Good morning. This is Kasey Jenkins, Vice President of McCormick Investor Relations. Thank you for joining today's Q1 Earnings Call. To accompany this call, we've posted a set of slides at ir.mccormick.com. Currently, all participants are in a listen-only mode. Following our remarks, we will begin a question- and- answer session. If you need to reach the operator at any time during the call, please press *0. We'll begin with remarks from Lawrence Kurzius, Chairman, President, and CEO, and Mike Smith, Executive Vice President and CFO. During our remarks, we will refer to certain non-GAAP financial measures. These include information in constant currency as well as adjusted gross margin, adjusted operating income, adjusted income tax rate, and adjusted earnings per share that exclude the impact of special charges, transaction, and integration expenses related to the acquisition of Cholula and FONA. Reconciliations to the GAAP results are included in this morning's press release and slides. In our comments, certain% are rounded. Please refer to our presentation for complete information. In addition, as a reminder, today's presentation contains projections and other forward-looking statements. Actual results could differ materially from those projected. The company undertakes no obligation to update or revise publicly any forward-looking statement, whether because of new information, future events, or other factors. It is important to note these statements include expectations and assumptions, which will be shared related to the impact of COVID-19 pandemic. As seen on slide 2, our forward-looking statement also provides information on risk factors, including the impact of COVID-19, that could affect our financial results. It is now my pleasure to turn the discussion over to Lawrence. Thank you, Kasey. Good morning, everyone. Thanks for joining us. Starting on slide 4, our Q1 results were outstanding. As we said in our year-end earnings call in January, we have confidence in our strategies and are well-positioned to deliver another year of differentiated growth in 2021. Following an extraordinary year in 2020, in 2021, we expect strong underlying base business performance and recent acquisitions to drive significant sales growth as well as strong operating income growth, even considering extraordinary COVID-19 costs and business transformation investments, highlighting our focus on profit realization. During the Q1, we delivered double-digit sales, adjusted operating income, and earnings growth. We expect growth to vary by quarter in 2021, given 2020's level of demand volatility and the pace of COVID-19 recovery. Importantly, we have started the year with outstanding Q1 performance, giving us confidence in an even stronger outlook for 2021. As seen on slide 5, we have a broad and advantaged global flavor portfolio with compelling offerings for every retail and customer strategy across all channels. The breadth and reach of our portfolio across segments, geographies, channels, customers, and product offerings creates a balanced and diversified portfolio to drive consistency in our performance, as evidenced again by our Q1 results. The sustained shift in consumer behavior to cooking and eating more at home continued to drive substantial increases in our consumer segment demand in all regions, as well as increases in our packaged food company customers and our flavor solutions segment. On the other hand, in our Americas and EMEA regions, we continued to experience reduced demand from our restaurant and other food service customers, given the pressure on away-from-home consumption, driven by continued COVID-19 government-imposed restrictions, which in several areas increased during the Q1. Notably, our APZ region had substantial growth in both segments, driven not only by lapping the significant disruption last year caused by the COVID-19 related lockdown in China, but also by the sustained increase in at-home consumption and an increase in away-from-home consumption as restrictions have eased and the recovery momentum is building. Finally, with the addition of our Cholula and FONA acquisitions, we have further extended the reach and breadth of our portfolio with new product offerings, channels, and customers and are excited about their contributions to our Q1 and beyond. These impacts continue to demonstrate the strength and diversity of our offering, and we are confident our balanced portfolio will continue to differentiate McCormick and sustainably position us for growth. This morning, I'll begin with our Q1 results, share some comments on business performance, and then discuss our 2021 momentum and growth plans. After that, Mike will go more in depth on our Q1 results and provide an update on our 2021 guidance. Starting with our outstanding Q1 results, as seen on slide 6, total sales grew 22%, including a 2% favorable impact from currency. In constant currency, we grew total sales 20% with increases in both segments. Base business growth, new products, and acquisitions, our three long-term growth drivers all contributed to the increase. In addition to our top-line growth, adjusted operating income increased 35%, including a 3% favorable impact from currency, and adjusted operating margin expanded by 160 basis points. Growth from higher sales, favorable mix, and CCI-led cost savings more than offset COVID-19 related costs and higher planned brand marketing investments. Our Q1 adjusted earnings per share was $0.72 compared to $0.54 in the prior year, driven by our strong operating performance, partially offset by a higher adjusted tax rate. Turning to our Q1 segment business performance, starting on slide 7, in our consumer segment, we grew sales by 35%, or constant currency 32%, with double-digit increases across each of our three regions. Our Americas constant currency sales growth was 30% in the Q1, with incremental sales from our Cholula acquisition contributing 5%. The momentum Cholula carried in from last year continues to be strong, with consumption growing at twice the category rate. Excluding Cholula, our total McCormick U.S. branded portfolio, as indicated in our IRI consumption data and combined with unmeasured channels, grew 15%, which reflects the strength of our category as consumers continue to cook more at home. For the first time in several quarters, our sales increase was higher than our U.S. IRI consumption growth. We're realizing the benefit of our capacity expansion at the end of last year. The difference between shipments and consumption is attributable to beginning to catch up on the undershipment of consumption across all quarters of last year that resulted in depleted retailer and consumer pantry inventory. Demand has remained high, the steps we've taken to increase supply are beginning to show. As we mentioned in our January earnings call, after experiencing real pressure on our U.S. manufacturing operations throughout 2020 due to elevated demand levels, we ended the calendar year with considerable incremental capacity and restoration plans for products which had been suspended. Throughout our Q1, we removed products from suspension and continued to see service levels improve, which combined with our overshipping consumption, indicates we're beginning to refill the inventory pipeline. As we said previously, inventory replenishment will progress throughout the year. We continue to work with all our customers on improving shelf conditions and estimate more than half the suspended products are now back on shelf. The level of restoration is very customer specific. Focusing further on our U.S. branded portfolio, in spice and seasonings and all other categories, excluding dry recipe mixes, we grew Q1 consumption at double-digit rates, and again increased our household penetration and repeat buy rates. In the Q1, we continued to gain share in categories less impacted by supply constraints, including stocks and broths, barbecue sauce, wet marinades, and Asian products. The categories most affected by supply constraints, spice and seasonings, and dry recipe mix, we know there is a high correlation between our share performance and the shelf conditions resulting from