All right. Thank you, everybody. Welcome to the next session. For this session, I'm thrilled to welcome for the first time, the Monster Beverage Corporation to the conference. With us today from Monster are Chief Executive Officer and Vice Chairman, Hilton Schlosberg, Chief Executive Officer of EMEA and Oceania South Pacific, Guy Carling, and President of Asia-Pac, Philippe Buche. Thank you guys for joining us. Before we start, we're going to have Mark Astrachan from Investor Relations address the safe harbor statement. It is not. It's not. Okay. I think it might be. It's good. No. You want me to read it? Hmm? You want me to read it? No, that's what. With that in for him. I think that's cool. Awesome. All right, great. Before we begin, I would like to remind listeners that certain statements made during this conversation may constitute forward-looking statements. Management cautions that these statements are based on its current knowledge and expectations and are subject to certain risks and uncertainties, many of which are outside of the control of the company that may cause actual results to differ materially from the forward-looking statements. Please refer to the company's filings with the SEC for a discussion on specific risks and uncertainty that may affect its performance. Very good. Thank you, Mark. Okay, with that, let's dive in. I guess, Hilton, thanks again for doing this. I think it's been evident to everybody who's observed Monster for a long time, but especially, coming into this year, the just exceptionally strong growth. Lots of both category momentum, but also company specific momentum, not only in the U.S., but globally. I guess for everybody, including for those less familiar with the story, I guess, what do you think are the key pillars of that growth story today? Is there anything that investors you think underappreciate, that'd be interesting to hear? Sure. Before we start, I'd just like to talk about the category, generally the size of the category, because we always try and talk about the opportunities. This is from GlobalData. The energy drink category in the U.S. is estimated to be about $26.9 billion. Globally, you talk about $89.4 billion. That's a percentage of 31%. That's the energy drink category in the U.S. relative to the global market. If we look at it internationally, we've got Guy here from EMEA and OSP. You're talking about the energy drink category as a percentage of NARTD, which is a non-alcoholic ready-to-drink business. You've got in EMEA, you've got 13%. In LATAM, you've got 8%. In APAC, you've got 9%. In the U.S., we're talking about a percentage of 19%. What's interesting is as we look forward and as we address the consumer, which is something that we're very passionate about and that we focus on, we can see that there are opportunities not only in the U.S., but also very much internationally. The group today is in 160 countries worldwide. It's something that we, again, very passionate about. The percentage of sales in the last quarter on international was actually 45%, which is a very significant number relative to other consumer goods industries. We're growing and we're expanding internationally, and I believe we've got the organization to be able to equip and deal with the growth. One of the pillars that's very key to us, as I mentioned earlier, is the consumer. The consumer has really an insatiable need for energy. They're always looking for energy, they need energy, and we are supplying that energy. Against that factor, we are an image-related brand that serves a real function to a consumer. As the pricing mechanisms in the market have taken place since COVID, we're actually very favorably and economically priced relative to ready-to-drink coffees from coffee houses, and in fact, CSDs as well. You put all that together, you've got a category that's driven by need, with an image that consumers aspire to. We've got distribution through the Coca-Cola system, which is probably the best distribution system in the world, and great relationships with the Coca-Cola bottlers and also with The Coca-Cola Company. We could talk about that maybe later if there's time. All in all, you have a consumer that's motivated to buy the product that we giving, I believe, the product at the right price. Overall, we have a range of different products today and different offerings from the mainstream offerings, the Monster through our strategic brands, some of the brands we acquired from The Coca-Cola Company at the time we did the deal in 2015, the redirection of the restructuring of interests. We have that, and we also have our affordable brands, which are really geared towards those countries where the consumers cannot afford a Monster drink, and we've tailor-made affordable brands to service that market. Affordable brands are now in about 39 countries in the world. They're growing as well as the market develops. I really believe we're in our infancy. There's a lot of runway for us, and we're doing what we can to continue to achieve growth. We had great growth in the first quarter. As those of you who read the first quarterly statement saw, all regions were in double-digit growth. Some regions, like Guy, was in, I don't know, multi times that, which is something we're really proud of because the category in EMEA is a lot older than the category in the U.S. Maybe Guy could talk a little bit about that and get his sentiments on what he sees as the opportunities in the business and the pillars that are important to our consumers. Thank you, Hilton. The category is older in EMEA, not across the board, but has been around for