Murphy USA (MUSA) 31 Oct 242024 Q3 Earnings call transcript

Thank you for standing by. I would like to welcome everyone to the Murphy USA Third Quarter 2024 Earnings Conference Call. [Operator Instructions]

I would now like to turn the call over to Christian Pikul, Vice President of Investor Relations. Please go ahead.

Dustin. you, Thank everybody. Good morning, joining us. for Thanks Officer. are With Mindy and Chief Accounting Officer; Clyde, Chief me Donnie Operating Chief Officer; today West, Financial Officer; Executive Chief Andrew Galagher Smith, Jeff, will After provide results, some then open to will the we from opening Andrew, and an of the comments overview financial call Q&A. up Galagher

of mind as of the Act the in will be defined portion, Litigation Q&A the XXXX. considered made Securities during keep Please statements comments that some forward-looking in Private including this call, Reform

no projections such, that these be events will that As assurances given will can occur or the attained. be

factors that of variety actual A exist results to differ. cause may

to For of any forward-looking update discussion other latest X-K or see the statements. and Murphy duty USA recent SEC further USA publicly factors, XX-K, Murphy XX-Q, risk revise Forms filings. please no takes

Generally call, measures provide we conform also do not Accepted may Principles today's certain Accounting that During performance or GAAP. to

measures a our We release, Investors these reconcile reported found on our non-GAAP have section of part the as the of on schedules website. provided earnings can basis be with results which to press GAAP

the over With will turn call that, to Andrew. I

Thank you, everyone. morning, Christian, and good

quarter Murphy once from with USA demonstrate of third benefits advantaged our model segment of low growing continued the as our strong delivered core the business categories, distinctive from again we positioning benefiting its everyday to results price consumers. value-focused

and us projects and more put growth very the openings XXXX beyond. acceleration about foundation underway for excited a in for our I'm as and In new results, to growth current period earnings the addition construction current strong great in sets organic stores QX in place

exit permitting we've estate load seen process pipeline than Our more have paid our front off real efforts expected. as the stores to

are for of as our updating take timing. the As advantage year projections we such, this beneficial we CapEx

worked build store and for in details the and we forward. to growth programs growth want goals to Galagher to in will high-quality development better hit our implement and more position improvements ratable provide would a later our year CapEx put hard this us ensure pipeline process some team who our call. acknowledge asset I this going on

results, with our including Unpacking X% X.X%, we a APSM price up margins We fuel volumes retail total quarter largely were third respectively. continued nondiscretionary Retail year, outperformance up the grew to in versus little core falling due both and and and a volumes over environment. margins categories, see fuel modest nicotine. prior in $X.XX

All-in of a were behaved prices. lower in about fuel margins expected combined which $X.XX falling with period results, when we PS&W wholesale as

the year to in In difference fact, supply with the versus prior by impacted timing difference attributable movement. the price quarter accounting inventory is variance entire associated, transactions year-over-year and $X.XX the gallon per internal and positions our

we land full the per year, we over long see told range to supply a market contribution low term long to the PS&W have closer the expect gallon expect lower $X.XX $X.XX the of For volatility. we to investors as end to to with continue

are leveraging categories nicotine across including Looking categories we more of merchandise the at core lottery, incremental down traffic-driving geographies, the are of results, basket-building to the notably, beer store. strengths customer benefit other in in we and categories. In categories, our trade the Murphy and from drive fuel, the across seeing transactions discretionary the our center turn, these

exceptionally remains specifically ecosystem nicotine the within Performance strong.

sales growth taking We traditional Murphy share growth in in where products nicotine are Similarly, driving collectively, we and double-digit grow oral our differentiating further fast-growing XX% continuing markets. to margin, margin share in seeing and share eclipsing performance market category, in are products smokeless sales and versus combustible our the in are peers. we

versus respectively. grew of merchandise, Further, sales in mid-high broader beverage Nielsen salty which candy data. our each in X.X% X.X%, Murphy declines a Under saw we and registered general snacks, and and markets single-digit stores, of the growth banner saw packaged we the total margin share strength in

offers offer, XXXX to encourage to of elements In personalization core optimize results experience X.X%, total, MDR offer. core SKU of as initiatives, in customers respectively, price and and strategies both the pricing well underscoring of leverage value geographies sales our Murphy margin the reflect our stores the strength our grew attractiveness Murphy customers as to our at assortment offer different These of non-nicotine and and elasticities of level. including and X.X% total the analytics-driven the relative USA