product suspension or allocation. Products that have had strong supply and remained on shelf have performed well, and as suspended products are restocked on shelf, we're seeing similar performance. We anticipate regaining share as conditions continue to improve. All of our key categories continued to outpace the center of store growth rates, favorably impacting not only the McCormick brand, but smaller brands as well, such as Stubb's, Lawry's, Simply Asia, Thai Kitchen, Zatarain's, and Kitchen Basics. In e-commerce, we had strong double-digit pure play growth, with McCormick branded consumption outpacing all major categories. We continue to use our strong category management capability in working with our customers as inventory is replenished throughout the supply chain to optimize category shelf sets to drive both growth for our customers and for McCormick. I'd like to thank our customers for their partnerships and working together with us on long-term solutions. We are well-positioned for success in 2021 and have implemented efficient long-term solutions and strengthened our supply chain resiliency to support continued growth. Now, turning to EMEA, which continued its momentum with outstanding performance in the Q1. Our constant currency sales rose 26%, with broad-based growth across the region. Each of our markets drove double-digit total branded consumption growth with market share gains across the region. Spices and seasonings consumption was strong in all markets, driving a market share gain across total EMEA region. Our Vahiné brand in France, again, had strong consumption growth and outpaced the homemade desserts category. In the U.K., both Frank's RedHot and French's Mustard also had strong consumption and gained share. Since the beginning of the pandemic, our EMEA supply chain has been very well positioned to meet the elevated demand, and this has contributed to our ability to grow share across the region. In EMEA, our household penetration and rate of repeat buyers increased again in the Q1 for the fourth consecutive quarter across our major brands and markets compared to last year. We continue to work closely with our customers to ensure that elevated consumer demand will be met, even obtaining incremental placement for our branded portfolio as other manufacturers and private label face supply challenges. We're excited with our growth trajectory in EMEA following the challenging market conditions in the past. In the Asia-Pacific region, our constant currency sales grew 55%. During the Q1 of last year, China's consumption was disrupted by the COVID-19 related lockdowns. Recovering from that disruption increased sales in the Q1 of 2021 versus last year. Notwithstanding that recovery, the region still had double-digit growth driven by strong China consumer and branded food service demand, partially fueled by the Chinese New Year holiday, as well as strong consumer consumption in the rest of the region. For instance, in Australia, we continue to see elevated consumption in the brands where we gained household penetration last year, such as Frank's RedHot, Gourmet Garden, and Grill Mates. Across all regions, we know Q2 consumption will start to be compared to the highly elevated levels from last year. While we do not expect consumption at those same levels, we do expect continued and long-lasting growth from the increase in consumers cooking more at home. Constant currency sales in our Flavor Solutions segment grew 3%, driven by our Americas and APZ regions. In the Americas, we drove constant currency sales growth of 2%, driven by our FONA and Cholula acquisitions, as well as growth with our consumer packaged food customers or our at-home base. With strengthened base business as well as new product momentum, we continued to shift our portfolio to more value-added and technically insulated products, not only with the combination of FONA's flavor portfolio, but also with considerable growth from snack seasonings in the U.S. and Mexico, as well as flavors from both savory and beverage applications. Demand from our away-from-home customer base for branded food service and restaurant customers declined and continued to be impacted by the COVID-19 environment. Sales in our EMEA region were comparable to the Q1 of last year for Flavor Solutions, with demand declines in our away-from-home customer base offset by strong sales to our consumer packaged food customers. This growth was driven by a significant increase in new product growth versus last year, as well as continued strength in the base business, partially from our customers' promotional activities. Our sales growth in the Asia Pacific region was outstanding, up 18% in constant currency. Both China, excluding the recovery impact from last year's lockdown, and Australia delivered double-digit growth from quick service restaurants or QSR customers. This growth was driven by significant momentum in limited time offers as well as strength in the core business. I mentioned our results related to Cholula and FONA, and now I'd like to provide a brief update on their integration status. For both acquisitions, our integration activities are progressing according to our plan. We continue to deliver on opportunities quickly and aggressively to drive growth and are pleased with our momentum on capturing our synergy opportunities. We remain on track to achieve synergies according to plan. Starting with Cholula, as expected, our integration of the business has been straightforward. As of March 1st, all functions have been integrated into our McCormick processes, and importantly, we are now servicing customers from our McCormick U.S. Distribution Center. From a consumer commercial perspective, we are expanding distribution and are fueling growth with robust brand marketing investments. We'll be activating both digital, where Cholula was under-penetrated, and in-store merchandising in the next few weeks for our exciting Cinco de Mayo campaign. In flavor solutions, we're also expanding distribution to new and existing branded food service customers and are leveraging Cholula's authentic Mexican flavor for increased menu participation, particularly in Cinco de Mayo menu offerings. Moving to FONA. The employees of FONA have been part of building a great business, and we are excited to be working with them to collectively integrate the business and drive plans to capitalize on growth opportunities. Our functional integration is very much on track and is using a best of both approach to ensure we optimize our operating model, similar to the approach we had with our RB Foods integration. The alignment of our organization is well underway, and we have had significant commercial collaboration yielding quick wins and identifying long-term strategic opportunities. Customer reaction has been extremely positive. They are impressed with our early collaboration and excited about the increased customer value proposition created by the combination of McCormick and FONA, a more comprehensive product offering, a broader technical platform, deep technical and flavor talent, and best-in-class customer collaboration. We're excited with FONA's performance starting the year with great results and a robust momentum across the business. For both Cholula and FONA, we are pleased with our progress so far and their contribution to our results. Our enthusiasm for these acquisitions and our confidence that we will deliver on our acquisition plans, accelerate growth with these portfolios, and drive shareholder value has only increased over the last few months. Now I'd like to briefly comment on the conditions we're seeing in our markets, their potential impact, and our 2021 organic growth plans, starting on slide 10. Global demand for flavor remains the foundation for our sales growth. We are capitalizing on the growing consumer interest in healthy, flavorful cooking, trusted brands, as well as digital engagement and purpose-minded practices. These long-term trends have only accelerated during the pandemic, and our alignment with them, combined with the breadth and reach of our portfolio, sustainably positions us for continued growth. These underlying trends, current