You're worth waiting for, Brian. It's not, it's not webcasting. It's fine. Thanks, Brian. Good afternoon. We're excited to have the team from Utz Brands here today. CEO Howard Friedman, CFO Ajay Kataria, Head of IR Kevin Powers. Howard was gracious enough to grant me with a bag of the new Boulder Canyon avocado oil tortilla chips, which if I get it close enough to the mic here, it'll make a loud enough—there you go. Yeah. And for a fact. It was a pretty easy open. For a fact. Yeah. I mean. Not bad. We'll eat one. I would eat one into the microphone, but. Yeah, I think I'll wait. I might be. I'll wait, I'll wait until later on, but it was for the effect. But seriously, guys, thank you guys for being here. We appreciate it, as always, and for supporting the conference. Thank you. Thank you. Yeah, thanks for having us. Howard, maybe we can just kick off kind of with a state of the union. You know, you guys reported fiscal 4 Q about three weeks ago. You know, gave a fiscal 2025 outlook. Maybe you can just give us a recap, and what you've kind of had the feedback from investors you've been speaking with since that time. Yeah. Look, I think we had a, we had a pretty good year last year and, you know, obviously a lot of conversation on the share growth that we saw, and kind of had the state of our core market as well as our expansion geographies as we've gone. And, you know, I think the feedback was pretty good. Obviously, the top line was more muted than we would have both expected and would have preferred as the category was a little bit softer. And, you know, we have some opportunities ourselves. I think that the consistent comment was clearly around what we were able to do with margins and be able to deliver the EBITDA and the profitability and productivity that we were able to generate. You know, questions that we got, a lot of questions, obviously, I suspect some of them we may discuss today, state of the category, kind of the environment in which we're operating in, whether it's, you know, consumer trends around GLP-1 or Make America Healthy, questions that came through, as well as, you know, kind of what to expect from us as we go forward, you know, and our expectations for the environment ahead. Maybe we can start there. You know, you guys have talked about maybe a more muted year in 2025 for the category. Yeah. as a whole, and your sales guidance is kind of for flattish to up low single digits. maybe you can talk about first just your dynamics you're seeing within the category at current and in salty in particular, and then kind of where the Utz specific, you know, growth drivers are. Yeah. So, I mean, look, I think we've seen a more muted category last year. If you went back to what we had called the previous year, we thought that the category would be, you know, in the low single digit growth and obviously came in below that. We have continued to take a little bit more of a cautious approach. I think that's reflected in both what the consumer is doing as they're seeking value and trade and selling or buying up and down the price ladder, as well as just kind of adjusting to what has happened in terms of inflation over the last couple of years. We put all of that into our perspective. You know, we do think that the category will stay a little bit more promotional in the first half as we kind of lap through the back half where I think it will start to normalize. You know, for us specifically, you know, a lot, it's gonna be a lot more of the same. We continue to push ahead into our expansion geographies, which allow us to be a little bit less dependent on the category overall. We have a lot of geographic white space to go get both in, you know, traditional grocery as well as in different classes of trade. You know, we feel pretty good about the innovation that we've been bringing forward. Boulder Canyon obviously continues to be on fire for us, and so, you know, we would expect to continue to see that type of growth continue into this year. You know, we put it all together and felt like we were trying to be pretty balanced in what we see, but continue to execute our playbook. Ajay, I know, speaking to Howard's comments around kind of a more promotional environment in the first half, I know there's some dynamics specific to Q1 as it relates kind of to, to pricing that, you know, you wanted to expand upon a little bit. Yeah. So, you know, as you know, we launched bonus bags in Q1, and you will see that in OTB brand as well as Utz. So, you know, the dynamics you will see come through in the data is from a price per unit standpoint, it's not pricing, but from a price per pound standpoint, mathematically it will look like a price invest, but it's, it's really not. A bit more of that price pressure on a reported basis in the first quarter versus the rest of the year and even maybe versus the first half. That's right. Yeah. I would just, two things to remind everyone. One is that the first quarter of this year is lapping what was the most, the largest lap prior year, right? Last year Q1 was the strongest quarter overall. You know, I think we would, you know, you'll start to see some of that normalize as we go. Howard, before we get into the brands, and you made a mention of Boulder Canyon, which I wanna definitely spend some time on. Sure. A little bit about, you know, performance by, by channel. Just kind of maybe remind us, you know, your exposure to C- store channels, what you're seeing in C- store. Yep. There's been other C- store categories that I think have seen a bit of recovery. Salty has been behind. Maybe we can go through mass and club as well. Yeah. I think, look, if