samples here at the front table. Highly recommend you come and try out the product, the best way to learn the company. And here to start the presentation is Frank. Thank you, John. All right, the traditional first slide I have to share with you, is that we will be making some forward-looking statements today. These statements represent our present expectations of, or beliefs concerning future events are not guarantees. So who is JBSS? We are one of the largest nut processors in the world, with net sales of approximately $1.07 billion in FY 2024. With our recent acquisition in September of last year, we are also a manufacturer of snack bars. We operate in three distribution channels: consumer, commercial ingredients, and contract manufacturing. So the consumer channel is where we sell to traditional retailers, think your Targets, your Walmarts, your traditional grocery stores. Commercial ingredients is where we sell to mainly food service companies, distributors, think US Foods, Sysco. And then contract manufacturing is where we manufacture other people's brands. Our biggest customer in that brand, in that channel is Frito-Lay, where we manufacture their Nut Harvest brand and their snack nuts. Now, we are also vertically integrated in three nut types: pecans, walnuts, and peanuts. Now, when I say vertically integrated, that means we buy nuts directly from the growers and they're in the in-shell variety, and then we shell those nuts throughout the year. So, you know, we take our walnuts in September and August and October, and then we shell them throughout the year until the next harvest season. We do not own any orchards or fields. We just buy those nuts directly from the farmers or growers. And we are run by the fourth generation of the family, who are sort of actively managing the company. Now, Jeffrey is the fourth generation of the Sanfilippo family running the company. Now, let's take a look at our sales by product type. So you can see here how our nut sales are distributed between the different nut types. You can see our biggest piece of our business is trail and snack nut snack nut mixes. Now, if you look back 10 years ago, that was probably 10 or 12% of our sales. So you can see consumers are really gravitating towards snack and trail mixes, and that's become a very big part of our business. And you can also see our snack bars. We've just made that acquisition in September. It's already 11.4% of our business. Our business model provides us a competitive advantage and provides a foundation to deliver consistent results. You can see our strong financial performance over the years. These charts track our performance over the last 10 years, and you can see all the key metrics are all going in the right direction. Our pounds sold, which is how we measure volume, has increased at a 3.7% CAGR over the last 10 years. You can see our gross profit and operating income has also increased nicely from 15.8% - 20%, and our operating profit or operating income from 6% to 8%. Our diluted EPS has grown at an 8.1% CAGR over the years, and then we have been rewarded nicely on our, on the stock market, as our stock price has increased at a 15.8% CAGR over that same amount, over that same time period. The relationship between nut sales and pounds sold is also critical to understand. This chart looks at our pounds sold on a bar graph and our selling price per pound as a line graph. Nut commodities are volatile and our selling prices go up and down based on the underlying commodity pricing. You can see that, you know, we always try to grow volume. You have a headwind or tailwind based on the commodity prices, so that impacts your net sales, but we measure our performance against volume. How does this all translate to profitability? These two graphs show you EBITDA and EBITDA per sales pound. You can see we have a nice upward trajectory in EBITDA. Since 2014, we're at $60 million. The last three or four years, we've been around that $100 million a year, and our EBITDA per pound has also grown in the same manner. Now, we also take great pride in returning cash to shareholders and investing in the future. You can see the first chart there is our dividends paid by calendar year. Now, in 2014, we established our first dividend policy. I'm sorry, 2017, we established our first dividend policy of $0.50 per year, and we've grown that dividend by $0.05 every year, and in 2024, we actually paid a regular dividend of $0.85, which is being paid in a couple of weeks, September eleventh. And we also have special dividends going all the way back to 2014. So you can see that, you know, we have a pretty strong track record of paying a regular dividend and special dividend, and the yields are anywhere from 3% all the way up to 8%, and we've paid total dividends of over, you know, $5 a share some of those years. We also invest back in the business through our CapEx. Now, we have no issues investing in CapEx. Now, CapEx in our mind, it improves efficiencies, has cost reductions. So, you know, we have a CapEx opportunity where we can reduce our cost structure or increase production capability. Now, we make those investments. You can see we're averaging around $20 million a year. Last couple of years, we're at $28.3 million in FY 2024. Now, we also have created a strong foundation for our future profitable growth through our balance sheet. Now, we have a very strong balance sheet, and you can see, again, these charts are all going the right way. Net working capital, again, increased