The Trade Desk, Inc. (TTD) 9 Nov 222022 Q3 Earnings call transcript

Good day, ladies and gentlemen and welcome to The Trade Desk’s Third Quarter 2022 Earnings Conference Call. [Operator Instructions] It is now my pleasure to turn the floor over to your host, Chris Toth, Vice President, Investor Relations. Sir, the floor is yours.

Thank you, operator. Hello and good day to everyone. Desk XXXX Trade conference The to third earnings quarter call. Welcome

Chief Singapore call Financial Founder our can Sims. be today at press the our in our office copy Officer, Officer, of A from Grayson; found Chief On release Green; the our are Investor earnings section. Tim Jeff and Blake website on Revenue thetradedesk.com CEO, Relations

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you joining us. Chris and all for Thanks, thank

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Jeff, Thank good you, and everyone. morning,

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[Operator question Shyam for SIG. today from is Instructions] Patil at coming Your first

you separately, with job you’re on And a little had see couple Jeff, setup your go talk XQ then the Nice year? macro? guys. Blake, seeing talk bit quick then about you, Hi, you guide as as a can guys. a more assumptions you more how little Thank execution. the just could a and follow-up, I expand bit about some the next of and just we there? what questions. just And just into of

appreciate question. the I Shyam. Thanks,

let So this the start first and macro about year. me talk with

bit performance was are doing been little in put would XX% uncertain. of So that because just because environment is single-digit one I macro either an be because part that’s mostly of that’s I grabbing hard have of I up those definitely there means it that’s ever than headwinds reporting or definitely each that in don’t more that our an we’re proud to negative of environment. we be that more in have it’s of that most macro high in QX. other winning in land. more and and it less, an at or an case. advertising advertisers where We we’re relative but the environment themes believe high whether know up a where growth. this If because mix, put all-time do uncertainty, And of where regardless say from, outperformance we’re stocks in what we’re more it to coming And But with share large would

their in to what programmatic take So which more TV lot earnings is our a Gamble said precise. from that comfort are I linear shifting and is spend & report, lot of we non-targeting that in a actively Procter digital into

at tailwinds level. XXX surpassed inventory data what Peacock CTV, or all that’s at or that just you you on just look incredibly outperformed we’ve basis, from Disney+ UID relative or reported the But grabbing XX or well in when it’s And that see we at the or the United at UID in hard doing outside I be XXXX, the overall from HBO States a fact environment, think or the whether we to macro that year, this so when Netflix going and or then to look at or connected new activating attention we States it’s look just so to premium into done earnings ESPN And markets you start proud, the video just inventory that in partners our we’re Fox to digital we’re that that’s hard or land. United Plus and not have, not television. and come Paramount Hulu in an you turn unprecedented to look

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we XX% now. largest land the of doing of growth macro irrespective possible hundreds will environment content will had. be partnering wouldn’t to the over over talk best first-party accelerate of our our with not not in be largest time all And I an integrations direct OpenPath, in course, that right world didn’t with States the many grabbing of which of for such the course, partnering will that about owners XXXX, even XXXX. world, the retailers really in the data in of to and in prepared have with least, world’s have United last all think talking and with the onboarding we’re that’s without us but we’ve around that grabbing the land of about And remarks, point trends ever that those which we incredible opportunity

to bit So with pass question. your it to that, second over Blake of more part a talk I’ll about just the little

the Hey, for Shyam, question. thanks,

QX, revenue to your on to political ramped a again, us So pretty hard comp actually great great start XX% off steady, year which growth XX%. quarter, was fundamentally for too, up as last And relatively just well. of has QX, question see on off

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obviously up really value us. me, programmatic So dial and while this just to you that well it’s quickly, the the and model. for of down shows power doing can And

a QX are not as growth Now the double well to into our funded app couple or QX digits only specifically many lots, flat sequential of companies is regards negative. with

in year-over-year We’re year-over-year the and a in I of basis political momentum actually about that’s And at I I and forecasting that got. And accelerating a that our us QX. there. just there’s to recognize impact when future growth helps. QX step acceleration in a in a But on back a bit that lot hope me, this standout performance a gives it and we’ve optimism for environment, us look

