Welcome back. Thanks, everybody. We'll kick off our next fireside chat. So this afternoon, we have our fireside chat with TreeHouse Foods. With us today are CEO, Steve Oakland, and CFO, Pat O'Donnell. Welcome to you both. Thanks for being here. Thank you, Andrew. Thank you. Sure. Maybe a good place to start would be with the question I get pretty often in the context of TreeHouse, which is, you know, many of your branded peers have discussed how challenging of an environment the past few years have been for the consumer, and while we've seen private label take some share over this timeframe, it hasn't been maybe as outsized as one might have expected, so the question I get is sort of, if not now, then when, for private label to be making its mark? I guess, what are your thoughts on why we haven't seen maybe more trading down, and how would you describe the value proposition of private label today relative to where it's been in the past? Sure. Well, a couple things. I think newsflash, right? The grocery consumer industry is really soft, okay? And then you all have seen the meetings, you've seen the data from all the categories. You know, so general consumption is down. Private label's flattish, right? Depending on what category. It's up in a couple categories, down in a couple categories. At least that's what it is across our portfolio. Look, I think it's as simple as... And I, I've read this in some of the larger, big consumer companies this last week or so, have talked about it, and they've got bigger research budgets than TreeHouse does, right? So, the consumer is stretched. The core grocery consumer is buying, the, you know, you've got trips up, basket down. Right? So you've got less units in the basket, and that's how they're managing the absolute cost of the basket. The core grocery customer isn't the highest income consumer in North America. The core private label customer isn't the highest income customer in North America. So I think the core grocery customer and the private label customer are both impacted by this, and they're buying less units. Yeah. You know, if you say, when is the best time? Pre-COVID, the categories that TreeHouse operates in were growing 3%-5% in units and share was very slowly ticking up. Yeah. Share is very slowly ticking up and units are down. Right. So we're growing share in a smaller pie. You know, and you know this, we have used this as an opportunity to focus internally. You know, our history is a number of where we were. We were constructed from a number of acquisitions. It isn't how you would structure the company if you did it with a blank sheet of paper. So we've used this flat volume environment to drive cost, to focus internally, and we think we have continued runway to continue to drive EBITDA growth, in this flat volume environment for private label, so- We're gonna get into that for sure. A little bit later as well. From your conversations with retail customers, you know, what's their view on the trajectory of private label, where it could go from here? Are you seeing a difference in how private label's being sort of utilized by retailers today versus even five to ten years ago? The assortment and the quality's never been as good as it is today. I think those two things exist. I think you have the European discount retailers of Aldi and Lidl driving a focus on private label, and so I think wherever your retailer is, if they're in a market where those two are strong or those two are investing, I think private label is a key focus of theirs. But I also think the conversation we're having with the retailer today is different in that, look, they know their center store is soft and they need the private label penny profit. So they're asking us, "Do I have the right assortment? Do I have the right mix? Is my price gap right?" You know, now, clearly, they have their own pricing strategy, and, and different retailers use private label differently. But we're having a more of a classic category management question and conversation with the retailer because they're saying, "Okay, look, I need this penny profit, so I've got to get this right. Yeah. I don't expect incremental changes in private label, big blocks of private label. I think they're gonna be just very, very targeted. I think you'll see the retailer put the right items on the shelf, get their mix, improve their mix, do those things, which will be good for us. Yeah. You've done a lot of heavy lifting over the last couple of years to really optimize the portfolio, you know, strategically positioning TreeHouse in sort of fewer, you know, declining categories, more categories where the company sort of feels it has more of a right to win, a clear line of sight on how to do so more depth within certain categories. Can you talk a bit about the progress you've made on this front and where you feel like there might still be further opportunities to sort of fine-tune the portfolio? Sure. It shouldn't be any surprise that those categories where we offer the best quality, assortment, and price is the places where we do the best, right? We're extremely deep, for example, in the