longer. I think what's exciting about the category is it continues to evolve structurally from a consumer perspective. Essentially, energy drinks have become an everyday beverage. There's a strong value proposition, there's strong brand equity, there's functionality, and there's innovation across zero sugar and sugar energy drinks. That's taking energy into a multi-occasion, multi-daypart kind of beverage. We see energy drinks increasingly consumed across all the dayparts, but also by consumers in multi-dayparts, not just one time of day. Across occasions, the basic, I need energy, but also from relaxing at home. Energy is now 30% of consumers drink it as a treat, as well as for sport, as well as on the go, as well as the kind of generic pick me up. Across the piece, the category's just broadened its kind of profile. That means it's able to recruit consumers, both male and female, across all age groups. I think in EMEA at the moment, we've got 30% of consumers coming into the category on an annual basis. It's a huge amount of recruitment into the category. I think the product offerings enable, and the kind of relevance of the products to people's daily lives, enable people to stay in the category, and then ultimately increase their consumption. Through the offerings, we're seeing 20% of energy consumers are buying more energy than they were a year ago. There's more consumers buying more and staying in the category through dayparts and through the age group. Yeah. Very good. Philippe, let's talk a little bit about your region as well, because it's the region with significant per capita headroom, where affordable energy is really laying the groundwork for what I think can be very explosive category growth and development. How are you positioning the business against those opportunities and how do you frame the opportunities? Okay. You are very right, if we look at South Asia, Southeast Asia, East China, you have more than 4 billion people in that part of the world. It's half of the world's population which is living over there, and the category is underdeveloped. Okay. Hilton told you about the U.S., Guy about Europe. In the U.S., the per capita consumption is 54. In Europe, it's 38. On average, in Asia, it's 12. Okay. It's just showing you have half of the population, which is only drinking 12 serving per person per year on average, which is showing the size of the opportunity. The category is underdeveloped, but now growing. We have seen in a place like India, where the category is even less developed, the consumption per person in India is only five. Okay? It was less than one five years ago. Okay. It is showing that in all these countries, when we find the right product at the right price, in the right pack, in the right channel, for the right occasion, we are able to unlock the potential of the category. Asia is very complex because you have a country that is diverse as Japan or India, if I take the other side of the spectrum. We really now segmented East Asia in two different segment, what we looked at the developed market, your Japan, Korea, Taiwan, Hong Kong, Singapore, which are more premium market where we are very happy with Monster. We are now leader in the vast majority of this market with significant shares. The other category is very similar to what you have heard from Guy. Okay. Category is already developed, is premium. We continue to innovate, continue to develop new occasion, continue to chase every distribution opportunity. For instance, in Japan, we are distributed by Asahi. Okay? Which is the last country where we are not with the Coke system. On the back of that, we just agreed with CCBJI, which is the main Coca-Cola bottler system, to be in their vending machine because they see the category as an incremental opportunity for them. In the developed market, it's continued innovation, distribution, making our brand more relevant to more people. In the developing market, your South Asia, your Southeast Asia, China, it first is maximizing the Monster opportunity. There are 4 billion people. We believe there are dozens of millions of people who can afford Monster, who like the lifestyle of Monster, who like the taste of Monster, and first is maximizing the opportunity for them. It will not be everyone. Now in every of these countries, we found a way to recruit new consumer with Monster. Okay, we'll talk about China and India a bit later, we now for instance launched Monster in Thailand. Monster was not in Thailand. We launched with Swire in Thailand in Q 1, because we adjusted some of our proposition, our distribution. We found the right consumer for Monster in Thailand. On the developing, or the more affordable side, we have been adjusting our proposition. Okay. First, Asia is a vast majority of what consumer are drinking South Asia and China is non-carbonated, which need a different taste, needs a different packaging to reach the right price point. We have been learning over the past years to say, how do we complement Monster with the right proposition, which is helping us to enter a full new segment where we never offer the right product to the right consumers. In the part where it is carbonated, it's a matter of finding out to have the right price and the right pack. We just launched Pakistan two weeks ago, where you have now 250 million consumers we're not serving until now, and we are unlocking these type of opportunities in the more developing part of Asia. Very good. Very good. Hilton, Philippe kind of makes an interesting observation. I mean, the company over time has become more and more a portfolio of brands, within