you look at all the category sort of by each of the, each of the channels, you know, grocery, call it down about 1.6%. Mass is down about 1.3%. Club is relatively flat. You know, C- store to the point is really down 3%. You know, when you look at that together, we're, about 15% of our business comes out of C- store, and it's particularly indexed really to our Zapp's business first, but obviously we're, we're fairly represented. You know, C- store has been a little bit of a challenge for us for multiple quarters now. It started, it was a price pack architecture issue and continues to be something that we're just not getting corrected as quickly as we would like to. Conversely, as you look at sort of grocery, or, or food and club and mass, you know, we continue to enjoy gains in both terms of distribution and our business continues to grow in those channels. You know, it's, it's a smaller piece of our business, but it's obviously something that kind of prevents, you know, some of the work that we have been doing to come fully through, at least at this point. As you go through the rest of the year, we would expect that convenience store will start to normalize for us as well. We expect, you know, low growth, flattish to low growth on the year. That is still work to be done. That's an Utz specific. That would be total Utz Brands. Total Utz Brands in convenience store. Correct. For the year at flow to flat out. Got it. Maybe we can, you know, dive into each of the brands, kind of giving, you know, of the, of the core brands a, you know, state of health across Utz, Zapp's, Boulder Canyon and, you know, OTB. Sure. Look, I think we feel really good about our Power 4 brands and our branded portfolio in general. You know, we continue to, we continue to focus on the brands that actually have the most opportunity to be responsive to marketing and innovation, which is obviously to your point, those four brands. I'll start with Boulder Canyon 'cause it's kind of the easiest one. Obviously, it basically nearly doubled in size over the last period. It's one of those businesses where it's got a lot of consumer interest. The non-seed oil opportunity is there. We get a lot of support from the natural channel, and we continue to see that business grow. It's also been a brand that we've entered into cheese. We've actually expanded across the potato chip portfolio. We're now in a wavy as well as flat chips. And then obviously the tortilla chips that we brought in. That's a business that at investor day we thought we could get, we could, we could get, we could grow that business pretty quickly. We hit $100 million in retail sales last year. That business continues to be highly, highly engaged with the consumer that is interested in the product. As you look at Utz, you know, Utz, Utz is doing well. Obviously expansion geographies can is one of the places where it continues to be a highlight. In our core geography, it was a little bit softer. Potato chips in the core specifically in the fourth quarter, was a little bit softer than we would've liked, but, you know, remains healthy and that we continue to see high levels of incrementality when we enter into new geographies with that brand. On The Border, you know, our, as you will recall, our strategy was to bring On The Border into our core markets. And it, the expansion geographies that we would normally talk about are a little bit more of its core. What you saw last year was expansion, or distribution growth into our core markets. You saw outperformance. It was up around 4% for the year overall and largely led by the expansion geographies. That's a place where, you know, we continue to see a lot of upside and consumer interest in the brand. Zapp's is the, Zapp's has been the business that has been probably the most challenging for us. We talked a little bit about C- store earlier, but, you know, on the bright side, it's really a potato chip opportunity 'cause as you look at our pretzel business, it's really performing quite strongly. And so we, you know, continue to have a great confidence in that brand going forward once we, once we resolve the C- store opportunity. I know as it pertains to Zapp's, we were having a conversation earlier about it's been, you know, a number of quarters now. Maybe you can talk through some of the other kind of non, less, less core, non core, you know, that had some challenges in the fourth quarter, where you see those abating, whether that's the dips and spreads business. Yeah. We had a conversation about, you know, Golden Flake potato chips had been a, a value price point, I think issue over the summer. Some of that's been resolved, but maybe you can talk through those. Yeah. I mean, when you look at the rest of our, the remaining branded piece of our portfolio, obviously Golden Flake pork is an area where, you know, that subcategory is important to us and Golden Flake pork is growing, is performing well. Golden Flake potato chips and some of the rest of the portfolio, to your point over the summer, required some attention, which it got, which it received. I think those businesses are now performing in line with the expectations that we had. Then you get into some of the other businesses like TGI Fridays and others where they play specific roles and the brands play specific roles in our business and are largely meeting what we would've expected. The dips and salsa business really was a prior year, call it May, June timeframe. We had a large retailer where we had dual placement, one in the Hispanic set and one in the conventional, salty snack aisle. The retailer made the choice to bring it all into the