Welcome back, everybody, to our Fireside Chat with WK Kellogg Company. With me today are CEO Gary Pilnick and CFO Dave McKinstry. Great to be with you both. Thanks for being here. Thanks for having us. Thanks, Andrew. Sure. Maybe we'll kick it off. Gary, you know, it's been several quarters now, since you were spun off from the Kellanova company, to become a standalone company, and maybe a good place to start, especially for those that maybe haven't followed the story as closely, could be for you to discuss what some of the key differences have been since the cereal business has been run as a separate company, and why you think a split away from Kellogg has been, and will continue to be, a positive for WK Kellogg. Thanks, Andrew. Let me start with, we were here last year with you, and you were kind enough to ask us to join. It was pre-spin. This is the first time we're here as a publicly traded WK Kellogg, and we appreciate that. And last year, we talked about a lot of the promises we want to make, and we made commitments even before we were spun about what we would deliver, and we're really pleased about where we are right now, 'cause we're delivering on those commitments, promises made, promises kept. And both Dave and I want to talk about this, the volume of work that's going on at WK Kellogg, whereas we execute on the spin and unplug from Kellanova, and we're just appreciative of everything the team is doing. Now, with that said, let's talk about the spin logic for a second. When we were first designing the spin, as in terms of WK Kellogg Co, the view was, we would be a stronger company as an independent organization. Now, it's a little counterintuitive when you're part of a $15 billion global company like Kellogg Company was, but the view was, we'd be able to prioritize, and everything we would do is in service of cereal. We recognize that the strategy for WK Kellogg Co, the North American Cereal business, would be distinctly different from that of the balance of Kellogg Company or Kellanova. So we can create our own strategy, we can then get the balance sheet we need to invest in that strategy, and then create the organization to execute it. By doing that, we were able to then announce our algorithm of, hey, if we create a stable top line and deliver that, we can then drive outsized margin expansion over the next three years. Now, it's over the next two years, Andrew, 'cause it's a year, and the outsized margin expansion was 500 basis points of margin. We sit here today even more confident about our ability to do both of those things, so what's been different? I'll talk about the what and the how, and what we talked about last year. We talked about an independent, direct sales force, unique for a company of our size. The Kellogg Company was known for its sales force, but it's part of a $10 billion North American business, which we were a part. It's an integrated business. It was the right way to run the business. Yep. We wanted to invest in our sales force and have a direct sales force with the same coverage that Kellogg Company had, but focused only on cereal, and we think this is a capability that is something that's scalable and will drive real value going into the future. The other thing we talked about was the investment, our ability to announce investing $450 million-$500 million in our supply chain. It was maintained, but not modernized, and we just reiterated that during our Q2 call. At the same level of investment, $450 million-$500 million, the same margin expansion, up to 500 basis points, and the same timing as well as we exit 2026. The things that we may have learned over the last year, 'cause those were the what's that we talked about last year. I think we learned a couple things about our business. One, and this is a little bit surprising to us, our depth of understanding. The Kellogg Company has been at cereal for a 118 years, literally, yet our understanding and grasp of this business is so much greater now than it was before. During the spin, Dave and team created P&Ls for each of our brands, each of our customers. So the insights in the business now that it's standalone, very different than when it was integrated. So we can make much more real-time decisions as we're running the business. The second thing would be speed. As part of an integrated company, of an integrated sales force, integrated supply chain, now all we do is cereal. The speed to go from idea to shelf to pantry is frictionless. We're moving incredibly fast. We had a couple examples of that, but it's actually faster than we thought it would be. And maybe the last part that we believe is a tailwind for the business going forward is, how much more personal we can make the business? Now, you know the expression that strategy eats culture for breakfast. Now, we're in that day part, so I think we have standing to talk about this. But before it was 38,000 people, now it's 3,000. We visited all of our plants on multiple occasions. Easier to get your arms around the team, to drive engagement, drive inspiration, and drive contribution. So that's something that we've learned over the last year. So the spin logic, we believe, works. We're even more confident today that it was the right decision, and we're looking forward to the future. Great. Thank you. You know, as you mentioned, you're now a company singularly focused on the ready-to-eat cereal category. How are you thinking about the long-term outlook for the category, and are there any subsegments that you think are better positioned for growth that WK Kellogg is looking to take advantage of? We love this category. My team, everybody who's here today, we chose to be here. In fact, Kellogg invented this category, and this is a category we know that we can win in, and that's the reason we chose to be on this journey. It's big and durable. This is a category. I'm not