cracker portfolio that we have. We're deep in our broth portfolio, we're deep in our refrigerated dough portfolio. Those places are core businesses for us. There are some categories like coffee and tea, and those places where we felt we needed to make further investment, and we've done both of those inorganically, right, quite frankly. The Farmer Brothers opportunity came to us and the Harris Tea opportunity. So we think the key for us is to be able to be that vendor that can provide the full solution. We think we've got to pick categories that are consumer trending that are stronger. That's an oxymoron right now, right? But relatively consumer trending. Yeah. Then we have to be deep in it. Yeah. Right? And that's where our margins are the best, that's where our growth is the best. What is building greater scale in a fewer number of categories really enables you to do that maybe you were not in a position to do when you were maybe stretched thinner and wider across just a, a greater number of categories? You know, I think initially, the thought was that TreeHouse can be the, you know, the all solution across as many categories as possible for a given retail customer and that scale across all these categories would be the way forward. This is obviously enabling you to do things in a different way, and what specifically has it allowed you to do? You know, I think it's allowed us to focus our investment and to really build category expertise. I think that vision of TreeHouse, you know, if you build it, they'll come, you know, we didn't do that with a customer in mind, right? The customer makes the decision at the individual category buyer. Right. Right? And so if we don't show up and bring the insights and the capabilities and those things that allow the category management at a given customer, whether that be a national or a regional customer, to be successful, we're not the vendor of choice, right? And so we needed to be strong enough in each one of those categories, and I think just the original when Pat and I arrived, you know, some seven or eight years ago, I think the assortment was so unruly, and there was so much work to do, it was just an unreasonable task. Yeah. Especially given our balance sheet. The divestiture of meal prep allowed us to clean up our balance sheet and allowed us to have capital allocation alternatives that we have today to invest back in our business. So I think when you add those two things together, I think we've become a much deeper we bring category expertise. We bring small, focused vendor expertise, and we bring national scale and national distribution. Yeah. The coffee buyer doesn't necessarily care that TreeHouse brings 30 different categories to the retailer. Correct. That's absolutely correct. Yeah. Now, they do like the idea, though, that they can buy coffee or tea on the same truck with refrigerated dough or broth or something, so that they can have logistic scale. That helps, but if you're not deep in the category, you can't answer and solve their problems, it doesn't matter what scale you have. Yeah. Yep. Are you finding that the greater percentage of your contracts with retail customers are maybe now more multi-year rather than annual, as you've gotten deeper scale in these categories? And, you know, is that a longer term benefit you're aiming to achieve on the back of having a more resilient supply chain? You know, it's better suited to cater to key retailers, and I guess in turn, make you the preferred supplier by virtue of aspects outside of offering just a better price point. Sure. I would say pre-pandemic, it was cost, quality, and then service were the determining factors. So there's a few retailers that might have mixed them up differently. Yeah. I think post-pandemic, it's service and then cost or quality roll in. Okay? And so I think especially your largest retailers, your national scope retailers who are competing with all of the growth in the discount trade, all of those things that are happening, I think they need to lock up key categories. Yeah. But that was also part of the divestiture strategy. By being in consumer trending categories, you know, that are growing your capacity is in more demand. Yeah. When we were in the declining categories, the retailer knew the capacity was available, right? Yeah. So the combination of your capacity being in demand and then, you know, the retailers focused on private label has made that happen. Yeah And I think we're seeing more multi-year agreements. We're seeing more pass-through pricing on commodities. We're seeing those things that make our business more stable. Yeah, and one thing that, I mean, to clarify, I know as you always talk about is, at the end of the day, you're operating as the retailer supply chain. That's correct. That comes with a. It's a very different business model than what I think many are used to on the branded, you know, front. Yeah, we are the supply chain for their brands. Yeah. Right? We bring their marketing ambition to life. We don't set their marketing trend, we bring it to life. Yep. Yep. One area that's held the company back over the past few