conventional set. We will lap that, really call it May, June time period. That was a significant drag on the fourth quarter, which we will lap. The important thing is the underlying performance of the dips and salsa business more broadly is actually doing well. It's just getting masked a little bit as we deal with the distribution changes. Before we go to Boulder Canyon, where I always spend a little bit more time. Mm-hmm. A couple questions on, on OTB, On The Border. First was I believe there's a, a, you had had some planned time where Tortiyahs, the other brand that you have, were, were kind of gonna be coming off shelf as part of a rotation to, to open up shelf space. Are, are we through that? Yeah. You know, period now, or are we still gonna be experiencing that through the first half? Yeah. Look, I think for the most part, I think you there will, there will always be some assortment change. There was a more meaningful step, to your point, step down on Tortiyahs and, and an introduction of On The Border. We still have a little bit more to do, but it's not nearly as pronounced as it was, say, you know, call it 12, 18 months ago. For the retailers that Tortiyahs is very important to, we obviously wanna make sure that we're selling the products that our shoppers wanna buy. OTB will remain the priority. We have found pretty consistently when we've made that trade, it is, it winds up being a good thing for the shopper on the category. Right. And so on OTB, you know, look, since you acquired the brand, it's had really strong runway in terms of distribution. Yep. Maybe where we are today, I know again, there's maybe some assortment changes that still have to go on, but kind of where are you in terms of channel opportunity, shelf space gains in the core geographies? Kind of how much more runway do you think we have on OTB? Yeah. I'm always leery of baseball analogies because it's always a dangerous thing, but I would probably. You're a Yankees fan. I am a Yankees fan, which, you know, which may be setting up for a long year. We are gonna, we are gonna avoid that for now. I could look at it if you want. It's true. I would probably tell you we're probably in the sixth, seventh inning on OTB in terms of getting there. It's a business that has grown quite nicely. You know, I think it is gonna continue to have opportunities for us to expand as we're bringing, as we're entering into new geographies. 'Cause if you think about kind of the core set, you want that first 18 to 20 items that you bring in. OTB has got an important role to play there. I think within our core there's still more opportunity and then an expansion as well. It's a great brand and, you know, one that we are gonna continue to invest behind to make sure that we keep growing it. In terms of, moving to Boulder Canyon and kind of better for you and maybe more broadly across the portfolio, I think, you know, one of the advantages that you all have is that, you know, you have relatively clean ingredient labels. Yep. Maybe you can just remind us kind of what percentage of sales come with, I don't know, four ingredients or less. I think there's a, there's a quote that you typically have on that. Yeah. Look, if you look at our, at the breadth of our portfolio, look at core potato chips, pretzels, and tortilla chips. You're talking about very simple ingredient lines. You're talking about oil, salt, corn, potato, or wheat. That's the majority of our business. When you start to look at more, more longer ingredient decks, it's really around our flavors. That's really a function of having to declare what everything is. Obviously, then something like cheese balls as well, where the ingredient decks are a little bit more, are a little bit longer. The vast majority of our portfolio is basically a clean, it is a simple ingredient line. When you look at Boulder and, you know, we talk about Boulder's flavors as well, you know, we do know how to make those ingredients as the consumer is interested in, whatever the profile is, we're able to do that, and do it pretty effectively. More broadly, whether you're looking at salt or you're looking at gluten or you're looking at other things that you might wanna avoid, you know, we have better for you items. And then we have items that are both reduced sodium as well as gluten free to offer to the shopper based on what they want. Obviously Boulder is a non-seed oil. That is a trend that is obviously growing quickly. As that trend continues, we will obviously make sure that our portfolio is tailored to make sure that we are selling products that the consumer wants to buy. This bag of Boulder, I looked on the back while Howard is answering, has three ingredients. Yeah. That's it. It is, I mean, relatively clean label. For sure. That's gonna be true about all of our unflavored items. They are very clean, are very simple ingredient lines. That's a function of what the product is and the function of how it is made. When you get into more complicated products, that tends to be where the ingredient lines follow. Has there been, in your analysis or your demand analysis, has even just the, the, the MAHA, you know, being in the headlines, has it driven incremental activity, do you think, to this subset of the category? I mean, even in the past few months, has people become just maybe that much more aware and as seed oil, you know, becomes more of a, of a, a troubling, you know, issue for people? Yeah. I don't know is the short answer. I don't think we've seen a, I mean, Boulder has been growing both distribution and has had very high velocities for, you know, at least the last couple of years. Certainly