sure anybody remembers this category without having dozens of feet of space in every grocery store. It's important to retailers. It's the fifth largest category out of all their categories. It's the number one warehouse category for them, so that's important to them. Plus, it drives traffic, it gets great lift. So there's something very special that's important to retailers, and it's branded. That's what we love to do. Yep. And a branded category, you can, when it's invested in properly and you drive innovation and merchandising and ideas, you could do something special. And we're also very proud of our food. We drive value, we drive nutrition, and when you think about all those things, and there's some near-term growth opportunities and actually longer term growth opportunities. Right now, granola, that's growing double digits. Sadly, we're not participating in that. We had the number one granola brand not too long ago in Bear Naked. We had supply issues, but now as an independent company, we could focus on solving that, and if you start looking at the public data, I think you're gonna see a change in that trajectory because we have largely solved it. But look, time will tell. Another one will be premium. In this day and age, when we know there's pressure on consumers, premium in our category is also growing, which gives you a sense of the overall affordability of our space. But don't sleep on our core brands, 'cause if you take a look at what's happening right now, the fastest-growing brand is Frosted Flakes. It's been around for 70 years. That's what happens when you get the flywheel spinning with merchandising and innovation and ideas. The part that I think, again, surprised us was when we're working through the strategy going forward, as we're, you know, we're taking a look at what we announced last year, how do we make it even bigger and better? We are finding incremental ideas, growth initiatives within cereal. It's surprising 'cause we didn't see them before, and we've been doing this for a while, as I said, but if you think about channels and platforms, we're underrepresented in e-commerce. We can do something different. We need to go focus on that and in formats. There's things that we could do in formats that we just haven't leveraged before, and that's what we want to go take. So we think there's a variety of different places that we can grow this business. Great. Thank you. Your medium-term growth algorithm calls for a flat top line. That's in the context of a category that's expected to be, call it, flat to down low single digit over time. So it implies WK Kellogg will need to gain some share in the category to achieve that top-line target. And what gives you confidence that you'll be able to gain this share in what's continued to be, you know what, always a relatively competitive category, rational but competitive, and has the market share performance so far been in line with what you'd initially anticipated? It's the right question, and we like the competition. We do think when our big branded players compete, that helps the entire category, so we're all winners when we do that. So that's why we're excited that we will only focus on cereal, and we wonder if that'll have an impact on the other players as well. We certainly hope so. And when we think about this, the way we're performing, we're performing largely as we expected, Andrew. We're eight months through our first year, our first full year as a publicly traded company. We just reaffirmed our guidance, and what gives us confidence is, you take a look at our base business, nine of our eleven biggest brands are all growing at or faster than the category. And actually, a 10th of it, just described before, might be making the turn. The second thing for us is, look at Canada. Canada has actually reached a 40% share over certain time periods. The sales force is delivering beautifully for us. But the thing that we think about going into the future is we are transforming all of our demand-creating infrastructure. So while we're standing up a brand new company, we're also transforming, capital T, transforming our marketing, our sales, and our supply chain. And we think with those investments and as we execute, that'll be a tailwind for our business going forward that will help us continue to drive at a stable top line so that additional profit margin can rattle through the P&L. Got it. The 500 basis points EBITDA margin opportunity that you've laid out is set to be preceded by, as you mentioned, $450 million-$500 million of incremental investment to modernize the supply chain. Can you remind everyone what the cadence of that spend will look like now that we have a bit more clarity on the pace of investment? Dave, you wanna take that? Yeah, so we talked about this on the Q2 call, Andrew, but I think given the complexity of it, good to reiterate, so I appreciate the question. So what we said was the CapEx, and it's two pieces. So the capital side of things is up to $390 million. We've said for 2024, it's about $40 million, okay? So then the other side of it, the balance of it, that would come in 2025 and 2026, okay? The other side of it would be one-time cost. So these are things like starting up new lines, severance, dismantling plants and closing things down. Things like that would be in this bucket, and that's $5 million in 2024, with then the rest coming in 2025, 2026, and maybe a small residual in 2027. So when you package it all together, up to $500 million, with, call it $45 million in 2024, $200 million in 2025, and then the bulk of the balance in 2026, with potentially a small residual into 2027. Got it. The company reaffirmed its outlook for expanding EBITDA margin from around 9% last year to 14% exiting 2026. On the second quarter call, you also hinted that 2025 EBITDA growth may approximate 2024 EBITDA growth, for which current