years has been the frequency with which you've had to sort of contend with supply chain disruptions, product recalls, with the broth and griddle facilities having been the most recent examples. I guess, why do you think that this has been the case? And more importantly, I guess, what have you done to reduce this risk going forward and, you know, how can we be confident that sort of those sorts of things are really in the rear view? Sure. You know, I think that's unfortunately the tail of our transition. So the sale of meal prep allowed, you know, when Pat and I arrived again, the company had much higher leverage. We were on the back of a couple of not-so-successful big acquisitions. So the work we've done to clean up our balance sheet allowed us to stop, you know, the number one focus being paying debt, and to allow the number one focus to be reinvesting in the business. And so the business was a little bit capital starved. You've seen us raise our capital, our CapEx spending over the last couple of years. Well, we've guided that that'll start to decline as we get into next year and beyond. And that CapEx was necessary to prevent the kind of things that you've seen. You know, quite honestly, unfortunately, those things got to us before we could get to them. You know, I'm pleased to say we never had the... This is not where the CDC called us, and, you know, we didn't have consumer instances with these things. Yeah. When we dug into our system, we found they weren't the way they needed to be, and we recalled the product, and we changed the systems, right? And so I think we've addressed each one of those places where we think that have risk. It's capital, it's people, and it's process, and we feel really comfortable that we have all three of those in place. Much of the capital is behind us, and the people and process are in place. Got it. You recently called out, you know, a pretty significant change in the company's sort of strategic approach, at least in this current environment, in which you're now putting greater emphasis on protecting and enhancing profitability and cash flow, rather than necessarily chasing top-line growth. Mm-hmm. Can you expand a bit on what drove the decision to change that approach? And, you know, are you thinking about it as a longer-term solution potentially, or simply as a reaction to a more challenging, sort of closer-in macro trends? Well, I think it was really clear to us a little over a year ago that the consumer environment was gonna be negative, right? And so if you don't have category growth, taking big blocks of share, you have to do those and t hey're very expensive. Right? You've got to go buy someone else's business, right? And so we stepped back and we said, "Look, on flattish volume, we thought there was enough work within our supply chain to drive $250 million of gross cost savings." We guided that, right? And we just put our head down and ran it that hard. And you've seen us accelerate, you know, plant consolidations. You've seen us accelerate SG&A work. We did a very successful procurement. You say, "Well, why would there be so much procurement savings? You know, you've been at this business for a long time." Well, we ran it when we arrived on 13 different ERP systems. We didn't have clear visibility to consolidate. So all the work we've done up to this point allowed us to just run a much better business. Candidly, you know, Pat and I are convinced that there's another couple of years of opportunity. So, the one question, how long will this soft consumer environment last? I don't think we can answer. But we can answer the fact that we think we have EBITDA growth, runway, well into the next couple of years. Closer in, you delivered two consecutive quarters of EBITDA in excess of the guidance range that you had provided to start the year, yet you've only reaffirmed the initial full-year EBITDA guide. Has the lack of raising the guide been more so out of conservatism, given the environment, or is there something that you're seeing, such as, you know, the slowdown in private label trends, that you feel might necessitate either greater investment in the back half or, or something else? You know, I think it's just the not wanting to get out on a limb in the current environment, right? Yeah. I think we feel really good about the year we guided. We guided for our EBITDA, I think, at the midpoint to be up 7%-ish or something. So we thought that was a great start for a year that we thought it would be down for most people. You know, I think as we get further into it, if we need to raise that, we'll raise that, but I don't know if I'd call it conservatism or just we think appropriate, given the amount of disruption that we see around us, right? I don't want to minimize the coming in above the range for the first two quarters on EBITDA. Yeah. I realize that's something you've been working towards and so seeing two quarters in a row of that is not insignificant. Yeah. I would call it de-risking the back half. Yeah. And I think for those that have been in our stock for a long time, the last couple of years, the back half has not been