Shyam. Thanks,

Holly. Next question,

Your Squali next coming at Youssef is question from Truist Securities.

have very two questions. Thank Great. you much. I

puts that – connected relative players And guys maybe numbers to you share you other can other where the are TV, are to look the talk up to maybe also more? going Do to the need very you XXXX, CTV or Thank structure benefiting growth Blake, maybe year? the versus you. arguably relative speak that from margins are growth next expense about gaining players? takes, maybe, XXXX? to Can that losing how you for for and at relative talk in have end improve you impressive kind – you actually do Jeff, And you to the to invest First, in believe share of CTV positioning you and you will commentary. color about both back or expect competitive

adding if on the take mind, Tim, I’ll after second you color I CTV. first deal Blake, and don’t

Youssef, Hi, question. the thanks for Sure.

line regards with cash thinking we’re to We’ve expense margins. and but with consistent generation, got to cash just that got a free generation. remind we’ve not bit where adjusted XXXX driving EBITDA got really I free the in high everyone situation like And situation business flow growth. in top back We’ve we’re stepping model so a right? in growth high about the flow strong structure desirable, only strong highly So

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that’s companies like of think for maybe off I paid did, us. these and some

deliver and it We course that our have includes the ability to investments, about stay hiring. we the and

see the any available we in if make think we we changes changes have As to should to. significant we about definitely situation, levers need XXXX specifically,

off adapt. structure today said But I’ve You a is growth run. us that company invest on overall we was the in number do we COVID, during long though, drive it and than can expense the saw that XXXX of always ways for calls, and looking better But think of still, we’re to pre-pandemic. the for pays this

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to we cash really And So about looking in we’re into I’m think and on. then... efficiency areas many free focus more have a great position And XXXX, I and flow. drive opportunity scale excited to so that.

if as CTV it then Tim want I’ll to you to well. speak and start on

CTV question. So I about there’s on talk parts think to two really the

inside first The just about talk about just is category we and little also why category. then the the bit talk win a to specifically

in XXXX, seen you know happening that’s ever way look of leading of that secular online. and Trade media. again not we’ve CTV at see because now, that the is going or I ad-funded any largely interesting but we’ll right we’re a I programmatic, tailwind other course, inventory the it’s across just coming open of forging future amount to not continue living and interesting of the know business and ever the the before, is in audio because identity, also that most of is don’t that is So Desk, the Internet, as inside happening thing in our into thing in that The whether or But CTV and display most leading channel native or don’t just

so added becoming report was their as an the of quickly very is is people CTV surprised million subscribers. the a see of course, a coming place where not million first Netflix on XX partner, result, themselves ad-funded our Disney+ just soon. new all spend of – first at And and And the couple dollar promise option to

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are winning everyone above we else. why So

So to do have competitive, be you be omni-channel. in to order

activity of and then So the channels apply of other be you if really the happens where are other the just that learnings focused you CTV because will, the CTV inside And on those is channels then where you a you’re and can’t awareness. sound follow-ups, funnel typically all take top effective CTV data CTV. to to and picture creating all moving from that

effective, most be in be you so order And to have to holistic.

their any in YouTube. that be have themes of to means which walled you compete the the to be to of of the media have of very but owners, have be objective, one with which which you also and is most content you is Google, can’t problem course, really especially you have omnichannel, they So own importantly, a for then is gardens, that, global