nicely, 22%. Our debt to equity is almost at record lows, same to our debt to EBITDA. Very, not. We're not leveraged at all, and then we have a nice return on equity. Now, let's get into our, you know, FY 2024 financial results. A big strategic acquisition to increase our bar capabilities occurred in FY 2024. On September 29th, you know, we closed on an acquisition of certain assets and inventory in a manufacturing facility located in Lakeville, Minnesota. Now, we paid approximately $59 million for the acquisition, which included around $35.5 million of inventory. It included a manufacturing facility of approximately 300,000 sq ft and five production lines. This acquisition accelerated our product diversification strategy and allowed us to offer a full line of snack bars to our private label customers. So now we're able to make every type of snack bar out there between the chewy, the fruit and grain, the high fiber. And before this acquisition, we had internally created a private label version of the Clif Bar and the KIND Bar. So this truly offers us the opportunity to offer our customers a full line of snack bars. Now, we believe we may be the only one out there who has the potential to offer all those different kinds of snack bars to retailers. Sales for this acquisition in FY 2024, again, we own the, this company for three quarters, was approximately $120 million that we generated in sales. Now let's look at sales by distribution channel. Like I mentioned, we operate in four distribution channels. You can see this has changed dramatically over the years, and this wasn't by accident. This was a strategic decision to shift our business into the consumer channel. The consumer channel has numerous benefits in compared to the commercial ingredients or contract packaging channel or the export channel. The consumer channel is much more value added, and the more value add you do to a product, the more margin, you know, profile you have, a better margin opportunity. So we're shifting our business away from lower margin, commodity-based business into more traditional CPG-based, value added, where there's multiple steps in the process. So think about if you have just a raw nut in a bag, there's probably hundreds of people out there that can manufacture or produce a raw nut in a bag. If you think of a trail mix or a mix where you have three different items, one's chocolate-coated, and one's honey-roasted, and one is crunchy coated, there's maybe now four or five companies out there. So you really eliminate a lot of competition as you get into more value-added products. Now, sales by distribution channel. Now, consumer channel had a good year. We're up 11%, $872 million in net sales for FY 2024. The main driver here was our acquisition of that Lakeville facility. That growth drove our growth in the consumer channel, mainly because of that new capability we acquired. We also saw a nice growth in e-commerce. E-commerce is growing. Now, when we say e-commerce, we don't have any direct-to-consumer business. We grow e-commerce with our customers. So think, you know, Walmart.com, Target.com, Amazon. So that's our e-commerce strategy, is to grow our customers and grow on the Amazons, Instacarts. And club growth. Our Orchard Valley Harvest brand had nice rotational distribution at club stores, and we continue to be opportunistic on gaining distribution for our brands at the club stores. Consumer ingredients channel had a challenging year, and we saw some decline in our food service customers. It went down 8.7%. The main reason is we saw some competitive pricing pressures, mainly on peanut butter and some other items we sell in that channel. Again, we're okay if some channels go down because we can use those commodities in the consumer channel, 'cause that's what makes us kinda unique, is that we're not tied to one channel, to one customer base. We can shift our products to different channels. And then, you know, we also saw a decrease in our industrial customers, and this is more of a JBSS strategic priority. We're getting industrials, us selling to another food manufacturer, say, us selling to an ice cream manufacturer. Again, not a lot of value-added production there, so we're shifting those commodities from that channel into the consumer channel or the food service channel. And then contract manufacturing, and this is a low priority channel for us. This is more of an absorption capacity channel where we utilize excess capacity or run line to manufacture other people's brands. Again, Frito-Lay is our largest customer. We're not actively out there seeking new customers. This is more of a capacity utilization channel. So this is a very important graph. It's kind of an eye chart. Now, one thing I failed to mention before is that in the nut commodity space, there really isn't a futures market. You can't hedge your cost. You can't go out there and fix your cost. So it's very important that you understand the underlying commodities and be able to price the commodities based on your acquisition cost and avoid fluctuations in your gross margin. So we're very proud of this chart. The lines are the underlying commodity acquisition costs, and the bars are the gross margin. So it's very critical in our business that we're able to manage our margin even though the underlying nut commodities are very volatile. As you can see, you know, we haven't suffered any significant margin deterioration, even though the underlying commodity prices have fluctuated. If