easy for us, right? We've had those external events or those supply chain events that have impacted that. And so I think de-risking that for our investor base is a nice place to be. Yeah. If we take your third quarter and full-year EBITDA guides, it implies EBITDA in the fourth quarter would have to be up somewhere in the mid- to high single-digit range in order to get to the midpoint of a full-year guide, whereas 3Q EBITDA is expected to be, I think, closer to flattish year over year. I guess, what are the driving forces behind the assumption, and how much visibility do you have towards each of them? Sure. I know there's some lapses and things involved. Yeah. Yeah, there's a couple of moving pieces in there. You know, I would say the third quarter is a very apples-to-apples comparison because you don't have some of the supply chain disruption kind of impacts. And so you know, you've got a comparable sort of base that you're comparing to. I think, you know, there's a little bit of, you know, we see some continued commodity inflation, so we probably have a little bit of pricing lag that's impacting us in the third quarter as well, that shall catch up by the fourth quarter. You know, we will have the benefit of, in the fourth quarter, you know, it's not a part. You've got the benefit of being able to lap the griddle disruption as well. And so while that may seem like a fairly steep hill, when you consider we weren't really shipping much in the way of any waffles in that quarter, I mean, that's a little bit easier of a comparison for us. We've done all the right work around some of our cost savings programs, and given the seasonal weight of our volume, you are seeing the flow-through of some of the cost actions that we've taken over the course of the year, and we're starting to get the benefit of, so we feel like we've got the right visibility in terms of where that cadence is laid out, and we're pleased with the progress that we've made to date. Mm-hmm. I guess similarly, your full-year top-line guide, right, implies some improvement in trends in the back half of the year as well. I guess, how much of that is predicated on, you know, any incremental benefit from further private label trade down versus improvements in your own competitiveness, you know, within your categories or, or simply easier year-ago comparisons? Yeah, I think it's... We've tried to guide what we felt was within our control and what we had exposure to. When you look at our guidance range, we sort of pick the sort of middle point of the outcomes. If consumer trend's a little bit better, you're towards the top end. If consumer trends weaken, you know, you're maybe towards the, you know, the bottom end. I don't think we've seen to date anything a lot different from what we've expected. In terms of the trend, and so I think you've got the tailwind of, again, recovering some of the services. You know, there's obviously a bit of pricing that's baked in, given some of the commodity inflation t hat's cost recovery pricing, generally speaking for the commodities, so you're seeing some of that come through as well in the back half. I know people that are perhaps less familiar with the company may be taking a quick glance at your volumes in the first half and seeing some pretty large year-over-year declines. But in reality, there are a number of different factors, right, that are playing out there. I guess, can you break down some of the different drivers of the volume declines in the first half? Which ones do you expect to persist into 2H, and which might be alleviated or even reversed in the back half, and then further out, what you believe may be a more normalized level of unit volume growth would be for the business beyond this year? Yeah, I think when we looked at the year, we sort of felt like the base volume would be, you know, kind of, somewhere in between kind of minus one to plus one in terms of thinking about what the business does. Now, that having been said, there were a couple extraordinary decisions that we made along the way. The first was, you know, we did purchase the Harris Tea business, which provided, you know, a 4 or 5% sort of benefit to sales on the year. You know, that benefit was offset by some decisions we made. You know, we undertook a series of margin management actions, and that was really getting rid of either volume that we didn't feel like we were being compensated for appropriately, given the complexity of what it was, or it was just very complex to run on our system. In an environment where you're growing, you may hang on to an additional shift or a production day in your facility. In a declining environment, that decision to run some overtime or have an additional shift probably doesn't bear as well. And so we really tried to look at the portfolio to say, "Hey, where do we wanna make sure we're getting compensated for complexity and/or that complexity is just overall driving inefficiency into our plans?" And so we did exit a series of businesses. We also chose to exit a ready-to-drink coffee business, so kind of a Frappuccino-like business and bottled coffee, and that