market conditions, and our robust 2021 plans position us well to successfully execute on our growth strategies in both segments. Turning to slide 11, starting with our consumer segment, around the world, we continue to experience sustained elevated consumer demand, which is real incremental consumption and reflects the trend of consumers cooking more at home. Across our APZ region, consumer demand continues to be strong. In China, consumer consumption remains strong, and we continue to see recovery in food service, which in China is in our consumer segment. With approximately 90% of restaurants open during the Chinese New Year period. In Australia, even with restaurant restrictions eased and away-from-home demand increasing, at-home consumption has remained elevated. As I mentioned earlier, we are retaining households that came into our brands last year, and we're also realizing growth with our away-from-home customers. In many of our largest markets in EMEA, restrictive COVID-19 measures are still in place, further fueling at-home consumption, and we are seeing sustained levels of demand. In the Americas, as restrictions are easing and vaccinations are continuing, consumption remains elevated. Consumers are continuing to come to our brand, having a good experience, and buying our products again. Consumers are cooking more from scratch and adding flavor to their meal occasions, as a key long-term trend which has accelerated during the pandemic. As we've shared previously, our proprietary consumer survey data, supported by external research, indicates consumers are enjoying the cooking experience as it provides a creative outlook, reduces stress, and connects the family. Consumers feel meals prepared at home are safer, healthier, better tasting, and cost less. In our recent consumer survey from February, these positive sentiments are not only still true but have strengthened. Consumers' interest in cooking has increased in recent months versus the end of last year because they want to cook versus have to cook. For example, approximately 50% of the consumers surveyed indicated they are cooking more now because they want to try a new recipe, ingredient, cooking method, or tool, or simply just cook from scratch. Approximately 40% also indicated they're trying to recreate restaurant meals at home. Importantly, over two-thirds of consumers surveyed claimed they would maintain or increase their current level of cooking at home, even if life were to return to normal next week, whatever normal may be. We continue to believe that consumer behavior and sentiment driving an increased and sustained preference for cooking at home will continue globally and persist beyond the pandemic. Those are driving consumer demand for our products in 2021 and beyond, fueled by robust brand marketing, differentiated new products, and our strong category management initiatives. Our category management initiatives are designed to continue to strengthen our category leadership by driving growth for both us and our customers. In the U.S. in 2020, we began our initiative to reinvent the in-store experience for spices and seasonings consumers by introducing new merchandising elements to improve navigation and drive inspiration, transforming an at times confusing shelf to three shoppable sections. Our rollout has continued in 2021, with plans to implement in thousands of stores, and the early indication is positive, with the category and McCormick branded growth outpacing the rest of the market in transformed stores. We are also investing in e-commerce to drive McCormick and category growth. In the Q1, we delivered over 90% global e-commerce growth, with particular strength in omni-channel. We are investing in content, retail research, and innovation specifically for e-commerce, trialing new items and packaging in the direct-to-consumer channel first. For example, in the Americas, we've launched unique flavor inspiration products such as Frank's RedHot Everything Bagel Seasoning, and in China, we are launching a ready-to-eat chili paste on our direct-to-consumer platform. In EMEA, following the successful launch of the innovative Street Food Seasonings last year, we are now accelerating online growth with variety, bundle packs, and multi-buy offers on our main e-commerce channels. Turning to global brand marketing, we continue to increase our investments across our entire portfolio, as evident in our 17% increase in the Q1, and plan for another significant increase in the Q2. Our investments have proven to be effective, we will continue to connect with consumers online, turning real-time insights into action by targeting messaging focused on providing information and inspiration. We expect our brand marketing investments, combined with our valuable brand equity and strong digital consumer engagement, will continue to drive growth with existing consumers and the millions of consumers gained in 2020. Highlighting some of our Q1 investments in the Americas and EMEA regions on slide 12. Starting with the Americas, we continued our advertising campaign, It's Gonna Be Great, with a focus on consumers continuing traditions and preparing their family's signature holiday dishes, even if their celebrations looked different. Our Frank's Super Bowl campaign, integrated across digital, social, online video, and TV, featured fan favorite Eli Manning promoting Frank's RedHot as approachably hot and was our best Super Bowl campaign yet, garnering record high impressions. As part of our Zatarain's Bold Like That campaign, we partnered with New Orleanian author and poet Cleo Wade to promote virtual Mardi Gras celebrations with authentic New Orleans flavor, #ZatarainsPorchParty. Recognizing virtual celebrations replaced live Mardi Gras events, we supported Culture Aid NOLA, an organization which distributes food to hospitality workers impacted by pandemic restrictions. Turning to EMEA, where we have invested a substantial portion of our brand marketing, our digital marketing and promotional activities included our holiday campaign featuring festive gold cap limited edition packaging, which drove strong holiday results in our major markets. In the U.K., with our New Year flavor resolutions campaign, we inspired consumers with recipes and products to flavor their healthy cakes, whether it be through the heat of Frank's or spicing it up with Schwartz. In France, we're giving families another reason to celebrate in 2021. In 2020, birthday celebrations were not just a piece of cake, so with the inspiration of our Half-py Birthday marketing campaign, consumers can celebrate their half birthdays, complete with Vahiné's launch of a decimal comma shaped candle to top their cakes made with our Vahiné baking products. Looking at just a few of our Q2 plans. In the Americas, we'll inspire restaurant-quality cooking with our It's Gonna Be Great campaign. Our Vahiné brand in EMEA is sponsoring a prime-time French baking program, which will showcase our homemade dessert line. In both regions, we launched Easter campaigns to bring the family together with baking and crafting ideas. Moving to grilling season, we will acknowledge the importance of connecting through outdoor grilling occasions with campaigns targeting products such as French's and Grill Mates in the U.S. and Frank's in the U.K. Finally, our plan includes support of our robust new product launches. New products are integral to our growth. In our consumer segment, new product innovation differentiates our brands and strengthens our relevance with our consumers. Our 2020 launches have seen exceptional trial and are providing significant momentum into this year. In 2021, we have a robust global pipeline of new product launches, and I'm happy to share some of our first-half launches as seen on slide 13. We're meeting consumers at the intersection of flavor and health. We're launching Just 5 dry recipe mixes in the U.S., dips, and dressing mixes in flavors like French onion and home-style ranch, with clean and short ingredient statements. Five simple ingredients delivering a classic flavor experience. In France, we're expanding our range of organic products in our Vahiné homemade