you look at this chart, probably five years before 2014, you would see a much more dramatic impact to our gross margin profile. And then let's look at how that all relates to retail nut category prices. So this is, the first chart shows us the retail price per pound for nuts, and you can see it's gone up significantly since 2020, you know, from $6.14 all the way up to $6.48, and that has caused a decrease in the category in the next chart. So you can see category pound sales have decreased over time because consumers are facing, you know, across-the-board inflation. Now, we believe once the retail selling prices do come down, consumers will reengage in the category, and the volume will go up. The consumers appreciate the health benefits of nuts. They understand the protein. They understand that's a healthy snack. It's on-the-go snacking. So, you know, I think this is a temporary phenomenon here because consumers are struggling to make ends meet, and they're, you know, allocating their grocery cart to more of the staples and into the snack nuts or recipe nuts, and at this point, I'll turn over the presentation to Jeffrey, who will walk you through some more impacts of FY 2024. Thank you, Frank. Hello, everyone. So we hit a milestone this year, $1 billion in sales. It took us 102 years to get there, but we did it, and now we are building a path to $2 billion. I've been CEO since 2007, and I will tell you, even though we're family-controlled, dual class shares, we run it like a public company. Family shares just as important as other stockholders, and so we really look at investments for the long, long term. Our mission, core values, vision, all very consistent. We have three strategic growth pillars. One is expand consumer reach, so our brands, even our private label, there are so many opportunities to continue to expand out distribution, velocity, product portfolio, so a lot of opportunities there. Create value with key customers. For investors, scale is important, I believe. We believe it is for our business, and so we've got such large scale. We have five manufacturing plants. We are one of the largest private label manufacturers for retailers like Walmart and Target and Trader Joe's and Whole Foods. We invest in retailers that are gonna continue to grow. We're excited about the potential of the Kroger-Albertsons merger if it does happen, which I believe it will over time, because that just creates more scale for retailers, and I think it allows us more opportunities to build out our product portfolio. Then grow our brands. Even though our brands represent 15% of our total company sales, we still believe there are opportunities to find niche consumers, niche alternative channels to build out our brand portfolio. So some of the accomplishments just this past year, expanded further into e-commerce. E-commerce, even though it's not growing as fast as it did during the pandemic, still strong growth in e-commerce. We're building out that platform, both in private label for e-commerce, but also for our brands, and then just expand in new pack sizes. You know, as this year showed us, price pack architecture for consumer prices is really important. Because of inflation, interest rates, higher energy prices, gas, consumers pulled back on their discretionary spending, so we saw declines in the snack category overall, not just in nuts and trail mix, but potato chips and jerky. A lot of categories were down because of consumers pulling back, and so price pack architecture, getting cheaper price points out there, is so important, and that's what we're working on. And then building out our private label platform, becoming the go-to company when a retailer wants to launch a private label snack, trail mix, or now bar product line, and we have such scale that we are that go-to company. Also, because we have our own brands, we invest in consumer insights and innovation because we have our own brands. Very rarely do private label companies do that, but we do, and it creates extraordinary value for key retailers to have those consumer insights that we can bring for them. Now, the bar category, if you look at the snack and trail, that's been our business for 102 years. We realized it was growing at a 1-3% CAGR. Not bad, but there were other categories growing faster. The bar category, extraordinary growth over the last 10 years, double-digit growth, much higher margin in some cases, and so we said, "You know what? We can do this." We built a greenfield operation in Elgin, just 46 miles from here, and we wanted to create the Clif Bar and the KIND Bar, just similar, good products that we can emulate to compete with those brands for private label, and that's what we did. The bar category is over $9 billion in sales, very low private label penetration, so this creates a great growth platform for us going forward. When you look at the private label bar category or the trail mix category in general, I talked about consumption declines because of inflation, because of what we've seen in the market this past year, and so because private label snack and trail is such a big part of our business, that was the strategic reason to diversify outside of just snack and trail. The bar index, the private label indexes, so total category is about 20% private label, all grocery. Snack and trail is 47%, huge private label penetration, and we manage a lot of that today, so we've got to work with our retail partners to continue to grow private label share, but also come up