And with so somebody or in their somebody their very part partner content to of they in compete core the to creators that with business. are not with eager – –

to global, the content we’re you being to by and the omni-channel have you we them content all being is by an owners and the objective by authentication have owner on identity as you of So We’ve part them They makes those a possible. and on their Disney ad strategy. of That’s is very vocal have Internet, high well. with That see authentication vocal. that on been to an and about And to strategy. that things. go Disney. ads what And strategy personalized very been possible. being loads have competing have say both something able is It this to is with doing partnership CPM extremely That’s and UID. possible. and low what what with partner our that time every there’s not makes makes identity then

objective. competing because them So we a not for really with them critical partner we’re while become

about reason more But sure this. You put Tim, the that’s I’m can you say and that winning. all together, we’re

Yes.

why the differentiated a said. Youssef, And for I of year a to in of it’s and thanks position kind what I we’re Jeff and question. out next win, think little as bit look

you’ve got a So online. coming lot inventory more

let’s back now. look got of But Fox, rest into they Netflix, their not of etcetera the get in word of Disney+ at lean into out, do, companies Paramount that pointed them. So who are Hulu, as lot HBO are the if you those lean Max, right perspective, competing ecosystem a And from is Jeff us of and lot they do we’ve forget, it reason the with Disney, programmatic. continuing think about count we what people ABC, and a the to the ecosystem they ESPN, NBCU,

us in identity. in including lean ways, they number of and they heavily on different partner So us a with with

So think, to catalyst going be through category. major CTV with for UIDX, our is a I partnership Disney, the

entire year category. is next As richer going a result, going to into that decisioning much have inventory the across

Trade huge the to story. think when space collision a to The it’s in be never going seen premium So Desk there’s And I benefit programmatic think mostly date a story. CTV And going in this that’s like it’s CTV XXXX, perfect XXXX, that content in we’ve to before. I be because of and to this addressability about scale I think

I all Trade going for think into really And an become think so that to that to digital dollar CTV to media, next year. going excited because first I well as am And scale XXXX a And the that addressability create positioned Desk in of the I’m year. is quickly things very these is is CTV going in data-driven environment in spent for think I that. result, and be The I excited really channel next combining programmatic most for and

helpful. Super

Thank you, Youssef.

Holly. Next question,

Laura question Needham. with coming from Martin next Your today for is

That’s ID following the my my is connected does Jeff, is data some the question. shows on And China. of on Hey, on seem first we to viewing just had your television, individual on comments smartphones benefits of then XX% shared and tablets. about that targeting that like television MAD second undermine devices connected up

You’re sitting in on and Singapore China. silent you’re noticeably

give business could update an your what’s us So you these Thank going China you. on and on days? with

Fantastic. Thanks, Laura. Really appreciate the question.

that that we it it So when ads the answer is in a problem doesn’t not CPMs of viewing, it’s fact, on always worth there the capping individual customizing a or are first broadcast the a not environment The we placement pose to does is viewing bottom targeting and it graph, or comes or or you is for television any saying Does Both that those household ecosystem linear by an of shared when making has answer mean considered it but we viewing emphatically, necessarily worth no. is competing is whether it. it’s shared less. that CTV is CTV, just or that, And is it line sort the threat to are there let what The have almost problem, answer is considering, are graph. ecosystem frequency shared with an for ads, frame yes. impact when in it’s are the is measurable. a a of me problem

I it and am and And been in week mobile reminded video So, as have I of is not. measure on we on of when and here it’s again devices. devices. Asia ability it’s again consumed have this lot much premium to when course, the finally, personalized being video shared how premium And reminded about a is

inventory, content into is household efficacy, traditional considered, So, sort television, linear the individual or targeting, valuable on and spray efficacy XXXX that you a that graphs but to more and as identity-driven the than all of which is more more go you where up continues way the the the wider compare when personalization, a to digital put we it’s with together, both broadcast than unfold in lower from there more a the broadcast more Tim that the of is exponentially continue load the of and phenomenon up. impact the premium, more are just sort gone has that the and of efficacy customization, pray And the going ads, programmatic describing ad only and is select is cost. selection was well, really story that can becoming to

thinking time don’t it. about I So, spend viewing. it’s shared an as I don’t even the worth absolutely view issue.