guidance is in the range of, call it, 3%-5% or so. This would apply a pretty large acceleration, in order to exit 2026 at that 14% level. I guess, what's the visibility to that level of acceleration? Yeah, I think a couple things. So we're very proud to come out and reaffirm guidance, and if you look back to this time last year, what we've continued to do over the last year is sequentially improve our margin performance. So when we spoke in August at our Investor Day, we were talking about 9% for 2023. We were able to finish out 2023 a little bit stronger than that. And And remember, we gave an initial guidance for 2024 at the time as well, and when we came out with our official guidance on our Q4 call, we were able to increase that. So you know, pleased that we've been able to reaffirm, and if you look at our track record over the last year, we've been able to do what we've said. And so as we think about it going forward, what you can expect from us, Andrew, is sequential margin improvement as we go forward through the end of 2026. And we'll give, you know, more detailed guidance in the Q4 call for 2025. But then, your visibility question on 2026, we do expect to step up. And as we talked about, if you think about our margin initiative, the centerpiece of it is our supply chain modernization, okay? And so we have six plants today. We are closing one of our plants, and we're taking one down in size, okay? So what that looks like is, call it four and a half plants versus the six we have today. And so with that, all of the costs associated with those plants come out of the P&L. Along with that, we're optimizing our manufacturing network. So we talked about the cost differential between our highest cost and our lowest cost plants, and it's about 50%. So we're moving production or optimizing our production within those lower-cost facilities. So between the call it the mechanical side of things, Andrew, the closure of the plant, and then the optimization of the network, you can see how we have confidence in the delivery of the 500 basis points. You know, with the investment set to proceed, obviously, the margin expansion. Maybe you can talk a little bit about when we should expect sort of positive free cash flow, and maybe importantly, what underlying free cash flow looks like. Because ultimately, you know, the CapEx will ultimately fall off and moderate. Yeah, it and we've tried to lay it out that way, Andrew, is because there are some investments going on right now in the short term. But we convert it roughly a hundred, which we're building off of, but we know with this investment, it can get sizably better. So as we think about what we've talked about is we'll be at about three times leverage in 2026. So that's where we'd peak on a leverage standpoint. You can think about our free cash flow shape going along with that. So once we peak in, you know, 2026, we'll start throwing off those positive free cash flow numbers. But one thing to keep in mind is we go from 9%- 14% EBITDA margin, that's more than $100 million. So from a free cash flow perspective, we already generate sizable free cash flow. We converted 100%. Our free cash flow is gonna go up by 70-ish% as we exit 2026, which creates a ton of flexibility for us as we move on past that. Yeah. And let's look forward three years from now, give or take, you invested to modernize the supply chain. In your view, is all the supply chain work what's necessary, really, just to get your supply chain back to sort of industry standard, or actually maybe potentially be above where some competitors are today? And if you can maybe speak a bit to what some of the key sort of differentiators versus others will be. The way we would describe it is, we're about to make substantial improvement to the way we're gonna supply the market, the way we're gonna make our food. And when we do this transformation, that transformation will be done and will be done in 2026. What's interesting about the timing, when we say we're gonna exit 2026 with a 14% EBITDA margin, we will have first finished the transformation. So there's more work for us to do as we get to leverage this new tool in our toolkit. That's why we think there's more margin coming. The way we like to describe it is, we're investing to drive more flexibility and simplicity. If you zoom out, as Dave said, we're consolidating our footprint. That creates some simplicity. We're also investing in, when we invest our capital, in packaging, in platforms, and technology, but also we're investing in our people as well. So what comes out the other end? Tremendous amount of flexibility, the flexibility in what we produce. With the packaging, we'll be able to meet consumer and retailer demand because we talk about the right pack at the right price, at the right place. That's gonna help us do that because we're now gonna leapfrog what we are able to do today to what we could do tomorrow, and that's gonna be a meaningful difference. Right. With our new platforms, we're gonna be getting out of aging technology, new technology, which will give us flexibility to make our current foods, but other foods as well. And potentially, makes us even more excited about this is the technology that comes along with all of it. We'll be able to assess the way we're performing 24/7, because the new technology has more technology, more digitization, our ability to be more proactive, day to day, moment to moment, with the way we're actually producing. But one of the key things we're doing as well is, while we're investing a lot of capital, Andrew, we're also investing in our people. We're investing in capability building. We've already developed... Sherry Brice, our head of supply chain, created a curriculum called the WK Academy. It's about broadening capability, driving engagement, because ultimately, that's who's gonna be running our supply