energy. Obviously, Monster's still at the core. In order to address different consumer needs, the company's evolved the portfolio to introduce brands to serve those needs. As you think about the growth opportunities over time, how much of those opportunities is Monster able to serve? How far can that brand go without diluting the magic that represents this core to the brand, versus how much of growth is going to be reliant on kind of satellite brands that you've developed in support of Monster? That's a great question because the Monster demographic is very clearly 28 to 35-year-old males. That's the demographic. What's happened is the demographic has broadened as some of our consumers have got older. Also, women are huge participants in the energy category today. We're in discussions, we had meetings with CCI and Hellenic and CCEP here in Paris. The numbers in the European markets, almost 45/55, which is very different to how the brand started. In the U.S., we see that there are big opportunities to address the woman consumer. Traditionally, we've had a 16-ounce can, which is 473 mL, and that's been the can that we've used extensively other than for some new products, which I'll talk about. We're now directing 12-ounce size cans really to address a more female-forward market. The research that we've done, is that people don't want waste, women don't want waste, and they'd rather get a product that's a size that's convenient for them to drink. That's something we're addressing. That'll be in the Monster Ultra line because we're still very passionate about Monster, and we believe that Monster can gravitate into other parts of the new consumers in the energy drink category. I mean, what have we done already? We've got Rehab, which is tea. We've got Java Monster, which is our coffee line that we've had for many years. We have regular Monsters, we have Juice Monster, we have Monsters that are zero sugar, the Ultra line. Which today, the Ultra line, if it stood on its own, it would be the third-biggest category in the United States. It's the third-biggest energy group of brands in the U.S. after Monster and Red Bull. Monster and Red Bull are always kind of neck and neck. Last week, we were exactly the same in the U.S. This week, if those of you read Weekly Nielsen, we're ahead of them. Next week, I don't know. I hope we'll stay ahead of them. That's the way the U.S. market has emerged. We do performance energy. That we do under a very different brand. It's called Reign. We do that under a different brand. We have other brands for wellness, called Storm. Other brands for particular parts of the market. Affordable, we use Predator and Fury, depending on trademarks. We have a great brand that we bought as a result of the Bang collapse. Bang is a really good brand, and we're using that to test. We sell it in the U.S., and we're doing that to test as affordable in some markets internationally and in Europe and in fact, in Asia. I think that we believe we have the ability to use Monster in a particular fashion, but then we also have the ability to create new brands to address particular markets that we don't think will resonate well with the Monster brand. One brand you didn't mention is the brand you've just recently introduced, FLRT, in the U.S. Yeah, that's directed to a female-forward consumer. We're testing that in certain markets where that demographic shops. We've spoken about it on our calls, and we're keeping a very close eye on it. We're monitoring its progress. It launched a month or so ago. The media is about to kick off, and it's very much directed. We've got a total woman structured management team that's running that brand. They've just kicked off the media. I don't want to talk too much about it until we know the green shoots are actually growing. We do, we have this brand called FLRT, which I think should do well. Again, it's in the hands of the consumer and the brand's just been launched. Great. Guy, as we think about that theme as it relates to your markets, as you mentioned, in some ways, the original energy drink markets here in Europe. At the same time, the market is maybe less developed in some of the zero sugar, fitness-oriented brands that we've seen disrupt the category in the U.S. How do you think about positioning the portfolio here in EMEA to maybe get ahead of those trends and make sure that Monster is at the lead? I think it's been interesting to see how the energy category, whilst being older in Europe than the U.S., has developed in slightly different ways over time. I think one of the things we see in Europe especially is less segmentation than is in the U.S., I think that Red Bull and Monster that have been around for a long period of time occupy a large piece of consumer consumption in some of those segments. We've seen, you've all heard, and the phenomenon that's been on social media, white Monster, but Ultra White, which, just even this year, according to Nielsen, is growing over 50%. It's a 12-year-old SKU. It's one of our lead SKUs and is growing over 50%. When we first took brands like Reign into gyms, we've discovered Ultra was already there. Ultra, as a brand platform, and again, here would be the number two brand in Europe, is 50% female and is 50% male. It's actually bringing in female consumers in line with the category. I think we see a strong role for our core business in Monster. Our fantastic relationship with the bottling partners, again, we met with CCEP, with Coca-Cola HBC this week, are taking our existing Monster SKUs into more and more channels of distribution, especially away-from-home food service, and it's giving the