with new products to help them grow going forward. But you look at the bar category, the blue bar, it's only 7% in private label today. A great, enormous white space to grow private label snack, energy, nutrition bars, and that's where we see the enormous opportunity. The reason it's so small is because to make a bar is extremely labor-intensive, and it's capital-intensive. You can put a nut and trail mix line in for $4-$5 million and be producing tomorrow in 90-99 months. Snack bars, it's a $20 million investment to create snack bars and energy bars, so big capital intensive, and it takes a couple years to build out that platform. So that's one of the reasons private label penetration is low, but we are willing to make that investment to provide that opportunity for retailers to build out their platform. When you look at our current bars, our current brands, so Fisher Recipe, we are the largest recipe nut brand in the category today. So think of the baking aisle, we are there. During the holiday season, you will see end caps of Fisher Recipe nuts throughout the store chains. And but we still see, as I mentioned, a lot of opportunities to build out our bar portfolio or our snack brand portfolio. So here's what it looks like. So it's 50% of... 15% of our total sales, we have Fisher Recipe, our Fisher Snack bar brand, think of it as our core brand. Orchard Valley Harvest is where we're investing in the future. That is our health and wellness brand. We believe there are opportunities to continue to build out that platform with innovative snack items. So think of going to produce departments in Walmart or Jewel or Kroger stores, that's where we're looking to build out our distribution platform. And then Squirrel is our indulgent brand. So we've built a brand portfolio on every type of consumer. So if you're looking for our indulgent treat with chocolate coating or maple or praline, that's what we have with our Squirrel brand. Big customers are QVC, so think of home shopping networks, you know, looking for really unique items. You know, building on our platform with retailers like that to attract consumers like that. And so, you know, really building out the e-commerce platform, as I mentioned, is extremely important to us. And so we're looking at building out our Amazon platform. As Frank mentioned, we do work, a lot of work with Walmart.com, with Target, and Instacart. So it continues to grow, and we continue to look at expanding that investment in e-commerce going forward. Some of the branding accomplishments, so we revitalized our Orchard Valley Harvest brand. That's a brand we bought back in 2010. It was a small produce brand, mainly West Coast, when we purchased the company, and we're really building it out to become a very strong national health and wellness brand, going forward. Continuing with our Fisher Recipe brand, club store. So we do very little business in the club channel today. No private label at this time, and we have some rotations at retailers like Costco for our brands. We believe there's a lot of opportunities for club channel growth. It is one of the few channels that grew this past year. Consumers went from buying in grocery or mass, they shifted to buying at club, and so we've got to figure out a way to break into distribution and getting more distribution in the club channel as it continues to grow. And this is kind of our strategy for our brand. So consumer behavior is changing dramatically. I'm sure you see it with your kids, your grandkids. I mean, they are shopping differently than we ever did. They're shopping in different places than we ever did, and so we've got to follow where consumers are buying their snacks. That's exactly what our strategy is, understanding where they buy, what price point they're looking for, what type of products they're looking for, and that's where our consumer insight investment is really paying off, really understanding the consumer and their changes in behavior. Also, price pack architecture, extremely important, especially with what we're facing today. Then really building brand equity in our brands. You know, taking our marketing investments from newspaper, magazine, film, or TV, and pushing it towards all online media, so social media, TikTok, Instagram. A lot of investments in building consumer awareness there, because that's where consumers are looking for ideas for a recipe to cook with or idea for a snack, and so we're really shifting our marketing emphasis on the e-commerce platform. Now, some of the results this past year, I've talked about Fisher Recipe, you know, declines in the category. We saw huge growth during the pandemic. People stayed home. They cooked at home. They learned how to cook, and so we saw huge growth in the baking category in general, and recipe nuts were one of those beneficiaries. But since the pandemic's over, people are going out to eat more, so we're seeing growth in some of our other platforms, but the recipe category is declining. So we got to bring consumers back into that category, and to educate them on how to use nuts as an ingredient. To do that, we have to educate them, so inspiring them to cook again, inspiring them to create simple recipes where it's easy for them to buy a bag of walnuts at the grocery store or online and then use it in baking and cooking. Then in content, you know, working with different partners to expand the awareness of nuts as an ingredient for baking and cooking. Just to give you an idea of our distribution today