pressure traffic X.X%. side, store baskets. from margins QuickChek X.X% were QSR and and margin volumes and QX, center in fuel food in the competition to pricing Northeast, Nevertheless, had dollars beverage the value On total continued where great up fuel quarter continuing of and up a were

a on a were beverage specialty and are traffic annual of XX% nationally up of QuickChek as taking on per-store drive up per programs. a of X.X%. in to into sales bright made-to-order intentional the sales action per will Overall, X.X% center inside increase store were CSP's QuickChek drinks survey spot, headwinds offer. and store second down with essentially with persist sales likely flat Coffee basis further coffee competitiveness placed food our Recognizing store value traffic we XXXX, basis, the

In the quarter fact, July in year-over-year inside in decline third to a transactions a at X% decline September. QuickChek have from X% improved throughout

the tender breakfast the quarter dayparts, chicken spicy a sub Italian lunch offers chicken sandwich. $X.XX or off kicked promotions with We and new fourth X-inch and value featuring in

we the category. meaning Giants the the premium in their total with higher breakfast sandwich, we uptake promotion, including customer Additionally, breakfast category. were perhaps are encouragingly, X-inch core in are seeing breakfast any across year, in increase encouraged up we a and New volumes very XX%. versus are sub trips transactions attached seeing subs the we offer to And launch expanded spuds our traffic-driving are inaugural a the a seeing bundle, last traction with sandwich in we the early York it's significant while Coupled where value seeing cross-pollination this are And size offer, in units, by $X we sandwich more XX% coffee. and

center cross-functional bringing XXXX. of of Murphy QuickChek, own a great we to these capability we quarter designed of categories. stage on week, delivery, to example feature to points setting went another and our impact mobile ordering in drive and recovery this fuel XXXX. show The earlier the extends into more customers more fourth into opportunities payment store we the capitalize ability on QuickChek earn additional transactions options, with the program, in-app Rewards a Taking huge on our deeper offer this and program. are expect in newly and robust at incremental This for further which QuickChek based transactions engage and To to new will expect initiatives together, in is the to live app success the Rewards sales momentum, improvement relaunched Drive

first expense. was per made in of sequential in the the of we up to third the XXXX. start some store stores wage Turning operating Average in second a lap half versus month the quarter, investments improvement XXXX as half to increases OpEx and we X% other

Importantly, reflects only increase the larger of is same-store raze-and-rebuild to the impact new attributable meaning mix this stores of network. a increases, and of the half of higher stores growth the other half in

year Given would efficient stores to X% and planning efficient clip, we beyond, team and to store at expect through QuickChek model, X% to per year. out to a network-wide expect new at that The costs we adding the expect which this this and implementing forward. therefore labor growth range cost demand X% and next more year, roll year stores about increase of a we great same-store continue in making this translate trend Murphy also more has sophisticated store stores going more a would done will into a process job be next

on color the provide with I capital store Before to and call just are results. quarter turn want over Galagher more I we our very pleased to allocation, reiterate, growth to third

rewarding and the and of business the and to in members further and our the which is for team shareholders. year suggests our optimize excited, XXXX lot all a grow team quarter, the have in be We will of engaged fire irons fourth another

Hello, thank you, everyone, and Andrew.

Andrew bringing stores our and our XXXX. strategy to to development our on As organic new on XX, cylinders growth openings including opened is deliver strong X X asset XXXX QuickChek in team in the We year-to-date of track store. and third quarter, mentioned, firing all

transform us new QX, stores reopened also Since opened. an ongoing projects opened are year-to-date. small raze-and-rebuild into our square that We raze-and-rebuild X brings raze-and-rebuild there stores program in and additional X to XX foot end, kiosks XX to have which quarter stores, X,XXX stores

new activity our its raze-and-rebuilds builds. currently some our level accelerated on past with also XX we've to of construction construction the years and XXXX highest stores We've already and started XX under in XX new construction,

we So for scheduled raze-and-rebuilds in new when up, up XXXX. stores and add XX to all are looking that you XX completion at

than more this However, raze-and-rebuilds. these stores guidance our so into XX remains to new and XX slip of projects XXXX, could new raze-and-rebuild and store at potentially early at time unchanged some XX

program I has the achieve again efficiencies guidance planned. new deliver want and risk, more better our for but only had allowed store which managing not our we recognize team development also to finding in us than XXXX development raze-and-rebuilds asset to store

has to get new to in will Additionally, XXXX earlier start the where helping more meaningful our moved class, grow XXXX the in team fourth going and opened EBITDA provided forward projects a head forward. quarter more and the the we into store stores year,

we are XXXX. million in $XXX expenditure increasing of such, $XXX range a to As capital our million to guidance