we have seen an acceleration in that business over the last, you know, over the last couple of quarters. I don't know that I would, I could correlate a change in the, you know, sort of the external environment and what people are talking about. What I do know is that, you know, there are, there is a subsection of consumers who are focused on seed oil or, you know, avoiding seed oils. What is really nice, and we talked about this earlier, what's nice about the Boulder products is that there is no taste trade-off. If you wanna eat a potato chip and you wanna eat something that is fried in a non-seed oil, when you eat it, you don't feel like there's any sort of a sacrifice that you're making, which I'm not sure that every product in every category can say that. As people are opting into these segments, we just believe that there is a tremendous amount of runway for this business over the next, you know, couple of years. We're, you know, really excited about making sure that we're leaning into that trend. I wanna come back to the promotional environment and just what we've been having discussions now for, I guess, about a year. Yep. In terms of what's kind of transpired in the space, is the effectiveness of promotions in, in salty, is it lower than it used to be? Is that the expectation going forward? Are we, you know, what should we expect, I guess, from a category perspective? 'Cause it's, you know, the category again is not doing, I think, what we all think it should be. Yeah. And we, so a couple of things on the category. I mean, first, the first thing I look at in the category is the household penetration. And what we are seeing is household penetration is actually growing in salty. That would say to me at a minimum that the consumer and the shopper actually do want these products in their pantry and in their house. The question that you are asking, which is really, so, you know, how do you think about pricing and the promotional environment? You know, we see a couple things. We do see the consumer shopping up and down the ladder and defining value the way they want to, whether it is price, it is a price and quality equation, right? For shoppers who are looking for a premium product like Boulder, I mean, Boulder is one of the highest priced items that we have, and yet it's growing really quickly. On the other side of the barbell, if you're looking for an absolute price point, you may be promotionally and deal shopping, or you may go into classes of trade like dollar and discount to go find it. We see all of those things kind of jumbling together as we look at the environment. To your question on promotional lifts, I think there are two things going on. One is, you know, there are these multi buys that we will engage in. When they are around a holiday where there's peak consumption, we can see them respond very well. The consumer stays in the category, they consume the product, and then they go, and then they'll come back again. When it is a non-peak consumption window, sometimes what happens is pantries load and they may be out of the category for a little while. That does translate into a lower lift, relatively speaking, which we certainly saw in the fourth quarter. I think you're gonna see the promotional environment continue to, you know, kind of stabilize as we get through the first half. You'll recall the summer is really where it stepped up last year and then it kind of stayed higher through the rest of the year. We think that, you know, as long as we can stay disciplined and focused on what we're doing, then we can make sure that we deliver against our objectives. Ajay, I wanna turn to you. Yep. I'll give Howard a break. Phew. You know, one of the, one of the things that's been really impressive about the story, and I think from last year was just the, the level of gross margin. Yep. Expansion, you know, that you saw, whereas, you know, a lot of other peers in the packaged food industry maybe don't have that opportunity as much in front of them. If we go back to, you know, investor day that you had, I guess, 15 months ago now, where we are in terms of your productivity programs, whether there's been any update and how you see the path on both a gross margin perspective expansion going forward and also EBITDA margins. Then I'm gonna come back to Howard on our deal that we made about his. Yeah. His margin target. I look forward to that. Yeah. Yeah. The short answer is, we are in a very good place. Fifteen months ago when we went out in front of our investors, we said we were going to deliver about $135 million of productivity over three years. That is about $45 million a year, roughly, and we would invest back about $30 million every year to net about $15 million of EBITDA expansion. That is 300 basis points minus 200 net of 100. We delivered more than that in year one. We delivered $60 million of productivity, $15 million ahead of plan. We are sort of baking that into our target. We have increased our target to $150 million or more for the three-year time period. The program really accelerated and simplified in many ways because there were roughly two parts of the program. One, we needed to do a lot of work in our supply chain, based supply chain in terms of, you know, manufacturing automation, lean, lean continuous improvement, logistics, procurement, so forth. We are doing that work. The other body of work was optimizing our network. That became simplified and accelerated as we did two transactions and divested a total of five manufacturing facilities and were able to accelerate CapEx investment to consolidate investments and production and scale the existing