dessert line. When it comes to heat, we're continuing to broaden our Frank's portfolio globally. In the U.S., we're expanding Frank's wing sauces with a milder, tangy Buffalo flavor, and a garlic Buffalo flavor are combining savory garlic with spicy heat. Also in the U.S., we have just launched Cholula wing sauces in two flavors, Mexicali Cilantro Lime and Caliente Spicy Arbol Peppers, in a unique bottle with the iconic wooden cap. In the U.K., we're launching Frank's Craft Edition, capitalizing on interest in Frank's heat with differentiated flavors such as roasted jalapeno and grilled habanero. We are responding to consumers' demand for convenience and flavor. In the U.S., our launch of frozen appetizers, providing hot chicken bites and Buffalo chicken dip with Frank's flavor that are ready in minutes, is gaining momentum with one of our best two product starts. We're excited to launch our new Grill Mates all-purpose grilling seasoning for consumers who want to respect the meat. Simple coarse ground seasonings for the open flame that cling to the meat and lock in juiciness. Finally, our innovation is not only all about flavor, but also staying relevant with our consumers through our packaging innovation. We're continuing the rollout of our First Choice bottle with its consumer-preferred transparent and functional design, modern look, and reinforcement of fresh flavor into our Eastern European markets. These markets have predominantly been sachet markets for spices and seasonings and perceive the bottle packaging as a premium offering. In Canada, we're beginning the relaunch of our gourmet line in the First Choice bottle, as well as adding new flavor varieties. In the U.K., not only are we building on our Schwartz recipe mix momentum with the introduction of flavorful line extensions, we're also advancing on our sustainable packaging commitment with sachet packaging that is 100% recyclable. Schwartz will be the first brand in the U.K. dry recipe mix category with recyclable packaging. In France, with the redesign of our Ducros grinder, its appearance not only has greater consumer appeal, but it also reduces our carbon footprint. Turning to flavor solutions. In this segment, we have a diverse customer base and have seen various stages of recovery. From a food at home perspective, our flavor solutions growth varies by packaged food customer. Overall, we are carrying our growth momentum with these customers into 2021, driven by strength in their iconic core products as well as new products and bigger bet innovation in 2021. Overall, the selling of our new product launches and bigger bet innovation from these customers slowed in 2020 due to the focus on keeping core items on the shelf. There are still new product launches, and in many cases, they were smaller expansions of the core and more channel-oriented. Moving into 2021, we're excited about the momentum of the 2020 launches, but even more excited about the robust 2021 pipeline. Our customers have bigger bet innovations in their plans, and we look forward to collaborating with them and driving growth from those launches. A key enabler driving our success in developing winning flavors for our customers is our insight on consumer and culinary trends. We've been at the forefront of forecasting emerging flavors for 21 years. Through the McCormick Flavor Forecast, we have a history of identifying the top trends and ingredients shaping the future of flavor, many of which have stood the test of time, whether it was with turmeric or pumpkin pie spices, the flavor of Chipotle, or dishes with quinoa. In April, we'll be launching our newest edition that will shake up the way we cook, flavor, and eat. We'll feature new trends, flavors, and recipes that will not only flavor our consumer segment innovation, but also drive wins with our flavor solutions customers. In our away-from-home portion of this segment, as I mentioned earlier, we're seeing growth from our restaurant and other food service customers in our APZ region as restrictions have eased. In QSR, demand momentum continues to strengthen, particularly as they continue to expand their menu options with limited-time offers and are increasing promotional activities. Branded food service demand, as it relates to entertainment, stadium, or hospitality venues, for instance, is recovering at a slower pace. In EMEA and the Americas during the Q1, our restaurant and other food service customers were still impacted by government-imposed COVID-19 restrictions in many markets. There's now optimism with many of these customers related to restrictions easing and reopening plans. Focus has shifted from adapting operating models to supply chain preparedness for the second half of the year. We're collaborating with our customers to ensure a strong recovery with pent-up demand being met. We expect the recovery of some of our branded food customers will start to begin similar to what we've seen in APZ. As QSR customers are oriented less to dine-in, their recovery will be at a faster pace than the rest of the restaurant and food service industry. We have positive fundamentals in place to navigate through this period and are excited about the recovery momentum. Across our entire flavor solutions portfolio, we're advantaged by our differentiated customer engagement and plan on driving further wins for both us and our customers in fiscal 2021. With our customer intimacy approach, we'll continue to drive new product wins, collaborate on opportunities and solutions, manage the recovery plan, and importantly, further strengthen our customer partnerships. When we collaborate with our customers in our technical innovation center, we have a high win rate. Since we could not connect in person during 2020, we adapted to new ways of collaborating through creative digital and virtual solutions. The interactive experience for our customers builds their excitement, awareness, and confidence in our unique capabilities in an engaging and inspiring way. We continued to not only strengthen our engagement in 2020, but we also proved we could maintain our high win rate, whether physically in our innovation centers or not, and have carried that momentum into 2021. In our flavor solutions segment, the execution of our strategy to migrate our portfolio to more technically insulated and value-added categories will continue in 2021. The top-line opportunities gained from our investments to expand flavor scale, our momentum in flavor categories, as well as opportunities from the FONA acquisition, we expect to realize further results from this strategy. Lastly, we continue to be recognized for our efforts for doing what's right for people, communities, and the planet, our purpose-led performance. Following being named by Corporate Knights in their 2021 Global 100 Most Sustainable Corporations Index as number 1 in the packaged food and processed foods and ingredients sector, McCormick was also recently named to Barron's 2021 100 Most Sustainable Companies list for the fourth consecutive year. As we continue our sustainability journey, I'm excited to announce that later this week, we will begin using 100% renewable electricity in all our Maryland and New Jersey-based facilities. This includes our manufacturing operations, distribution centers, offices, and technical innovation center and will result in an 11% reduction in our global greenhouse gas emissions. Moving to slide 16. In summary, we continue to capture the momentum we have gained in our consumer segment and with our flavor solutions at-home customers, have positive fundamentals in place to navigate through the flavor solutions away-from-home recovery, and are excited about our Cholula and FONA acquisitions, all of which bolster our confidence for continued growth in 2021. Our fundamentals, momentum, and growth outlook are stronger than ever. Our achievements in 2020, our effective strategies, our robust operating momentum, and the breadth and reach of our portfolio reinforce our confidence in delivering another strong year of growth and performance in 2021. Following an extraordinary year in 2020, our 2021 outlook reflects both our strong underlying base business