XXXX construction and Importantly, new all program. store new the a start is including XXXX more stronger-than-expected on high activities, growth, level head to the organic our increase attributable raze-and-rebuild of this under of stores for

are stores sustainable we year. rate capital moving in about run objective that, per level similar of And new of We the for of toward a XXXX. our with XX organization expect spend

both the EBITDA our to their our and performance up consistent as new To predictable the the ramp stores several the next for new pipeline wrap program of discussion, the with incremental very begin we're years provide X-year quality pleased build and maturity. stores to of

well generating USA network key stores are metrics performance attractive average. Murphy the above with returns New

are per month than For contribution store gallons the month, higher XXXX XX% is network merchandising XX XX% dollars and having the build XXXX stores XX,XXX XXX,XXX which and respectively. per those and averages, classes, store

and this performance which existing highly demonstrates are going impactful are building we're be more outperforming new forward. stores, growth that and accelerate more excited why our these we So will and our stores company to stores, delivering to

to the Turning We quarter and second repurchase. in repurchases. to XXX,XXX share shares back committed bought ongoing share remain

nearly third Board to leaving authorization XXX,XXX $XXX authorization. back to X.X We the up of through about we which Board billion have shares extends million, against execute remaining our stock, existing $X.X the for to under repurchase our bought XXXX. Through quarter, billion continue

ended with revolver. million $XX may a our balance have You on we noticed quarter the

our growth, to to liquidity share toward manage we operations, As continue time from cash will to access daily needs. repurchases we allocate revolver our and time,

with in week. payments, vendor the share receipts, revolver the And tax $XXX As a liquidity week business place efficiently reminder, of and as million repurchase. period any allocate we more out and timing a typically funds payments depending and moving day we of growth common becomes for of the in ends, see given the the on managing the both

One the last Andrew. to guidance over turn call measure before to address back I

we're guidance to to range increasing targeted expenses $XXX million to With cost addition to tightly our our $XXX capital our investments, expenditure prior reducing we SG&A million guidance, also and $XXX versus control are million. range managing investments. In efforts more million the $XXX of and ongoing a of our

over Thank back Andrew. call you. And with that, I will the turn to

Thanks, Galagher.

close usual, a with October I'll preliminary performance. view of As

of quarter store are merchandise to margin and the year at margins X%. broadly third to with sales trends fuel in about X% performance line total are Per showing prior $X.XX. volumes up October flat with retail-only

build Rewards, our head XXXX. promotional to as mentioned, activities we the As of QC QuickChek are in we looking into between and relaunch momentum at QX

month Looking while little under XXXX or average gallon all-in fuel $X.XX than about are lower retail $X.XX flat volumes per or $X.XX in store at margins just per year-to-date versus higher $X.XX gallon per about are with year $X.XXX a year-to-date $X.XXX, in margins XXXX. performance, last versus about

$X.XX of broader share A our we context put to range margin the we modeling the to this per gallon of couple purposes. into use fuel for thoughts as $X.XX

of previously, requires we the end dynamics both occur. or range As market one upper to noted the X of

variance like to years, QX in than PS&W. X and as can where price of X occurred margins the certainly This prices witnessed more falling has the are we once coming every in elevated, timing about XXXX, you offsetting environment see run up. retail this steeply a one First,

again, Colonial like. our above the [indiscernible] price. values, more well outages discounted are rack. prolonged contrasts like This And refiners oversupplied there where the the load in market with increase space an volatile environment indicators, are transfer where refinery and significant line wholesale prices long Opus

In XXXX, these conditions we the have headlines. seen neither despite of geopolitical

for we would this As margins believe framework, gallon costs $X.XX to margins, somewhat would higher pressure and expect expect such, such, see volumes tighter do range in in $X.XX retailers fuel within as upward And over structural marginal will remain equilibrium time. to we result a in benign declining higher performance, in-store on environment. more to per a margins continue challenged we continue normal, to to and

the and of to XXXX in EBITDA, achieve don't this put in industry margins walk a require we context we pressure $X.X of upward continue As this significantly on our as an paved is downside. higher to our stores forward new way. billion rebuilt goal we Rather, to fully that capability scale than investments goal creates upside and it's and more upside fuel case, there the margins believe at