was a business that just turned out not to have a great private label penetration over time. We made some investment thinking that that was gonna come, retailers were asking for it, but it turned out not to be a category with a lot of private label growth. And so a few puts and takes in the math there of, I would say, some things we chose to do to exit businesses that were mostly offset by the Harris Tea. So I think when you then say, "Hey, you know, plus or minus 1%". You know, that feels like where the environment has been over the last year. And I think as where we sit today, sort of what we see, you know, into the near term as well. Great. You know, we've been hearing, as you have, a lot from many of your sort of branded competitors, that they're planning to step up, you know, advertising and promotional efforts, in some cases pricing, reversing some pricing moves in the back half of the year in order to drive volume-led sales growth. What's embedded in your expectations for the back half as far as the impact, you know, some of these actions might have, and are you able to point to any specific categories where maybe you recently see brand and investment picking up, and what effect it's had on private label within the category? Yeah. You know, I think, generally speaking, what we've seen from a promotional activity standpoint, I don't know, you know, we tend to say pre-COVID is sort of the last normal year. We're getting well past that, so that may no longer be the last normal period. But I think promotional levels are still below where they were pre-pandemic in total. We have seen, and there's been some of our branded competitors have been vocal about where they are investing advertising dollars in certain categories, and we've seen that throughout the year. I would say private label over time has taken share, even when brands have promoted, and I think even when brands promote, that does drive traffic to the shelf, generally speaking. There may be promotional activities that on a week-to-week or month-to-month basis may change some of that, but we think over time, you know, continuing you know, that continuing investment in the category is a good thing overall for the category. Sure. I do think, though, our guide includes the assumption that back half promotions will increase. Mm-hmm. Yeah. Right. So we- By the way, they have historically, right? The fourth quarter has been such a big, important quarter. We're in a lot of seasonal, wintertime businesses. Yeah A nd so we assume that every year. So we're assuming normal promotional levels. Right. As we sit here today, I guess with about two-thirds of the year sort of behind us, what would you say are the biggest risks to sort of hitting your full year guide, and where there are potentially some opportunities, potentially even over-deliver relative to your sort of current outlook? Yeah, I think for us, as we've tried to construct the year and our guidance, I think this was a year of execution, and I think we owe that to the group. And so we continue to be focused on executing across our cost savings initiatives, executing across our supply chain, delivering the right service levels to our customers. And so that's where the focus is, to answer the question that way. And so I think the opportunity for us is to continue to do that, and I think if you see a little bit of consumption tailwind, I think that's potential upside to where we're at, and you know, we continue to monitor that. But I think in a year where there is uncertainty around that, the mantra has been very much: control what you can control. And so we remain focused on controlling those items where we can control, which is really execution and cost savings, execution on delivering the products for our customers. You know, on cost saves, I think at your Investor Day a couple of years ago, you unveiled a multi-year productivity program, which targets over $250 million of cost saves from 2024 through 2027. I guess, what sort of initiatives have you been pursuing as part of the program, and really how have things progressed relative to the sort of initial expectations? Yeah, we've made really good progress. I think there was a couple elements to that, just to remind the group. We felt like we had the opportunity, and Steve referenced it earlier, to drive procurement cost savings, and that was enhanced visibility. This is maybe one area where I do think our scale benefits us a little bit. You know, we buy as much packaging and corrugate and wheat and commodities, you know, in comparison to even some of our private label competitors. So that was a space where, you know, we were able to leverage, you know, our scale to our benefit, and we've seen nice returns from the procurement cost savings project. I think, you know, achieved some savings last year. We have a lot of projects that trailed into this year, and we continue to deliver, so I think that's driving a good portion of our margin improvement. The other area was really within our manufacturing network, and a lot of that was stabilizing what we call TMOS, which is stabilizing the way we work. And so