chain. And we see that paying off already because we haven't deployed the capital, yet you see the benefits coming through our P&L. So I do think the flexibility we're gonna have, the simplicity by having a smaller footprint, will allow us to be more reliable for our customers, the agility we need for our consumers, but also the efficiency that our stakeholders are looking for as well. Great. Closer in, you reaffirmed your 2024 EBITDA growth outlook in a 3%-5% range. You did revise net sales growth to be sort of at the lower end of a, call it, -1% to +1% range for-- on the 2Q call. Volume in the second quarter, I think, was down close to 5% or so. Scanner data for the first sort of six weeks of the third quarter showing maybe volume still down a couple of percent. How are you thinking about the cadence of volume acceleration through the balance of the year? Yeah. So if again, pleased that we were able to reaffirm our guidance, and I think if you think about it, coming into this year, the back half of last year, we started to see things slow down, so as we gave our guidance. We kind of saw this environment coming together. And so as we look at our guidance range, you know, that was within our range of outcomes, and it's why we were able to come out in the position we were. If you look at the data, and you kind of mentioned this, we are seeing a small improvement from Q2 into Q3. But keep in mind, and we've talked about this, and we talked about in our Q2 call, we executed a price pack architecture initiative throughout this calendar year, and that was really about getting the right pack sizes in the right channels to our consumers. And so what that does, though, it does have a natural impact on price realization. Both in market and within our P&L. So one thing that we're looking at, and historically, units and pounds moved very closely together. But this year, if you look at our data specifically, those have started to disconnect, and we've actually seen units go into growth starting at the end of Q2, and that growth has accelerated into Q3 if you look at the data. So one thing that we're triangulating on, maybe more than we ever have, is really looking at units, volume, and dollars, because that's important within the environment that we're in. Beyond that, Andrew, and we talked about this, too, Gary mentioned some of the areas where we were still supply challenged last year on granola, so that is an area where we think we'll sequentially improve as we move throughout the year. Beyond that, we also talked about our programming in the second half, and we're excited about it. You know, a couple of things that I would mention is we had a Crumbl partnership that we did this year, and that's done very well for us. And then we also have a Wednesday partnership that we have around Halloween, and so we're excited about those things, and early reads are they're performing well in market. So those are some of the things that we looked at and are contemplating as we looked at the back half of this year. Yeah, that's helpful perspective. Thank you, and you talked about nine of your 11 brands, gaining or holding share year to- date and a tenth perhaps starting to turn the corner. Overall, you know, WK Kellogg ready-to-eat cereal category share has declined by about 40 basis points, but a lot of that is the Special K brand standing out, as you've talked about, as one that's lost share. I guess, what's been driving that, and what action plan do you have in place to try and turn that around? You know, that's a brand where... and over time, you've tried to the company, even under Kellogg's sort of ownership, has tried to sort of shift the what that brand means to consumers. And it's always hard to shift when a brand has meant something to consumers for such a long period of time, and then you try and shift what it stands for. I'm curious how you approach that going forward. Yeah, it's a very fair question, and the... Where we want to start is, when we're operating well, and if you take a look at what's happening in the market, we mentioned Frosted Flakes and Raisin Bran. When our flywheel is spinning, it's when we have really good innovation that's matched, ends up matching with great display and merchandising, together with an idea, a campaign, maybe partnerships. When you're doing all those things, then your brand's gonna work. And that's, we talked earlier, why we love this business. We love the branded business, and if you think about our brands, we should love the branded business. That's when we're doing it well. If you take a look at Special K, you asked about what's going on with it. I'll do a little short term, if you don't mind, Andrew. Yeah. If you look at 2024, you start at the beginning of the year, and our innovation was actually short of what it was in 2023. We probably had more. We had more SKUs in 2023 and fewer SKUs in 2024. That then impacts your display in merchandising, and that impacts not only the innovation, it impacts your base as well, because when you're on display, you have both, and it drives the entire core brand as well as the innovation. So we started off slow, and Special K is one of these brands where you tend to want to start off a little bit faster because people coming out of the holidays are looking for help. That's why fitness centers are filled, so it's the right brand at that time. We started off slow. Now, going forward, we've already launched a new campaign at the end of Q2. It's called Special for a Reason. That's the idea. We need to get this idea going. Special K has a broad repertoire of products with a variety of nutritional benefits. The key for us is, how do we reach the cohorts with our new marketing model to say, "We're here for you if you're looking for protein, if you're looking for low calorie, looking for folic acid"? There's ways for us to do that with our new