fan favorites a platform in channels and occasions that it wasn't previously available. We're also increasing our multi-pack business of those core foundation SKUs, the fan favorites, so people can take four packs, nine packs, 12 packs home, ready for a treat, ready to relax at home. We're getting half of our growth, and I think that's what we're excited about, from our base business. That is different from the rest of the category. Yeah. The category as a whole is in a decent double-digit growth. Outside of Monster, it's predominantly through innovation. Yeah. We're actually growing in line with the category from that existing base Monster business and SKUs, and then we're getting an extra double-digit growth from our innovation. Yes. The innovation is coming in sugar. This year we talked on the call, our Viking Berry product was the best innovation launch, most successful we've ever had in Europe. Full sugar. We've got a really strong consumer base that wants full sugar. About 47% of our consumers only drink sugared energy, sort of deliberately so. We've got innovation there. We've got innovation in the Ultra line. Innovation last year, Lando Norris, Zero Sugar, was brilliant. 25% of its consumers were new to the category, 25% were new to the brand, 25% were drinking more as a result of the innovation. Obviously tied in with a wonderful asset, a hero people could sort of hold in their hand as they were consuming. Innovation is a huge part of what we do. I think growing our business 55% through the existing SKUs and 45% through innovation to grow ahead of the category is a real kind of foundation for the future. The portfolio, the strategic brands that we've had since the Coke deal, over time, Relentless in U.K., Nalu in Belgium, Burn across countries, play a really important role. It's a different consumer looking for a different lifestyle, different price point, different personality. The affordable business we have with Predator and Fury in Africa, I think is really important. It's affordable vis-à-vis European pricing, but in Africa, it is just mainstream energy. Yeah. The pricing compared to CSD matches that from Monster in Europe, and it plays that same role. It has equity, it has a value proposition, it has fans. We do marketing to support it. Across Africa, we've seen Predator and Fury turn into the most valuable brand in Africa from a Nielsen sales perspective. Yeah. Different things for different places and different consumers. Yeah. Each of you have mentioned partnership with Coke, so let's spend a minute there, because I think from the outside, that partnership has, well, partnerships both with Coke and the bottlers, seems to have only strengthened over time. It's at a time when we just talked about, there are more brands that are being activated within the Monster portfolio. There's more innovation. We'll talk about that in a bit. There's more packages, there's more sophisticated revenue growth management, all of which is not able to be accomplished by you alone, right? It's in partnership with the Coke system. Yeah, we could never operate without the Coca-Cola system. In the U.S. it was somewhat easy, but internationally, it is an issue because when we started off internationally, we had to find distributors. It was tough to find them. There were a lot of trademark issues, a lot of issues dealing with competitors. The one good thing that we've achieved with the Coca-Cola organization, and particularly with the bottlers, is a seamless manner of operating a business where they are the distribution partner. We haven't had to go and look for distribution partners. We haven't had to analyze the better and the worst. This is a long-term relationship, and it's worked really well with the bottlers. With the company, we have a great relationship with Enrique coming on board, and John Murphy, and we're working together to build a great business. Okay. I mentioned more innovation. Guy talked a little bit about it in EMEA, but in the U.S. you've got limited time offers coming into the market really for the first time. You've added some splashes of flavor, strawberry to the core Monster. These are things we haven't seen Monster do before. At the same time, there's a big push right now on more sophisticated price pack architecture, RGM. Maybe talk about how that evolved, why now is the right time, and how much runway you see on those initiatives. Well, RGM, we always had an RGM department. Lately we've built it up and we're working more aggressively with that department on the basis of looking at the opportunities to increase price, opportunities for different packages, for different sizes. What Guy said earlier about EMEA is 100% true of the U.S. We've been in 4 packs for a long time. We've been in eight packs, we've been in 16 packs, we've been in 24 packs. The skills that this group is able to deliver to the organization is exactly what it should be doing, that is advising which packages, which sizes. For example, I spoke earlier about the 12 ounce. We've got a 12 ounce, 24 ounce 12 ounce, 24 pack, I'm sorry, that's going, for example, into the club channel. These are all initiatives that have been moved by the RGM department. The increase in price in November 1 was very much structured by that department, or advised by that department, because it wasn't a one-size-fits-all. It was a mix, and we said that on our calls, of different kind of structures for different markets. Some with promotional allowances, reduction promotional allowance, some with increases in prices. It's a kind of mix of the two. We've always had an aggressive innovation pipeline. As