I think that speaks to- We've driven operational efficiency levels to the best they've been in our time here over the last couple of years. That's also engaging the workforce in a way that's a little bit different. And then I think it's also the looking at the broader manufacturing network and driving the cost savings, you know, through the consolidation of some of our manufacturing facilities as well, which is driving savings. So obviously, we announced a couple in the last quarter. Those will provide some benefit late this year, and then really into next year. And we think there's you know, opportunity for us to continue to look at that and be cost-effective in that space over time. Maybe looking into a specific category, Steve, just where TreeHouse plays and where you have a lot of experience over time is just coffee. Just given the extraordinary impact around green coffee costs, tariffs, a tremendous amount of pricing has been taken, more clearly is coming in the industry. I'm just curious what you're seeing in terms of consumer behavior there. Elasticity seems to be holding up relatively well for the category so far. Right. I realize there's more - likely more pricing to come. But just what are you seeing consumer behavior, trading down behavior, that sort of thing? You know, if the Circana data, which suggests that coffee is actually probably one of the bright spots in our portfolio from a category standpoint, and the customer treats coffee slightly differently than many private labels. I mean, if you go in a Whole Foods, it's an Allegro coffee shop, right? Yeah. It's a Café Olé and an H-E-B. It's a so, so there is experiential coffee within the better retailers across the country. So we see a lot of focus on that. Obviously, they're very concerned about Brazilian tariffs, right? And about the tariff impact. So I think there's a lot of focus on, do I have the right formulation to maximize value? Do I have the right formulation to meet the consumer need? And so what it's done for us at a wonderful moment, actually, is it's opened up the customer's question about all of that at a time when we've invested tremendously in our capabilities and our people. So the facility we have in Northlake is world-class and shows as well as anything I've ever seen in coffee, and the team we have running it come with years of experience. And so I, I think we're, we're really positioned right now to help the customer answer those questions. We're seeing formula flexibility we didn't see before. We're seeing questions that we didn't... You know, about origin, about all these things that you would imagine. Yeah. And we're seeing the consumer hold up, which is really nice. I think we may have a little trade-down opportunity as well. It'll be interesting if roast and ground pops up a little bit b ecause it's so much cheaper per serving than than single serve, but we haven't seen that yet. The pod business has stayed strong. Right. But the bigger thing is the customer is asking us: "Help me understand globally what options I have. Yeah. So that's fun. Leverage is now a bit above the company's long-term target of three to three and a half. How are you thinking about your capital allocation priorities over the next couple of years? Sure. You know, we are a back-half cash flow business, right? We build inventory. We've got. I mentioned it a minute ago. We have a lot of back-half or seasonal winter businesses, and so we're in that burn cash mode now, in that we build cash specifically in the fourth quarter. So our cash forecasts and our cash guidance, which we're very comfortable with, suggests we'll be back in that 3%-3.5% levered. We're, I think, 4.1 or 2 now. So we'll be that for this next quarter, and then we'll be back in our normal leverage profile or targeted leverage profile by fourth quarter. So that gives us the opportunity to do what we think we do best, which is balance that capital between investing in our business first, right? Maintaining our strong balance sheet. Now, you all know our debt, our bonds are fixed at 4%, and our bank debt is swapped at slightly above that, right? So, you know, under 5% debt in today's world is not someplace you'd probably put capital. Yeah. So that leaves the opportunity for us to either invest in our business or return it to our shareholders. And I think if you look at us over the last five years or so, we've done that pretty balanced, and I would expect us to continue to do that. So, we've got some integration opportunities with Harris Tea and all of those things. So, you know, I don't see... You never know, but I don't see big acquisition on the near-term burner, so probably some cash back to our shareholders. Especially, we think our stock price is completely dislocated. We think it's because we have to prove that, you know, we have to deliver a couple of quarters, as you, I think you opened with. And so I think that'll line up very nicely. So if our... Especially if our stock price does not respond to the earnings that we've guided we'll address it. Got it. We maybe even talked about something along the lines of this question last year, and it just shows it's been a challenging year for the industry as a whole. But, where valuations are for a bunch of the names in the space, and you've got a long history in the packaged food space broadly. It almost seems like investors are starting to think that, you know what? Maybe this time is different. Maybe some of these challenges for the industry are more structural in nature than they've been historically. 