marketing model. That's just a piece of the puzzle. We also had a partnership with an influencer named Molly Baz. We need to get all these pieces working together. It's early days, and what gives us a lot of confidence is, because we have a new marketing model, which was different than before, a way to really leverage our media and reach consumers. We have our new sales force, who would then sell it in, and all they're doing is selling cereal with more predictable and reliable supply. That's what's underneath all of this, but we have work to do. On the flip side, as you talked about in Canada, you've gained, you know, 160 basis points or so of share year- to- date. What are you seeing in Canada that's making you more successful there, and can some of that or is some of that being replicated in the U.S.? Our team in Canada is doing a tremendous job right now. A general manager named Tony Petitti is leading this organization for us. Now, there are similarities with Canada and the U.S., and there's differences. The similarities are the ones we talked about before: It's big, it's important to retailers, it's branded, and it drives value and nutrition. All that is true. Now, what's a little bit different about Canada is that it leans a little bit more towards wellness. When you think about the brands that you and I both know, the Mini-Wheats brand has twice the market share in Canada than it does in the U.S. All-Bran has ten times the market share than it does in the U.S., and they have a product called Vector, which drives out after active lifestyles with protein and fiber. We have a nice line up there. The team is really performing. That sales force, their direct sales force, they're growing the business across every one of their major customers. Now, for us, the good news is, everything we're doing in Canada is what we're doing here. In fact, we're doing it across our business. We're transforming what's happening in Canada. All that is happening in the U.S. as well. The other thing that we think is quite good news is, while we're running one integrated business, the Canada performance tells you we can also focus on a particular market at the same time, so we can do both. But you're right, Canada's doing really well, and we do think there's things we learn from them, and they learn from us, and we operate in an integrated way. Great. Gross margin has been an area of strength through the first two quarters of the year. I think you had year-over-year margin expansion of some two hundred and fifty basis points in the first quarter, underlying expansion of close to one hundred and fifty basis points in the second quarter. I guess, what have been the key drivers of that gross margin improvement so far this year? How are you thinking about margin in the back half, keeping in mind 3Q, I know, is usually the peak sort of promotional quarter, given the back-to-school season? Yeah, I talked earlier about over the last year, our ability to really over-deliver, actually, our commitments. One of the things that we look at, and Gary mentioned this on the front, is the focus of the smaller company. Some of the insights that we're getting, just being a smaller company, we're able to see things. Then once we see them, we're able to action against them very quickly. So we've given the example of one of the areas that we identified quickly is there was waste that was in the P&L. We organized quickly across our organization, and we were able to get that waste out of the P&L rather quickly, and that's went into gross margin, went to EBITDA margin. So that's a good example. We talked about another one at CAGNY, Andrew, around we focused on one of our plants where it was performing, you know, below our standard, where we need it to be, and we were able to drastically improve its OEE, which allowed us to unlock capacity and overall get a lot more pounds out in a lot less time, which, again, creates dollars through the P&L at gross margin and into EBITDA. So, you know, quick wins through that smaller, focused, agile company, and we've been able to take advantage of that. If we think about gross margin through this year, you know, we're about 29.5%-ish on a year-to-date through the first half. What you can expect as you move through the back half, it to be relatively in line with our first half performance. So, you know, think about the run rate that we had in the first half carrying through. May not be perfect each quarter, but that half in line with the first half. From an EBITDA standpoint, that's where we see the seasonality in our business, okay? So in Q3, you mentioned it, around back to school, we're investing behind our brands around the back to school timeframe. We see the highest returns in that timeframe, so that hits our SG&A line, so gross margin in line, but then our EBITDA margin will be a little bit depressed, okay? The second thing that you have in Q4 is it's our lowest volume quarter. Just seasonally, we see retailers moving to more general merchandising around the holiday season. So what you see is, seasonally, Q4 is a low volume quarter. We have the same amount of SG&A through our P&L on an annual basis. What, again, that leads to is a more depressed level of EBITDA margin. So if you look at it, our EBITDA margin higher in the first half of the year than in the second half of the year. Gross margin, relatively steady throughout the year. Great. Thank you for that. Innovation, obviously, a key driver of category growth in ready-to-eat cereal. Maybe you can elaborate a bit more on the innovation plans you've got in place for the back half of this year and into 2025, and how much you'd expect innovation to contribute sort of to the top line. Innovation, you're exactly right. That, that is part of the lifeblood of this category. It brings excitement, it brings news, it brings people into the store. 