Guy mentioned, innovation, it always for us is incremental to the core. Our core grows, our sugar products grow. Our non-sugar products grow more than the sugar products. Overall we move ahead with innovation. We've always had good innovation. This year has been exceptional. We have the America's 250 celebration. We have a number of SKUs that are limited time offers that are addressing that particular situation, which is something very special in the U.S. We're really privileged to be able to offer products across the board to satisfy that kind of opportunity. We have limited time offers. We have a Monster Juice. We have Red, White, and Blue, which is an ultra line. If you look at the recent Nielsen, it's screamed right up near the top of the charts in the Nielsen SKUs. We have limited time offers for our Bang line, for our Reign line, and we also have a limited time offer, which we may keep as a permanent offer for one of our other brands that we acquired from The Coca-Cola Company, which is Full Throttle. There's a lot of great things that are happening this year. We've had a full calendar of innovation. Yes, we did, and have launched what we call our flavor shots. Initially, they were launched with strawberry in both regular and zero sugar variants, and actually are doing really nicely. In the autumn, we're coming with vanilla shots, which will be the traditional classical Monster Energy drink and the zero sugar drink with a shot of vanilla. It really does make a difference to the drink and gives the consumer an additional reason to purchase a product. Your confidence in the pipeline, one of the concerns is that there's so much this year, that so much incremental innovation that it'll be hard to cycle. How do you feel about that? We've got a good calendar for uncertain. I won't talk much about it. There's a good innovation calendar for uncertain. Some of these LTOs, we may be bringing back as LTOs in uncertain, as well. These LTOs for the America's 250 could very well sit as a Fourth of July promotion. There's a lot of great things that are happening and we just got to stay true to our course and run our business, run our play, which is what we've always been. That's why we've never attended these conferences. We've been running our business. We have Mark Astrachan now, wherever he is, IR head. Oh, there he is at the back. He makes us come and do these conferences. Well, we all thank Mark. Philippe, maybe pivoting back to your markets and really focusing in on India and China. You mentioned just the huge theoretical runway for growth, which has been there for a long time, but it really feels like we're seeing inflection. I think India doubled essentially in the first quarter. To what do you attribute that spike? Do you think this is the moment where you can really start to scale those businesses? I guess some of the key initiatives you have in place to do so? Definitely we see these two markets as gigantic opportunities. You have more than 1 billion consumers in both, categories under developing both. They are two very different stories. If I start with China, we've been in China nearly for 10 years. When we got into China, we realized that we had to have two challenges we didn't have in most of the countries. One is we had to create the sparkling energy drink category. It was not existing in China. Red Bull Austria was not existing in China. The product which was giving the energy was a small, traditional, non-carbonated product that the Chinese are naming flavored vitamin drinks. There was no so-called energy drinks. All of it was non-carbonated. Bringing Monster was very different from anything they've tried before, it was not only that challenge. In the rest of the world, when we brought Monster to Europe, we had already some equity built from our global asset, from our presence in social media. China is behind a great digital wall. Okay. The number of Chinese who had heard about Monster brand, who would recognize a claw, was very small. We had to create new category and build a brand nearly from scratch. Okay. Therefore, we took the time to say who are the consumer who will be open to an international brand, who would be liking a carbonated drink which is not tasting like anything else they've had in China, and then build it step by step with the bottlers. We have two great bottlers in China, COFCO and Swire, and they've been very committed to the energy drink category because they've seen the opportunity in the rest of the world. Yes. Step by step, we found the right consumer with the right marketing approach, sampling our product to the right people. We are much more focusing on the tier 1 cities instead of going to the factories. We are much more focusing on the universities, where the Coke system has great access to the thousands of mega universities you have in China, and step by step, we are building the recruitment. We believe we have now built a very healthy foundation. Our product are growing, our distribution is ticking, and therefore, we are able to build on what we believe is solid. Now we have built a good base for Monster, we are able to say, "How do we start addressing the other opportunity, which is a non-carbonated drink?" We launched Predator in China two years ago, and we are learning, because they're very different consumers. It's a consumer which is not speaking any English, which is drinking non-carbonated, which is living in factories, or what they name the factory villages. Where we were with Hilton two years ago in Foxconn. In that plant, you have 120,000 people who are living in the plant, and that's where the