'Cause, you know, you've been through many ups and downs in the industry and generally, the industry's found its way out, one way or another, where some of the challenges that people thought were structural back then proved not to be. I was curious on your take on that, like- Well, I think that's a nice way- Is this one different, or? ... I'm... I'm an old man. It's for a long- I'm right there with you. That was a nice way to say that. Thank you. But, well, no, I think- look, I think the industry has adjusted over the years, right? And, I mean, think about the announcements this week. Okay, you've got large CPGs that are gonna break and break up, and we've seen, you know, Kellogg, what happened there. So I think, and I know that our board is this way, I think we all have to step back and say, "Okay, we have an obligation to drive shareholder value." We have an obligation to look at what are the tools in front of us to do that. We think in our case, it's execution. But I think others have to say, "Look, are the sum of the parts more valuable? Are the..." All of those things. I think there'll be consolidation. I think capital will always go to the place where it's most valuable, okay? And we saw that with Kellogg, right? We saw those things happen. So, and by the way, there's more capital available outside the public markets than there's ever been in the past, right? So I think we'll see all of those things sort themselves out over the next, you know, I don't know what the timeframe will be. Will it be one year, two year, three years? But, I'm just pleased to see that all the boards are really saying, "Okay, look, the environment is different. The opportunities for us are different. How do we realign our businesses to serve our shareholders the best? Yeah. I know that's the conversation we're having in our board room. Yeah. Right? How do we align the business to give the best return to our shareholders? Maybe one last one over the last couple of minutes. A lot of discussion here among a lot of the snacking players and the overall snacking categories broadly have been quite a bit weaker than I think anyone would have expected. And, you know, a lot of the discussion is they're a little more discretionary in nature, and we've got a weaker consumer, not including as much of these in their basket ultimately. You play in some, obviously, private label and some snacking sub-segments. What's your thought around snacking? Any reason to think that structurally snacking won't be an advantage category that it has been for a long time, over time? Or is it, you know, or do you think there's something more structural going on there? No, I think it's economic. I mean, the basket is just so expensive today, and that is an easy place to step away. I don't think the trend towards snacking is changing, no way. There's no data we would see. There's no customer things that we would see. We still see... I think it drives it. I mean, if you take the higher income consumer, you take a customer like Costco or somewhere, those trends remain really strong. Yeah. So that would suggest to us that it's just economic. Yeah. Maybe last, I mean, if you ask a couple of your top key customers today, "Hey, what are your thoughts on sort of TreeHouse ability to service?" Versus even just maybe, like, two years ago. Sure. How would that response differ from then to now? You know, I think it's interesting 'cause I've been in a number of those top-to-tops recently, and I think they recognize the amount of investment we've made. They recognize our service levels, and our service levels have been the best they've been since we... Over the last six months or so, that since we've been here, right? Yeah. They recognize that certain things are difficult, that aseptic production is really difficult, and they appreciate the work, the journey we've taken them on with their QA departments and ours, and all the things we're doing there. So I think the relationship with TreeHouse is the closest it's ever been. It would not be a surprise, some of the value-focused retailers are frustrated with the amount of tariff pricing and all of those things. I don't think that's directed at us, but I think they're frustrated with the volatility of price, but I so I think there's some frustration underlying, they're frustrated with the lack of volume in the center of the store and they're frustrated with the pricing situation. I don't think it's pointed at us. Yeah. Got it. It's a pretty healthy environment right now. Good. Good. All right. We're just running out of time here, so we'll take it over to the breakout. Please join us there, and please join me in thanking Steve and Pat for being here. Thank you. Thank you.