eight facilities that we do have. That program is solid. You know, it's working well. We also turned on Rice Distribution Center in December last year, which is a facility that consolidates six plus warehouses into a single warehouse, 600,000 plus sq ft of warehouse space. It's automated. It's state of the art. I think you visited us more than two years ago. The Hanover campus, as we call it, is very different today compared to when you visited us. You should come back out and we'll do that. I'll say one last thing, segue into your comment. The entire, you know, Howard Friedman team is working to make sure you are right and he gets to consume cheese balls on this stage in a couple of years. Let's just be clear that no one would be happier to eat an entire barrel of cheese balls than I would, both in the context of just a normal Saturday night, but also in terms of, Eating EBITDA margin targets. EBITDA margin targets. You know, I think Ajay's point is right. Like our supply chain, our entire supply chain team and the effort that has been put in, has happened obviously much quicker than we would've thought. Normally, PE, you'll recall, we would always say, if you wanna see the margin opportunity, just come visit us in Hanover. I would tell you that if you wanna see the progress on the margin opportunity, come visit us in Hanover. Yeah. Yeah. Yeah. I mean, I remember the automated. Yeah. Sorter that didn't function. Yeah. That now clearly is working. For sure. Lots of automation all around. Yes. Maybe sticking with Ajay, just remind us kind of on capital needs and, you know, leverage, you know, you've really brought the balance sheet into a much better place than it was, you know, 18 months ago. Yep. Just kind of where we sit from a capital allocation standpoint and the leverage targets, also kind of that you, you know, had outlined at investor day. Yeah. At investor day, we wanted to, or our goal was to get to three times by the end of 2026. Our new goal is to get approach three times by the end of 2025, which is this year. We improved a full turn from 4.6 times levered to 3.6 times levered, within a year in 2024. That was a good year of execution on leverage front. Capital allocation is still for us, you know, we will invest in growth followed by debt pay down, followed by dividends and stock buyback. That sequence is still the same. You know, we are looking to get to our targets as we outlined for this year and then go from there. Ajay, it came up in one of the prior meetings, but, you know, relatively limited as we're thinking about supply chain and margin opportunity, relatively limited kind of tariff exposure. Maybe you can kind of outline for us where, as folks are thinking about potential pockets. Yeah. Just what might exist. Yeah. Substantially all of our finished good sales and our raw material procurement is within the U.S. You know, we do very limited, across the border. So limited direct exposure on tariff, you know, pluses and minuses, what have you, for the company. You know, that said, you know, there are a little bit of, you know, we buy some plastic racks and, you know, a few other items, from across the borders and, you know, we'll see what that means. It's not material. There might be indirect impact. You know, our suppliers are impacted for whatever reason and they're passing along costs. We just don't have a way to quantify that right now. And we're watching the news as everybody else and we'll react accordingly. Yeah. As I'm sure you can imagine, we do have a team in place to make sure that we're responsive to the external environment. Yeah. and if we need to be, you know, we'll, we'll continue to be flexible and can respond as quickly as you would think a company our size with our, with our level of complexity can respond. To Ajay's point, I think there's some blessings right now in terms of kind of what our footprint looks like. Two, two maybe other kind of more, points that came up since the call just that I wanna, wanna hit on. One was kind of the, the shift in terms of how you'll be presenting, you know, the, the company going forward in, in terms of branded salty versus non-branded and non-salty. Just what kind of drove the decision to, to make that change in terms of reporting? I know we're gonna get kind of more detail, at some point here in the future, but just trying to understand what drove the, the, the reorganization decision. Yeah. Over the last several years, you know, as we did a bunch of acquisitions and grew organically, we put a portfolio of brands together and that's, you know, we have been shaping that portfolio over several years, either through rationalization or, you know, otherwise harvesting, you know, brands here and there. We feel now we are focused enough in our portfolio in terms of, you know, every brand that we have has a role to play either for our customers or our consumers, our independent operator networks, because we are, you know, leveraging certain brands to scale that up, or our manufacturing network, where we are kind of using that for scale. The brands are at the right, you know, size and margin profile that we can now look at our portfolio as branded and non-branded, non-salty. Within the branded portfolio, we are focused around investing and scaling nationally our powerful brands. That is the way we are looking at our business. It made sense to make that change now. The added benefit is, having a branded, non-branded cart allows us to directly compare, more directly compare, our branded portfolio performance with the syndicated data that we all look at. Howard, I think in that non-branded piece in the fourth