traditional energy drink is big. We are working on building Monster, where we believe we have a strong foundation, on learning how to get into that more traditional factory, blue-collar segment in China. We see both as great opportunity. One, we have to create the category, and the other one, we have to learn how to get share in what is already a big enough category. India is a very different story. Red Bull has been in India for a long time. We have been in India for nine years. People knew what energy drink was. They are following the social media. They have heard about it. The price of a soft drink is very low in India. Yes. It's even lower than China. It's selling for INR 20, which is $0.23, for the price of a soft drink. When we launched Monster and Red Bull, we sold it at six times the price of a CSD. Okay. You have 1.4 billion people, so some people can afford a Monster, but we could not go everywhere. We had to find where to go specifically to target the right consumer. Doing mass advertising would be very inefficient. Now we have done that work. Same thing, the Coke bottlers have been great partners. We have been able to cluster India to be very segmented to say, "Where's the dozens of millions of people who can afford a Monster?" Trying to be available to people who cannot afford it is a waste of space and a waste of time. Once we did that, we said, now we can complement Monster, and we created a price pack architecture which is unique to India, where we have Monster at 6x the price of a CSD. We have Predator in a can at 3x the price of a CSD because we believe there is an emerging middle class. The people who are working in all the call centers in Bangalore, all the tech part, cannot afford a Monster, but they can afford a Predator at INR 60. Over the past two years, we have been complementing that with a PET, which is still premium to CSD because we believe the functionalities, the taste, the lifestyle can justify a premium. Now we have this 3-tier price architecture, which is helping us to go with the right product, with the right consumer, with the right taste, with the right marketing. We have Monster, for instance, very focused on gaming, which we have seen an association with people who can afford to spend on gaming as people who can afford to spend on a Monster can. While Predator is going more after the people who are following cricket, but who are going to street cricket, to make sure that we build a lifestyle which is very close to what they are doing. We have now that price pack architecture with very clear portfolio to help us unlock the opportunity of India. Again, we believe we have now a good foundation to go after that market. Very interesting. All right. Hilton, I spared you. We're almost at time, and I haven't even talked about aluminum. I'm going to ask you the requisite question on aluminum and costs, what you're seeing on that front, your confidence in being able to manage through it, and as we think about holistic profitability and margins, I'd also love a little bit of insight, if you would, on how you think about SG&A management, SG&A leverage, as we realize some of the growth we're talking about. Let's start with the second point, SG&A management. We're very careful with the way that we operate and the way we spend, particularly on marketing dollars. Our business is focused not on advertising in the classical sense per se, but in establishing relationships with athletes, and endorsing opportunities like Formula 1, UFC, and all of those things, they have a cost to them. There's some other ones that we've been working on that we're really excited about. The point is that we believe in our brands. We're a growth company and we need to support the brands with marketing. You've seen what's happened with SG&A. It's kind of, I think, been well managed up till now and I don't see why it wouldn't be well managed going forward. As I say, we take opportunities when we see a need. For example, with the relaunch of Storm. It requires marketing dollars. With the launch of FLRT, you can't just drop a product in a market and hope for the best. The business is growing, the revenues are growing. SG&A I think is well managed and will continue to be well managed. Then just very quickly on aluminum. We have a very active hedging program in place in the company and we've spoken about this on our calls. We hedge on a ladder basis, something that we're involved from the top down, from me to our CFO, our deputy CFO, our head of treasury. We're very focused on doing the very best we can with aluminum. As I mentioned in the first quarter, we had a 1% hit to gross margin from aluminum and in the U.S. we have this Midwest Premium which I still don't understand but it's kind of expensive and goes up year-over-year. I'm kidding but it's a difficult financial metric that we have to pay for. We've been able to manage aluminum in what we called a modest sense and our pricing, the increased price that we took in November actually offset that increase in aluminum in the first quarter. As we go forward, we believe that it will continue to be modest and one of the reasons is that when you look at the cost of a can, aluminum is a small portion of that cost because you have the can, you have the ingot, which is aluminum, ingot to sheet to can. It goes on and because our margins are good, you don't see the same impact that you would ordinarily in a company that had lower margins. Great. I hope that answered the question. It does. Sorry to end on aluminum but we're out of time. I thank you all for your time and thanks for joining us everybody. Yeah. Thank you.