Q&A. call And that, the back for with I'll the turn to operator

Your the of line from Anthony Instructions] question Wells from first Fargo. comes [Operator Bonadio

Nice quarter.

stores. off NTI So I start want to with

been we've versus guys. to as initial XX I XX Galagher, that number, to from many you mentioned hearing think is year this you stores something now XX which as used not NTI

about you on right and talk your any early And NTIs planning you're cadence? beating how went just we target? magnitude contemplate as think about what maybe that you to can this thoughts 'XX for allowed both year then So

it this thing is made building Part pipeline. function the the Yes, up disappointed especially number. through it a Look, permitting in the We've on was of process. Andrew. of the we been the moving of up little point of stores a hitting that is the on been process was part calls Part tied we've pipeline. a the in of not several pipeline, first have the working

the QX term seeing the entire QX. your for back-end process. up And use that built that class loads come the you forward and gives breaks move shovel-ready is quarter future, XX-month in having of just confidence a are we earnings the that benefit in fourth versus front-loading get we a entire portfolio we the per running the that we've really front XX-store year to had loaded. And -- of permitting some we more build pipeline and So as in us period

ratable So the year confidence and per amplified Galagher that, process, metrics importantly, around have get we of the of the more the initiatives all top a to the should performance improvement permitting more which with we And to. that continue a things those store forward over, are little increased went pipeline, underway. certainty look of around throughout that build on that

The important. we We're that we our in give Anthony. I is the us Thanks, Getting more thing objective mentioned, to guidance opened for earlier but NTIs -- moving add a that is, number. year as to not cadence the yet, only deliver of very XXXX are would confidence we gives Andrew ready are XX the year. to can closer

in we'll So toward you and soon. move should see that that XXXX,

represent Got it. end I low your just now implies to from X% that contribution, in take contribution just which what That's inside the helpful. the And X% guidance growth like year, if QX, on acceleration then for does an of [indiscernible]. something you

more? same-store margins? And the So contributions can and you little bit underlying to think about about from talk that just a then drivers sales acceleration of how

of opposite stores. the around with center flow We're raze-and-rebuild a We're we headlines about store, with and And the the good the even that there. fuel, to into the going snacks feel let's traffic our again, think, what's the on. seeing really mean online Murphy And separate helping continues X,XXX store, really which through on store beverage I benefit because the center QuickChek seeing important. is bigger Murphy the side. the Murphy more categories, driving I from the happening with the the center and Well, that. Yes. nicotine, read et side, of getting not even packaged Murphy gaming, cetera, on stores, beer, new salty and banner. That's of banner the banner we're with we lottery, from

we beverage-led. is space, about coffee in is as The that cetera. we've the QuickChek going news et war again, talked value food and And business a and, of breakfast read constantly, lunch sandwiches, daypart, lot daypart, in on

this of feels of environment where And of the coffee our the the so reading meet inflation beverage persistent some on the good plan some we I and with, level essentially didn't having and expectation going alleviating. kind about steps we price in into food which I per there, guess, basis, and to and store numbers program anticipate didn't by flat the have our you take to of just start about maintain sales wars, but our year didn't certainly see And same talked being a to some value are that as think we brand we're traction in of a environment.

that, and been lighter some the packaged of snacks, at salty numbers on been has area traffic has the on with an QC food the see beverage, down, et beverage more store and cetera. you of side, industry-type Center

promotional results was build with QuickChek going coupled to to there, the we really which Rewards launch seeing categories, our Murphy categories that impactful think as core as be in Drive we're is going the allow its I rewards, within is activity its and of momentum. think to us

XXXX, going real we as So a into to clear picture. go have we're

give so confidence a around higher and the certainty year. that this guidance guidance we'll in February we knowing our in level gave of we missed we that February, And have

line question comes Bonnie from the next of Our Herzog Goldman from Sachs.