performance and acquisitions driving significant sales growth, as well as strong operating income growth, even considering extraordinary COVID-19 costs and our business transformation investments, which highlights our focus on profit realization. Our top-tier long-term growth objectives remain unchanged, and we're positioned for continued success. Importantly, McCormick's employees around the world drive our momentum and success, and I would like to thank them for their dedicated efforts and engagement. Now, I'll turn it over to Mike. Thanks, Lawrence, good morning, everyone. I'll now provide some additional comments on our Q1 performance and an update on our 2021 outlook. As Lawrence mentioned, our Q1 results were outstanding. Starting with our top-line growth, as seen on slide 18, we grew sales 20% in constant currency during the Q1. Higher volume and product mix, acquisitions, and pricing each contributed to the increase. Our organic sales growth was 16%, driven by our consumer segment, and incremental sales from our Cholula and FONA acquisitions contributed 4% across both segments. The consumer segment sales grew 32% in constant currency, with double-digit growth in all three regions. The sustained shift in consumer consumption continues to drive increased demand for our consumer products, fueled by our brand marketing, new product, and category management initiatives, and resulted in higher volume and mix in each region. On slide 19, consumer segment sales in the Americas increased 30% in constant currency versus the Q1 of 2020, with 5% of the increase from the acquisition of Cholula. The remaining increase from higher volume and product mix was broad-based across the majority of categories and brands, as well as private label products, with particular strength in the McCormick, Frank's RedHot, French's, Zatarain's, Lawry's, Simply Asia, and Gourmet Garden brands. In EMEA, constant currency consumer sales grew 26% from a year ago, with double-digit growth in all countries and categories across the region. The most significant volume and mix growth drivers were Schwartz and Ducros branded spices and seasonings, Vahiné homemade dessert products, Thai Kitchen products, and our Kamis branded products in Poland. Consumer sales in the Asia Pacific region increased 55% in constant currency, driven primarily by the recovery from the disruption in China consumption last year, as Lawrence mentioned. Excluding that recovery impact, the region had double-digit growth due to strong China consumer and branded food service demand, partially driven by the timing of Chinese New Year and related holiday promotions, as well as continued strength in Australia. Turning to our Flavor Solutions segment on slide 22, we grew Q1 constant currency sales 3%. In the Americas, Flavor Solutions constant currency sales grew 2%, driven by the FONA and Cholula acquisitions, a 7% increase, as well as pricing to offset cost increases. Volume and product mix declined due to a reduction in demand from branded food service and other restaurant customers, partially offset by higher demand from packaged food companies, with particular strength in snack seasonings and savory flavors. In EMEA, constant currency sales were comparable to last year as pricing actions offset cost increases. Volume and product mix declined due to lower sales to branded food service and other restaurant customers, partially offset by sales growth with packaged food companies, with strength in snack seasonings. In the Asia Pacific region, Flavor Solutions sales rose 18% in constant currency, driven by higher sales to QSRs in China and Australia, partially due to our customers' limited time offers and promotional activities, as well as the China recovery impact from last year's COVID-19 related lockdown. As seen on slide 26, adjusted operating income, which excludes transaction and integration costs related to the Cholula and FONA acquisitions, as well as special charges, increased 35%, or in constant currency, 32%, in the Q1 versus the year ago period. The Consumer segment adjusted operating income grew 59% to $190 million. The 54% constant currency growth from higher sales, favorable mix, and CCI-led cost savings more than offset COVID-19 related costs and a 17% increase in brand marketing. In the Flavor Solutions segment, adjusted operating income declined 4% to $73 million with minimal impact from currency. Higher sales and CCI-led cost savings were more than offset by unfavorable manufacturing costs. As seen on slide 27, adjusted gross profit margin expanded 60 basis points in the Q1 versus the year ago period due to favorable mix, both within the Consumer segment and due to the sales shift between segments. In addition, CCI-led cost savings were partially offset by COVID-19 related costs. Our selling, general, and administrative expense as a percentage of net sales was down year-on-year by 100 basis points from the Q1 of last year. Leverage from sales growth drove the decline, partially offset by the increase in brand marketing I mentioned a moment ago. With the gross margin expansion and SG&A leverage, adjusted operating margin expanded 160 basis points from the Q1 of 2020. Turning to income taxes on slide 28, our Q1 adjusted effective tax rate was 22.7% compared to 18.4% in the year ago period. The Q1 adjusted tax rate in 2020 was significantly impacted by a favorable discrete item related to a refinement of our entity structure. Income from unconsolidated operations increased 28% in the Q1 of 2021 due to strong underlying performance of our joint venture in Mexico. At the bottom line, as shown on slide 30, Q1 2021 adjusted earnings per share was $0.72 as compared to $0.54 for the year ago period. The increase was due to our higher adjusted operating income performance, partially offset by a higher adjusted income tax rate. On slide 31, we summarize highlights for cash flow and the balance sheet. Our cash flow from operations was an outflow of $32 million for the Q1 of 2021 compared to an inflow of $45 million in the Q1 of 2020. This change was primarily due to a lower level of cash generated from working capital associated with increased sales, higher incentive compensation payments, and the payment of transaction and integration costs related to our recent acquisitions. In February, we raised $1 billion through the issuance of five-year 0.9% notes and 10-year 1.85% notes. We took the opportunity in a low interest rate environment to optimize our long-term financing following our Cholula and FONA acquisitions. We also returned $91 million of cash to our shareholders through dividends and used $49 million for capital expenditures this quarter. We expect 2021 to be another year of strong cash flow driven by profit and working capital initiatives. Our priority is to continue to have a balanced use of cash, funding investments to fuel growth, returning a significant portion to our shareholders through dividends, and paying down debt. Now I would like to discuss our 2021 financial outlook on slides 32 and 33. With our broad and advantaged flavor portfolio, our robust operating momentum, and effective growth strategies, we are well positioned for another year of differentiated growth and performance. In our 2021 outlook, we are projecting top line and earnings growth from our strong base business and acquisition contribution. With earnings growth partially offset by incremental COVID-19 costs and ERP investments, as well as a higher projected adjusted effective tax rate. We also expect there will be an estimated two percentage point favorable impact of currency rates on sales, adjusted operating income, and adjusted earnings per share. At the top line, due to our Q1 results and robust operating momentum, we are increasing our expected constant currency sales growth to 6%-8%, compared to 5%-7% previously, which continues to include the incremental impact of the Cholula and FONA acquisitions at the projected range of 3.5%-4%. We anticipate our organic growth will be primarily led by higher volume and product mix, driven by our category management, brand marketing, new products, and customer engagement growth planning. As Lawrence mentioned