quarter, we spoke already a little bit about the dips business and kind of the impact that had, but there were some other. Yeah. Factors that played in in the quarter, as, as well that kind of dragged down again the, the non-branded non. That's right. I mean, look, if you look at the performance, we have greater levels of control over the branded business because we obviously own it, as well as on the non-salty side, which is really dips and salsa. Again, businesses that we control, their margins are also closer in line, although dips and salsa obviously not as much. The rest is partner brands and private label, and those are businesses that obviously we distribute, which is not unusual in the industry, but we obviously have less control over the performance of those businesses than we do the rest of the portfolio. If you look at the gap to plan, dips and salsa was about a third of it, and then partner brands and private label was a significant portion as well. It's the remainder. Helpful. Last question just before I open it up to any Q&A in the room. The subject of M&A, you know, like Utz went through a very acquisitive period. Some of it for brand, some of it for routes, some of it for capacity. You know, I think maybe the last one was Kings Mountain. Was that the last? Yeah, it would've been for Kings Mountain and then the RW or the, yeah. I believe at the time we kind of had a discussion that, okay, you know, you'd have enough capacity for the next 18 to 24 months. We're kind of at that window at this point. Just maybe an update in terms of how you're viewing, you know, M&A, whether you're happy with the portfolio as it currently stands. There's been some divestitures in there as well, but, you know, just kind of how you're thinking about it. Yeah. I think one of the things I hope you get from this conversation is really not a lot of change from what we talked about 12 months ago. We're kind of focused on executing and delivering against the goals that we've set out. Similarly, within M&A, there's really not a lot of change to what our thinking is around it. Obviously, at a leverage at 3.6, approaching 3.0 by the end of the year gives us a little bit more perspective, but I'd still tell you that the leverage is still an area where we know we have additional work to go do. If there were, you know, and so that's number one. We will continue to acquire routes and do that sort of standard work as we enter into new geographies. It's not a meaningful number to, and typically that's a cash expense, right, Ajay? Right. That kind of then flows through fairly quickly. We like where our, but the most important thing, at least to me, is our organic opportunity remains very significant and we have no shortage of opportunities to continue to drive our expansion geographies and build our marketing muscle, and to be able to drive organic growth where, where we'd like it to be. If I gotta have an asset is out there, we'll look at everything and, you know, we obviously will pay attention to assets that come to market, but the bar has been high and will remain high for the foreseeable future. Wanna just pause here and see if there's any questions in the room. It's hard for me to see because the lighting is. Yeah. Ajay, I was gonna say, if you can see, I'm impressed. Oh, we got one in the front. Oh, one, one right up here. Thank you. Thank you. Hey guys, thanks a lot. Hey Mike. Hey. Yeah, I guess the combination of, I know you touched on RFK briefly, but I guess combination of RFK, GLP-1, not even just you guys, but just kind of how you think the category is adapting to those trends. And then maybe just like how long do you envision this? Where are we on kind of that curve? I think, I think probably the greater curiosity is more RFK than GLP-1, and just kind of navigating that day to day. Yeah. I mean, look, I think the first thing I would say is that the conversations that are coming out of, you know, really anywhere, whether it is out of the government or it's coming from consumers, where consumers' interests lie is what we're gonna, we'll address. That's, we're a branded food company. The good news is we've never had anything, we didn't have Red 40 in our food already. That was really not an event for us. Depending on what comes out of Washington, we'll respond to it and we'll comply with the law. Most importantly, we wanna make sure that we're meeting and delivering against the consumer, the consumer experience and what they're expecting. Right? I think it's really early for us to tell. We'll pay attention to it all the way, all the way through. I think lots of folks have talked about GLP-1, and I think you'll get the same sort of perspective I have. We don't see it necessarily in our data at this point, propensity for smaller pack sizes perhaps. And, you know, obviously we continue to look at substantial snacking as an opportunity for us, seed oil as an opportunity for us. I think the question will be, what does the, what does the consumer behavior change into? And then how do we best meet and deliver against that behavior change? So our portfolio, again, is pretty, is pretty simple. We always are looking at innovation and ways to bring new products to market, like we've done with Boulder Canyon. You'll continue to see us look at the portfolio, and how to shape it best through innovation over the coming, you know, call it year, two years depending. I think that's kind of standard work for people in our, in our shoes. Great. Any other questions? Okay. Guys, thanks very much. Thank you. I look forward to a cheese ball barrel this week. Yeah. Next week, next week. I guess we'll hear.