for Fisher Recipe. As I mentioned, we're the largest brand in the recipe category today, but still opportunities for growth for us on our recipe platform. Then our Orchard Valley Harvest brand, as I mentioned, health and wellness, continuing to find distribution. Our ACV or market share is only 2%-3%, so extremely small. So a lot of opportunities to find new consumers, new channels to build out our branded platform for Orchard Valley. And we're doing that by creating new items, innovation, flavor profile. Younger consumers are looking for taste. They've traveled, their parents have traveled. They're much more indulgent as far as trying new flavors, and so expanding out our product portfolio with different flavor profiles, but making it healthy in addition to that. And a sampling of our current distribution for Orchard Valley Harvest. Again, small market share but great opportunities for growth. And then our Fisher Snack, again, our biggest customer for Fisher Snack of all retailers is actually Menards. So think if you're a weekend warrior going to, like, build a cabinet at home. You go to Menards to buy the tools and the wood, and you buy a jar of dry roast Fisher peanuts to snack on during your project. Huge consumption there. Surprisingly, how many people go to Menards to buy something, and that impulse buy to find a snack is extraordinary. So those are the little pockets of consumers that we are looking to build our branded portfolio around. Squirrel, QVC, one of the largest customers for that. So looking at opportunities to find that indulgent consumer and where they're buying that product. And then Southern Style is really a kind of high-carb, low price point snack item, a lot of sesame sticks and pepitas, cheap retail price. That is, Sam's is the largest retailer that carries that product. So really cheap price point, but very interesting for them, for consumers that go to Sam's. And then long term, so we build that path to $2 billion. Here's what we're gonna do: grow with our top customers, so continue to partner with transformational customers like Walmart. Walmart's our largest customer, Target's number two, Trader Joe's, Whole Foods. Invest in retailers that are gonna grow, as well as some of the co-man that Frank touched on. Diversify our portfolio, so bars is just the start. We see continued opportunities to build that, the growth in the bar category, and then transform our brands. Those are the kind of the three growth platforms. I would say the largest growth will come from bars within the next couple of years. Like, as you saw, private label penetration is small, so we see great opportunities to expand the bar category. Because we're one of the unique, if not the only bar manufacturer that can make a Clif knockoff, a KIND knockoff, a Quaker Chewy granola knockoff, and now a Nutri-Grain knockoff, we've got a huge portfolio that we can apply to using our transformational relationships to build out those platforms. We recently invested in plant protein forward. Think of a Quest bar or a Think bar. That is the largest section of the bar category today, the protein-forward segment. Nobody or very few do private label in that today. Very difficult to make. Abbott Nutrition, they own the ZonePerfect bar, was a $60 million brand. They decided, shut it down, not really a priority for Abbott. Got out of the business, shut the facility down in California. We recently purchased all that equipment from Abbott, where now we can also make the protein-forward bar. Think of 30 grams of protein or higher. Great opportunity for us to build out that private label platform as well, with that. So now we really can manage the entire snack, energy, nutrition, and protein-forward bar platform. So we're really excited about that. So with that, we'll open up for questions. So if you don't have food companies in your portfolio, if you're looking for stable, sustainable growth, that is dividend paying, then we would be a company for you to consider. Yes? [audio distortion] Mm-hmm. [audio distortion] Sure, sure. Good, good question. So we initially started with building a greenfield operation to make a Clif-like bar and a KIND-like bar. That's what we manufacture here in Elgin. And then as we started to build out that program, so it's almost four years now since we invested in the equipment, brought in the talent to help us make that product, and then worked with customers to sell it in. We are not at capacity in those areas yet, but we're starting to build that out. So the energy bar is the first thing that we launched. We've already got great distribution there with private label. The next was what we call the nut bar, which is the KIND bar. Whole different manufacturing process. That we are just selling in the market now and building out that platform. And then the chewy granola area. That was those two types we make here. Then we looked at the whole category. TreeHouse Foods used to have a manufacturing facility in Minnesota, in Lakeville, like Frank touched on. They make the Nutri-Grain bar and they make a Chewy granola bar. We bought that facility. We closed in December and, well, September, and then we've integrated that into our operation now. They were at much higher capacity there because when Quaker had the recall, which was in December, for their Chewy granola bar. Huge demand for private label because there was no Chewy granola bar in market. And so we had to really ramp up even higher capacity in that facility in Lakeville, maxed out. We