earlier, we expect sales growth to vary by region and quarter in 2021, given 2020's level of demand volatility and the pace of the COVID-19 recovery. Importantly, we continue to expect we will drive overall organic sales growth for the full year in both of our segments. We are now projecting our 2021 adjusted growth gross profit margin to be comparable to 2020 due to increasing inflationary pressure, mainly due to transportation costs. Our inflation expectation for the full year remains a low single-digit increase. Our adjusted gross margin projection reflects margin accretion from the Cholula and FONA acquisitions, as well as unfavorable sales mix between segments and COVID-19 costs. Our estimate for COVID-19 costs remains unchanged at $60 million in 2021, as compared to $50 million in 2020, and weighted to the first half of the year. As a reminder, fiscal 2021's COVID-19 costs are largely from third-party manufacturing costs. Reflecting the increase in our sales outlook, we are also increasing our expected constant currency adjusted operating income growth. Our adjusted operating income growth rate reflects expected strong underlying performance from our base business and acquisitions, projected to be 11%-13% constant currency growth, compared to 10%-12% previously. This is partially offset by a 1% impact from increased COVID-19 costs compared to 2020, and a 3% impact of the estimated incremental ERP investment. This results in total projected adjusted operating income growth rate of 7%-9% in constant currency, increased from 6%-8% previously. This projection reflects the inflationary pressure I just mentioned, as well as our CCI-led cost savings target of approximately $110 million. We also continue to expect a low single-digit increase in brand marketing investments, which will be heavier in the first half of the year. We also reaffirm our 2021 adjusted effective income tax rate projected to be approximately 23%. This outlook versus our 2020 adjusted effective tax rate is expected to be a headwind to our 2021 adjusted earnings per share growth of approximately 4%. We are increasing our 2021 adjusted earnings per share expectations to growth of 5%-7%, which includes a favorable impact from currency. This increase reflects our higher adjusted operating profit outlook and the impact from optimizing our long-term financing, which I mentioned earlier. Our guidance range for the adjusted earnings per share in 2021 is now $2.97-$3.02, compared to $2.91-$2.96 previously. This compares to $2.83 of adjusted earnings per share in 2020. This growth reflects strong base business and acquisition performance growth of 11%-13% in constant currency, partially offset by the impacts I just mentioned related to COVID-19 costs, our incremental ERP investment, and the tax headwind. Based on the expected timing of some expense items, such as COVID-19 costs and brand marketing investments, as well as a low tax rate in the first half of last year, we expect our earnings growth to be weighted to the second half of the year. We recognize we are lapping a very strong earnings performance in the Q2 of 2020, while also making investments to drive growth in 2021. In summary, we are projecting strong underlying base business performance and growth from acquisitions in our 2021 outlook, with earnings growth partially offset by incremental COVID-19 costs and ERP investment, as well as a higher projected effective tax rate. I'd like to now turn it back to Lawrence for some additional remarks before we move to your questions. Thank you, Mike. Now that Mike has shared our financial results and outlook in more detail, I'd like to recap the key takeaways as seen on slide 34. Our Q1 results, with double-digit sales, adjusted operating income, and earnings growth were an outstanding start to the year and bolster our confidence in a stronger 2021 outlook. We have a strong foundation and a balanced portfolio, which drives consistency in our performance. We are confident the sustainability of higher at-home consumption will persist beyond the pandemic, and we are well-positioned to capitalize on accelerating consumer trends, as well as prepared for away-from-home consumption recovery. Cholula and FONA have both started the year with strong momentum and results. Our enthusiasm for these acquisitions and our confidence that we will deliver on our plan has only strengthened over the last few months. Our fundamentals, momentum, and growth outlook are stronger than ever. Our 2021 outlook reflects another year of differentiated growth and performance, while also making investments for the future. We are confident we will continue on our growth trajectory in 2021 and beyond. Let's turn to your questions. Thank you. We'll now be conducting a question- and- answer session. Thank you. Our first question comes from the line of Andrew Lazar with Barclays. Please proceed with your questions. Hi. Good morning, everybody. Morning, Andrew. Morning. Hi there. I guess first off, sounds like you are making, as expected, good progress on getting many of those suspended items and SKUs back on the shelf as your capacity comes on stream. It sounds like there's still some more to go as you move through the year, I guess particularly in Q2. Is there any way you can maybe dimensionalize that a bit on how significant that refill might be in Q2, even if it's like versus the magnitude of what you saw in Q1? Just to try and put some context around it. Have you had any challenges in getting some of those suspended items back on the shelf at all? I know that in Europe you mentioned you had actually benefited from incremental shelf placement at the expense of some competitors that had some capacity issues. I didn't know if the reverse had been an issue for you here. I'm just going to follow up. Sure, Andrew. Well, as we've gone through the COVID crisis in 2020, we undershipped consumption every quarter because we were not able to keep up with the extended, elevated levels of demand overall. In order to keep our best-selling items, our core items, and in particular, as we got to the fall protect the holiday items, we did suspend a substantial number of items. As we've added capacity, we've been steadily restoring them as we've gone through this Q1 of this year. I'd say that right now we probably are around the halfway point in terms of getting items back on the shelf. You or anyone on this call, and certainly my friends and family who heckle me about this endlessly, can walk into any store and find that there are a lot of holes on the shelf and a lot of our products that are not yet in full distribution. Even within a given account, the store-by-store situation, it might be different. There's a supply chain aspect to it. There's a retail work aspect to getting on the shelf. I think that this is going to be a steady rebuild as we go through the rest of the year. We've made a good start on it in Q1, but we have quite a long way to go. I would hesitate to get overly precise about it. I would expect to see the shelves getting restored as we go through the year. I think one of the big variables for us, Andrew, is just the strength of the consumer demand. Consumer demand has been higher than we originally planned. We're actually not as far along in our restoration plans as we would've hoped, just because as fast as we supply the market, consumers are pulling the product through. I do think that I'd say it's hard for us to dimensionalize. I will emphasize it's an Americas problem. Most of the world, we are shipping to consumption. Our supply chain is well caught up. Our service levels are solid, and it's in the Americas where we've got some catching up to do. In most categories here in the Americas, we're also shipping to consumption as well. It's primarily a herbs and spices and our recipe mixes situation. I think you're going to see a big change in the TDPs as we go through the coming weeks. I'm sure we've hit bottom on that and have already turned the corner just because of the restoration efforts that. I think just to add to that, too, we're optimistic but prudent. I mean, the Q2 of last year, as you remember, we grew total consumer sales 28%, 36% in