2024 has been an unusual year in that innovation is down in the categories, down not just in our category, it's down in a lot of categories, and part of that is certainty that the consumer is looking for. Yeah. So blue box Frosted Flakes doing great, red box Froot Loops doing great, but the innovation not doing as well. Not just us, but in general, that's what's happening in 2024 so far. We expect innovation to come back and play its rightful role in the category going forward. Dave talked a little bit about the back half of 2024, where there's somewhat of a reset with Crumbl and Wednesday. What we're excited about is 2025. 2025 is the first innovation set that we are delivering to the market that was created by WK Kellogg Co. Because 2024 would have been created before the spin. We've created this now as a team, and you add to that, it's the first time this is gonna be sold in by the dedicated sales force, so we're excited about it. The... What you can expect in the innovation set is, it's across the breadth of our portfolio, wellness, taste, balance, across our brands. So we're very excited about what that's gonna deliver for the business. Great. You mentioned recently, you've got to expect peak leverage about three times in early, I think, 2026. What do you view as the right sort of sustainable long-term leverage level, and how are you thinking about capital allocation priorities over the next several years? Yeah. So I think it's important to remember where we've started. You know, even into the first half this year, we were less than two times, right, from a leverage standpoint. So that would be a relatively low amount of leverage, especially if you consider, you know, against our peer set. So it's important to understand where we started. That goes back to when we spun the company from the Kellogg Company, and we built this strategy with our supply chain modernization in mind, with these investments in mind, so we had the balance sheet to go after them and do what we needed to do for this business. So I think it's important to understand the relatively low level of leverage that we're starting off at. As we think, obviously, short term, we're investing in our business, right? So our capital allocation is heavily towards investing in our business. As we move forward and we exit 2026, and we talked about the flexibility and those increased cash flows, in one of the earlier questions, Andrew, and what that allows us to do is really look across the various capital allocation choices, analyze them for, hey, what's gonna drive the highest amount of ROI? What's gonna drive the highest amount of TSR? And we can lean into those things. So, you know, as we look at it, we're not locking into a specific area, but we want to lean into the areas that we can drive the best value for, for our shareowners, really, as we think about it. And from an overall, you know, debt standpoint, we wanna make sure that we have access to capital and that it's at an affordable rate, right? So that's the balance that we run. We wanna make sure we have that access, and we wanna make sure we have that flexibility to invest behind those value-creative things. Great. Maybe a good place to, sort of wrap up the session is, we spent a lot of time today discussing what you've referred to as sort of the first horizon of your strategy. You know, where you're focused on building upon your foundation, independently run company, optimizing the scaled cereal business. Maybe you can touch a bit on what the sort of longer term vision is once WK Kellogg exits this sort of first horizon in, call it, two to three years or so. We talked about this last year, so last year, we would have said we're three years away, but that horizon was a little bit fuzzy. So we're a year in, so now it's now more like two. In fact, we think it's even sooner. So you start with Horizon 1, and we did talk a lot about that. In Horizon 1, it's optimizing the cereal business, maintaining that stable top line, and driving margin expansion, 500 basis points of margin expansion, and we have visibility into that. So that's what we're focused on. When you get to Horizon 2, we talked about, we're gonna continue to drive our margin. We're also gonna accelerate our top line organically and inorganically. What's interesting is the two horizons bleed together. As we're optimizing cereal and we're building out our distribution system, we're building out our capabilities in media, in omni, in digital, we're actually creating capabilities that are scalable and transferable. So you think about Horizon 2, we're gonna enter that horizon when that horizon actually occurs with a platform for growth, 'cause we're gonna have capabilities that we think outstretch the size of our business. We think we're gonna be pretty unique with a company our size, having a dedicated distribution system, a national, actually both in Canada and the U.S., direct sales force. The R&D capability that we have, together with the way we reach our consumers, the way we analyze data, insights, that's the platform we're gonna have. When we think about that Horizon 2, Andrew, I ran M&A for 20 years at the Kellogg Company. The question for us is, for which business would we be the natural parent? Where can we create incremental value? And with the platform we have, we think there'll be a lot of choices. We're hoping we're the destination for brands, because then we also have our brands. It's our secret weapon. We have our iconic brands that we know can travel. So you add that to these capabilities that we're building, we think we have a very special platform for the future. Great. Good. I think it's a great place to wrap it up. Maybe, if you want to join us next door for the breakout session. Plenty more questions. Management's got some time. Thank you, Gary and Dave, for being with us today. Appreciate it. Our pleasure. Thanks.