actually added capacity in Elgin to make the Chewy granola bar, private label version of it, and even that is almost at capacity because Quaker, even though the recall started in December, is still not back on the shelf. Extraordinary to me that a company like PepsiCo can have a brand like that, that is still not fully back on the shelf yet after, what, six, seven months or so, and so that's created a lot of opportunity and demand for chewy granola. Yeah. So capacity maxed out in some areas, opportunities in others, but that's where the Abbott kind of manufacturing equipment comes into play, 'cause we can quickly build that out to start producing chewy granola, in some cases, and other products there. Yep. I had a question. How did you kind of force the facility you acquired from Minnesota, from TreeHouse, and why are they kinda getting out of that business? Sure, sure. Good question. So they were not making money at it first. It was not a big priority for TreeHouse. They've got a lot of other product lines where they have much higher scale and more, distribution and leverage. So I think it was more of a, you know, they were ready to divest some of their manufacturing, and the bar piece was just not a big priority for them. So I think that, and the fact that it was not very profitable. So that was one of the key things is we just went in there when we started integrating and started to take low-hanging fruit that we could make it profitable. From a procurement purchasing standpoint, operational efficiencies were critical, as well, and then just, you know, pricing management. [audio distortion] Sure. Yeah, there's some. So chewy granola was almost at capacity at the time, but the fruit and grain bar, the Nutri-Grain bar, they have additional capacity there. And we see ways to optimize, making some investments to increase line speeds or increase more efficiencies to increase some of the capabilities there. Yep. Thank you. Thanks. Yes? [audio distortion] Not yet. We can now. We will be able to. [audio distortion] Yeah, they're expensive. Protein is expensive. Yeah. But that is something that we will be able to do once we get the Abbott equipment lined up and running and be able to manufacture that. Yeah, and that is surprising. When we looked at the category, I had no idea that was the biggest segment, was that protein-forward piece of the category. Yep. We have to make it taste good, that's the challenge, 'cause protein doesn't taste very good, so we got to figure out a way to make it better. Yes? So, like the economics, the difference between private label or not, or any private label with the brand and the balance is customer-based. Also, channel conflict when they themselves try to- Sure. You want to cover some of the margin and I mean, what's nice is we actually can balance brands with being a private label manufacturer as well. Actually, the brands, because we can invest in the consumer insights, we understand the consumer better, really helps apply what we do with our retail partners on the private label side. So in a way, that gives us a really good, it's a strong business model, and it gives us a competitive advantage against, you know, typical private label manufacturers that might not have that investment in consumer insights. But from a margin profile, let Frank talk that. So obviously, the branded products have a higher gross margin. But if you look at the operating margin level between brands and private label, the operating margin is pretty similar because the brands have a lot of cost below the line. [audio distortion] Operating margins are very similar once we fully optimize the Lakeville facility. The gross margins, now, snack bars are more historical. Private label gross margins, now, those tend to be in the, 10%- 13%, 14%, but operating margins are similar. [audio distortion] Sure. Now, for our private label consumer channel, we have the right to revisit pricing twice a year, and those two periods, they line up with the commodity acquisition cycle. So I think we have a spring pricing and a fall pricing. So based on the commodities that are being harvested and procured during that time period, we're able to change our pricings to reflect our best estimate on the underlying commodity. Does that go up and down? Yes. We have a very transparent relationship with our retailers, which is kind of unique to us. Now, we speak to them probably on a monthly basis on what the commodities are doing, so we're very proactive in managing the commodity risk. Now, when prices are going up, we're usually the first ones out there telling them that prices are going up, so when we actually go in for a price increase, there's no surprises. But we also offer the same transparency when prices do come down. [audio distortion] Yes. I think retailers, during COVID, they passed on probably a little bit more than what we passed on to them, and they are a little bit stickier on price decreases. They do take their time to pass those along. But in this last round of pricing changes, now, we asked and got a commitment from our retailers that if we were able to pass along some price decreases, you have to pass along those to the retailers. And you kind of see it today. I think it was, like, three or four months ago, Walmart introduced lower selling prices for their items, and then Target followed suit a couple of months ago with lower retailing prices. So I think the retailers are understanding now that they have to start reducing retail selling prices.