I an bps compare. basis up easy a ask This despite your right. were a is volumes, by, All year-over-year guess, wanted in which to the modest fuel same-store XX quarter. on about I

And over the drivers of So a fuel years. talk the slowdown you're your of few industry you through really outlook the next for seeing? could bit Andrew, that volumes

hurricanes, quarter benefit and you talk the possibly guess, have Milton? could the October and any in about I Helene from you might Also, maybe seen in

Yes.

market X-year significant stack X% look stack, on numbers, in back to on close mean, X-year the we X-year to period a So most holding numbers, basis. X-year look, numbers, you I at share, on the X-year we're a still I think if go gained you where

not that's we've a much falloff as back. price that back And take XXXX. back in, of seeing we're prices, ultimately Drive in a the significant we into share. little been in has as high as And low Murphy giving say, we prices after most contributor said we like we So and bit when given know before, in environments, XXXX give have price now, the Rewards would falling

positive, So fuel macro we're the trends flat actually -- around view gallons. kind given especially this as relatively of

we of keeping the safe to incredible a our to team open hurricanes, the possible last stores saw very X quickly. followed moment power some the opened typical generators volumes up. for but to by getting where pre-storm an buy first due did those getting couldn't respect out, stores back with job being and in And them getting maybe teams With reopen our all, to days stores dip the the quickly,

So the stores and stores no the to from thankfully our no real appreciable to members. minimum impact materially team and impact damage

Our Tampa to the a use It great reopen. incredible and last of the to parties the fuel close reallocating an did And trucks. job did team our providers, also, job was terminal, which first transport preparing we for, third it.

despite So impact really standpoint headline from from all no to a the is there material X gallons the news, storms. us fuel

good That's business tobacco you're hear. love that I to rebranding And a to nicotine. your and had that and to then Okay. comment make share absolutely I helpful

So in over more years? still the products. back you're either nicotine hoping margins essentially do ultimately, plans, year, early you for this have see to hear of that, on And there change if year or next further a few bar, add your to strength the little to more smoke-free your upside context next to nicotine space guess, you the of and some color seeing I

talk category, portion previously, are oral nicotine, a investors, mean that significant many the category. taken to products it is noncombustible And tobacco when certainly, or Sure. a the growing growth. we broadly position called of that we nicotine as have I

side. had nicotine the already just times. acquired their So the It's when changing interesting they on we deemed category it's QuickChek,

in of past, color the continue have share with the right? categories. So our color, back the in bar, making working there, provide manufacturers to that terms same We're updates growing constantly on to space closely the optimizing that. across we'll we We're

complete as coming. evolution that revamp don't our leader the continued back of So been of be I see on a the in products. terms a bar, It a we've just lot will of

going One, deemphasized traditional of you and think the the I as becomes in upside, other everyday respect upside kind price from price low X relevant. with areas. With our to manufacturers, retailers at more be to that and the and more more products there's increases least see

and And so to pick traditional contribution in products. will share margin up we the grow continue dollars

their margin will on it be with -- depending growth contribution in higher nicotine that may especially it positive. much absolutely that, up unit change that or margin grow not, margin equivalent, in traditional contribution Two, the may to relation the use will grow per associated products oral a in products with from how more show And but dollars. and it higher

towards retailers, And would illicit in And us a of state and manufacturers saw area the for the the state. third a uplift nicotine if and the more distributors DOJ and significant and the would in and took marketplace. FDA mentioned, we be responsible possible other as tobacco, tailwinds [indiscernible] that the categories illegal take products the approach we across

products And an that of or products. illegal are see as road vapor so illicit opportunity almost we have as considered XX% some the down projected

the next from James. Griffin Bobby comes question Raymond of Our from line

Congrats that. on about would XQ? characterize different circle to past look today's want like it QSR you Clearly, calls good to just economy. back Is lot how moving Andrew, talked But in promotional stable when get the I things or in you on it consumer We've pressure. the quarter. the a parts consumer high level, versus and pressure at a starting XQ on all of behavior. a first

of kind help we're heading sequential up what characterize into curious basis would frame it XXXX. on it us a Just you to as

On deal a Certainly, sequential [indiscernible] it's the does it somewhat. had stabilizing basis, there. promotional like been out feel

a or away some trade-off that's program, $X.XX, some So it's coffee positive. be the subs. We're of from as to sequentially, with promotional backing a to going having announcing, those, see retailers make the X-inch a whether sandwich program we of

the breakeven shift from X-inch, but XX-inch seeing to we're more a So positive. than to seeing that we're in is mix uplift on

of basket that the center So the complete. see being the value-focused. the with maybe We not of customer some store off definitely as in play is

the couple with uncertainty value in continue think economy, customer I we'll see to quarters. the seen we've over last But as of behaving the some

expect it's set be that value a competitive of to continue to to going we expect offers from probably but later XXXX, certainly relief competitive see in think I see we QX, some QX, the QSRs. of to broader