the Americas. It's a tough comp as we look forward. We're optimistic. Yeah. Understood. Thank you for the TDP comment. That leads into just a quick follow-up, which is, what's your best guess at where TDPs might end up, like once we get to a steady state, let's say, versus 2019? I'm assuming they'll be down a bit just as you have come through this and maybe in a more efficient shelf going forward, even though I know they probably reached obviously more depths during the actual pandemic, and then as you recover. Would you expect TDPs to be down maybe a couple of% going forward in sort of a steady state? Very astute observation. As we've gone through this, we've not only suspended SKUs, but we've also rationalized SKUs. We've eliminated a couple 100 SKUs that were slow moving. The items that we have now are much higher velocity on average. We're also continuing the aisle reinvention program and setting store shelves. In spite of the COVID-19 situation last year and all of the restrictions around working the shelf, we were able to reset over 5,000 stores. We expect at least that many this year, and we're definitely getting a lift from that, and at the same time, it does reduce the SKU count. It's a more efficient set. Great. Thank you very much, everybody. Our next question's on the line of Ken Goldman with JPMorgan. Please proceed with your question. Hi. Thank you. You have a unique perspective because you see broadly across so many retail and food service categories. I'm curious, in the U.S., restaurant sales are doing better, right? Americans are traveling much more. At the same time, we're seeing overall food at home takeaway really remain strong, and I think probably better than what some may have expected. Obviously down on a weekly basis, but still better on a two year. I'm just curious, are you surprised, and how do you reconcile the improved food service sales that we're seeing across the entire industry with what I would consider still impressive at-home trends? I never want to bet against the simplest explanation, which is that Americans are just eating more. I think the total implied increase in food numbers is notable, and I'm just curious for your thoughts there. Right. Hey, Ken. Thanks. By the way, you win the award for the best headline on your screen note. That was awesome. Oh, all the shorts are mad at me for overstating it, so it works both ways. Right. I would say, first of all, the food at home consumption really is strong. We're seeing that ourselves in our business, of course, and also in our flavor solutions business where the other CPG companies are our customers. We're seeing a lot of strength there. I tell you on restaurant, it's actually a mixed bag. The quick service restaurants are doing well. I'd say during the Q1, everyone thinks about the state we're in today, think about December and January. There were a lot of new lockdowns that were put in place and restrictions that had been lifted were reinstituted. I'd say that the branded food service side, the restaurant customers might be off to a little bit slower start to the year than everyone may be thinking. I do think there's a lot of optimism among restaurant operators as we go into the Q2 and as the vaccination rates go up and many of these restrictions are lifted. I think that that group will come back stronger. Certainly for the beginning of the year, they're off to a little bit of a slower start. Okay, thank you. I know we're running a little long, I wanted to sneak one more in, which is, it's always dangerous to ask about math on earnings calls, Back of the envelope, it seems you're implying now that for the last nine months of the year, Q2 through Q4, organic sales growth is actually gonna be a little bit less than what you anticipated a few months ago. I'm just basing this on some of your guidance items. Is it fair to say that the Q1 over-shipment was so strong that it maybe pulled forward some of your expected shipments ahead, or am I really parsing that info too finely and you're not really making any implied changes to the? Our intent was to reflect the sales growth over-delivery that we got in the Q1, which was high. We really did not change our outlook for the rest of the year. Year to go for the total constant, or organic, as we call it, is basically the same. It's ±1% for the year. We called our base up. The range is two and a half to four of 1%. You're right, year to go is basically what we said before. We haven't called it down. I know, as you and others, the two-year CAGRs are what's really an impressive part that as we start measuring this and looking at the lapping things. Those are actually above our organic growth guidance long term that we're seeing now. It is just the Q1, so we're trying to express our optimism because the business is very strong, but also be a bit prudent. We're lapping a big Q2. We're lapping a big Q2. Understood. Thank you. Our next question's from the line of Robert Moskow with Credit Suisse. Please proceed with your question. Hi. Thank you. Hey, Rob. Hi, good morning. I don't think you're in the practice of giving us your COVID costs, but I was wondering if they now need to be higher this year than expected because you need to rely on third parties more than you thought, and if you can maybe compare that to 2020. I'm also wondering if I could look at Q2 in a different way. I know the year-over-year is difficult to look at, but sequentially, you typically have higher sales in Q2 than you have in Q1, and higher profit. I think consensus is assuming that that won't happen. I know you've given us first half, second half guidance, but wondering for a little more clarity on how Q2 compares to Q1, maybe sequentially. Thanks. Yeah, this is Mike. On the COVID-19 costs, we said previously, we haven't changed from that we spent about $50 million last year, we're gonna spend about $60 million this year. Up about 10. The timing of that's a little different. It's gonna be first half heavily weighted in 2021. A lot of that's the co-man cost we talked about, before kind of leading into your second question. That co-man was coming in the Q1. It wasn't a full impact of the co-man cost as we ramp things up. Really, the Q2 is where every month we'll have the full co-man cost. That's a little bit of a headwind in the Q2. We talked about the Q1, our consumer A&P was up around 17%. We're going to have another investment of A&P in the Q2 to drive sales, as we said. Again, that's part of the front first half, second half story. I think Q2 has a bit of a headwind from an expense perspective and a COVID and an A&P cost perspective. Also the tax rate, if you're going down to the EPS line. Okay. I'll leave it there. Thank you very much. I'd say maybe summarize it. We talked about the year being a first half, second half story. Within the first half, there's a Q1 and a Q2 story. Think of it that way. Yeah. Again, first half EPS still up versus a year ago. Yes. Okay. Great. Thanks a lot. Next question is from the line of Alexia Howard with Bernstein. Please share your question. Good morning, everyone. Morning, Alexia. Hi there. You mentioned e-commerce briefly in the prepared remarks. Could you give us a little bit more color region by region? You talked about strong double-digit growth, and I'm just wondering how that varied in the various parts of the world. Are you seeing a slowdown in some of those areas at this point as reopening happens? I have a follow-up. Sure. Well, first of all, e-commerce is strong everywhere. We talked last year about triple digits and at the end of the year, we said e-commerce total was around, I think it was 136% increase year-on-year. It's not quite triple digits, but it's a very strong double-digit increase in the Q1, again, on top of the strong performance last year. I'd say that that's still pretty explosive growth and we have no disappointment about that. I'd say the omni-channel particularly is very strong, and I think that the, while the numbers may be slightly different region to region, the trend is the same direction globally. Great. Thank you very much. I think consumers have had a good experience shopping online. I think it's a habit that they're going to continue using too, is what we're seeing in some of our consumer research. Okay, that's very helpful. In terms of new product launches, it sounds as though you've obviously got an impressive lineup for 2021. Is your% of sales from new products trending upwards? I imagine it was slower last year because of the pandemic. I don't know whether you can quantify exactly what% of sales from new products you're anticipating this year and how that compares to maybe where you were a year ago. I'll let Mike speak to the numbers of. You can think of it as a more normal year. In a normal year, we're talking about 7% or 8% of products introduced in the last three years make up our sales base. It would've been less last year because of the pandemic, with kind of the strong wrap of new products into 2021, as you see, we get back to more of that normal longer-term numbers. Great. A number of the items that we launched last year, we got less placement on them because of the focus on core items, not just by us, but by the retailers. On the other hand, where they did get into distribution, they got an extraordinary amount of trial. Some of the items that we did launch last year are among our best performing new items in a while. We're really treating 2021 as a continuation of the launch year for the NPD we introduced last year. That gives us quite a pipeline for this year. Great. Thank you very much. I'll pass it on. Our next question is from the line of Adam Samuelson with Goldman Sachs. Please proceed with your question. Yes, thanks. Good morning, everyone. Hey, Adam. Morning, Adam. Hi. I just want two clarification questions. First, relative to the earnings call in January, the expectations on raw materials and cost inflation were unchanged. Just to be clear, just in terms of what you're seeing in terms of freight, packaging, variety of raw material ingredients, is that something where you've had enough contracted and not exposed to the spot market to insulate you for fiscal 2021? Or is it just your aggregate commodity basket really hasn't moved that much? Yeah. This is Mike. I mean, we haven't changed our guidance for the year. Still low single digits. Obviously, a lot of commodities and packaging, to your point, is already contracted. I think freight's a variable that we've talked about and one of the reasons we said while we've had really great growth and mix and things like that, and the long-term debt optimization, we didn't drop it all through to the bottom line because some pressure from increased inflation from transportation, just like every other company has been seeing recently. We've recognized that in our forecast and our guidance. We're still low single digits generally. All right. That's really helpful. The second clarification, just you talked about over-shipping Americas consumption growth of 15%, and I'm just trying to make sure, in the slides, the Americas volume price mix or product mix is up 24.5%. Is that apples to apples versus the 15%, or just trying to understand the magnitude of how much you were actually over-shipping. This is Lawrence. A year ago, in the Q1 of last year, it seems like a lifetime ago. In the Americas, there was actually undership consumption in the Q1 a year ago. At the time, we said there's about a 4% impact on the Americas, and so I think you should factor that out. The overshipment versus consumption might be a little bit less than it seems. Again, we hope actually to rebuild stocks in the trade more than we did, and the consumption was very strong. All right. That's all really helpful. I'll pass it on. Thank you. Great. Thank you. Thank you. We're nearing the end of our question and- answer session for today and have time for one additional question, which is coming from the line of Chris Growe with Stifel. Please proceed with your questions. Hi, good morning. Hey, Chris. Hi. I'll make it quick here. I know we're at the end of this. Real quickly, just to understand, as we think about those third-party co-manufacturing costs and a bit of a weight on the gross margin, do those continue all through the year? Just to understand, are you using third parties just to rebuild inventory and then you kind of shut that down? Or is this something that will be ongoing in terms of your sort of supply of product in the future? Hey, Chris. It's Mike. One, we're always using co-manufacturers. That's a part of our supply chain. As we talked about, though, for the year, we've really stretched some of those strategic co-packers to help us out shorter term, really focused on the first six months of the year, very volumes dependent. The way we're thinking now is, again, the Q2 will be the heaviest spend. There'll be some probably rolls into the Q3 or so, and we'll see what volume is too, what consumption continues. That's something we would assess, as we always do. As our supply chain continues to recover, that's another variable that could speed it up or slow it down. Those are all considered in our guidance though. Okay. Thank you. Just a quick one on, as I think about what's happening in China, you saw double-digit consumption in consumer sales, and I think that even excludes the branded food service products you sell, as well as a really strong recovery in food service. I guess I just want to understand, make sure those numbers are accurate, and then to the degree to which that is somewhat of a predictor of what could happen in the U.S. as we start to lap the tougher comps on the consumer side with the easy comps on the food service side. Are you learning anything from what's happening in China as an indicator for the U.S.? Well, I think that the interesting thing in China is that even though they're well past the COVID impact and are very far along in recovery, consumption of food at home remains strong, even as food service has recovered. I think it's interesting to look around the region also, because what we're talking about, the Asia Pacific region, it's not just China that's the biggest market there, but markets like Australia, which is also pretty far along in recovery. Even though food service has rebounded, it's not back to the same level that it once was, and consumption of food at home has continued to be very strong. Okay. Thank you. I think it goes to the point that we've been making, which is that this has been a long-term trend anyway for consumers to cook more at home and more from scratch at home when they do. The COVID situation reinforced that behavior. It helped a whole new generation of cooks learn how to cook their family recipes that maybe they relied on mom or grandma to cook. Whole new eating occasions like lunch as people work remotely. I think there's a lot of reasons to believe that consumption at home is going to continue to be elevated. Okay. Thank you. Thank you. I will now turn this floor back to Lawrence Kurzius for closing remarks. I'd like to thank everyone for your questions and for participating in today's call. I apologize to those that we didn't get to in the queue. We did have a very long script today. We had a lot of information to get out. McCormick is differentiated by the breadth and reach of our balanced portfolio, which has sustainably positioned us for growth. We're very pleased with our outstanding Q1 operating performance, which proves the strength of our business model, the value of our products, and our capabilities as a company. We expect to drive even further growth as we continue to execute on our long-term growth performance and people strategies, actively respond to changing consumer behavior, and capitalize on new opportunities. Our investments provide a new foundation for growth while enhancing our agility and our relevance with consumers and customers, which positions us well for continued success and long-term shareholder value creation. Thank you, Lawrence, and thanks to everybody for joining today's call. Again, we apologize to those we did not get, and I would be happy to follow up with you after the call. If there are any further questions from anybody regarding today's information, please feel free to contact me. This concludes this morning's conference call. Thank you very much.