Certainly, say we to the continuing the categories see on on beer, the as other down side, share Murphy to growth the Murphy from -- continue Murphy fuel see driving yes, was we're in trade core going there. evidenced to and I nicotine, our to lottery consumers, retailers

And network proportion the -- growth so good of future proportion our well. news is our it higher of as represents a higher a total and

steps So address of doing QuickChek, compounding while are Murphy even concrete steps of those traffic the same we're intentionally to benefit. more having some headwinds at at types

you And like that. quartile appreciate we about I in March? opportunities, quartile something talked pulling up the of of first identified about guys and I bottom you stores believe some I Okay. you their think EBITDA. it then phrased can talk each

the Are anything still talking stage in identified the finding through journey? on the moving we one about. we that that are the opportunities? of of kind Just 'XX? Just starts we Are and curious side that of in those initiatives execution into of we finding that flow where there in to stores where were more towards

in factors like-for-like initiative. Bobby, question. stores work progress take to we and those variability. can stores based assess groups [indiscernible] have you we our separate this we is happy the variability done structural that basis Thank performance. do see and that The on I'm for on asking. the is Mindy. good news the made on to Actually, that really We've remembering into

able see of that And variance performance most clusters controllable XX like-for-like at of stores XX variability addressable have that and because now we some should variability we're be different least in We that to stores now attribute the degree. some similar also to to says drivers.

And represents dispenser drivers, upside. of largest theoretical health influenced our fuel sales those by

be to next test So [indiscernible]. to a small a as early week set actually larger a as to stores roll beginning a doing out is of plan set proof-of-concept next with to what we're going

at what to and let will us the and concept larger assess benefit gaps inform the a of have at home feasible proof at will that what is And store getting help office both do really that store, we rollout. really the

we're possible phases, and what we're learning refine in early and the upside in to really for testing able So get how we and we going to to we have put sustaining to be that continue as of that investments capture do that, days go still also will what's capture, to but benefit the forward. against make that are we benefit in order also

should some that So our is next there you the this yes, some point again, conservative we for even store. might And But perfect in year. trying no expectations though see keep to because that we're theoretical at opportunity, benefit to have trying get we're we to is still at do office and to potential, to and that figure home out gaps expect what actually what actually store trying realistic the in figure find out.

get be and more what we next done potential giving what some when more we this having into to about the and some can a pilot, expect is, lot benefit. concrete able of the this to be come start we will and you expect will informed year, we behind putting numbers as think I after can But we guidance really actual

uncontrollable our that of make Bobby, range would absolutely those we to I that top half factors structural, investor that, thing the add one inherent Yes. deck. presented up in

So we're that range, working of on and bottom said, proving the half Mindy as that out.

systems into want roll of like doing store is transformation other people is we some does across complete that next have if with continues that experience a our this to excellence, always of there's initiative things stores that thing also our work next QX to for taken tomorrow, of digital forward. common initiative we the in-store But of year, into and pushing looking incredible learnings where and other that our opportunity it one enterprise. then few team we're they're thing and we've the remodeled the The

there, our are bottom Galagher, pacing can we with because delivering on entire categories real traffic-driving one that excellence. opportunity we've also huge a benefits tangible focusing difference the Murphy. line finish a rightly there's on of make the Mindy biggest that that to started the with upside so leading And at mechanism fuel things impacts store initiative the And reflecting that want that to is

So it's that but in not more something that to in see to going baked probably fully come on we're really February, XXXX. until

Best of in fourth luck here quarter. the

our call as that turn Thank session. back for are now remarks. you. more questions the no closing queue, Clyde Seeing the I'll over to there Andrew question-and-answer concludes in

great consumers. on it's continues are with It's the Well, thanks, there and a noise the value to Great. just And for evidence uncertainty offer think everyone, that a together out despite quarter brands I come in joining. our delivering all resonate. see and to that marketplace just

business investments into for that capability the to preparing us terms the translate future to a are of walk $X.X XXXX. great real Our meaningful the results billion in in teams in enterprise growth that doing across consumers. And our and to are are job continuing

that went the with So and to there the big all teams on. hurricanes going thanks QX and the a everything initiatives out in that's have through lot

we them, investors you. forward to So congratulations look with and to speaking soon. Thank

call. all Ladies and concludes that joining. Thank you for gentlemen, today's

may You now disconnect.