twice the relates is of to of it about in markets is half world, constantly the United China it’s course, media the eye our are So, the as growing fact of as while the China, size one at and we keeping market, largest on It that pace. States. the a

geopolitical fastest-growing issues. China because you As office that true, but been the that’s largely recall, headwinds last world. year, hasn’t just year, our and was in macroeconomic of This

So, the there issues environment. we in is just to affected XX has continue enough, weren’t second of excited longer which because that we has those large still for been just have is this XXX% question. office, some the English-speaking world fair world Chinese-speaking of a while issues continue of bunch our we make television it been And play ago. the But has Laura. so the way. If world nations just led in COVID the look and amount significant of much video relates all no – in been China as very is quiet, that also premium was and geopolitical very because believe there it quarter-over-quarter, and months uncertainty. the over global important things that up that as part a we geopolitical Thanks, and to smallest the the Shanghai we have of video, lockdown them future slowdown. the Appreciate CTV, and most to a battleground of at important Chinese-speaking bullish premium a

Next question Holly.

coming Your Justin from at is Patterson question next KeyBanc.

I you like seems quarter? the heading grabs a finer you there relationships Blake, And then I the of you rest kicking we year, Two, on have initiatives how have commentary your color that by and Proctor And budget some growth if about you as competitive look is programmatic you. we Thank on trends very up OpenPath how XXXX put in think and past? how point for the I landscape can. Could year exit the Great. the think observed some lot at looks it much. over next and into about quarter-to-date? should more in versus If we Jeff, data what recent the year. in and please & guide. the Gamble, Thank these for should the QX appreciate of observed a

Yes.

I programmatic. you and budget that’s going So, in is think more There into are that. right more

is & heard I that that. think of Procter Gamble from indicative the have commentary we

have the much chains Internet, before, heard you the chains often complicated. become us Internet a entire supply when little murky and more as mature, but just happens the ad-funded open of become As really bit markets say supply of have the

price. the about as supply getting characterize to executive had said the to the be one as fast I and So, success possible consumers it to more deliver Amazon, that product for I they have about best that can as the things think supply just more it their obsessed supply team they efficiently that that are for just so way possible us have is they that chain becomes has and making before as important possible an or chains certain of pads. best obsessing

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largely only historically. like be the valuable couple in so did in more and ID that’s Internet of prepared more Unified it’s opt-out better data going it’s when and because consumers the you the not are but that all of I clunkiness opt-in. Internet of that initiatives the XXXX a rid we upgrade with just So, from And been scale cookies data-driven And when an not cookies, Internet to makes of of also and data, for getting had, just math it’s much in especially of an having UID opt-in have sync getting are the effective. ever we than is to will going an data of UID because Internet, some we which course, into said the first-party XXXX, I XXx remarks that believe because

effective all together, supply more a have You that put we chain.

the got that’s over likely what has to we that and are that of happened search The walled getting anyone the we very of the And and for starting leftovers are happen the the else. is now budgets are from more. happening to And and and first grabs, dollar, more is think Trade While more dollar Desk up social gardens. what’s first than the we we history most get

secular expect that tailwind that CTV to continue as We a continues.

the appreciate I So, question.

cave your one way it’s trend, think a two this it a shape little say And recovery, bit of you maybe or about will, heard if on then, on and a before, the like have question just verticals. cities to is, you QX Justin, of tale certain us like for

outperforming and lost travel Some areas time. and for like up auto are making are they

more are challenged. areas Some

talk about to You challenges. heard growth the there, as have is we amazing said said, but that incredible Europe, us we specific in have macro Europe, seen of have before. But as CTV light have we which

see optimistic the makes me been some for future automotive there. it’s then for especially it super And So, the especially gains growth, there. exciting us to

of We the then over volatility customers from and a more have period won existing business past X-or-so new existing some years. after

some think And – still well. are well you about that CPG doing as and that supply that if some you incredibly challenges I chain so companies, have even and some got talk then then

to that So, breadth the represent opportunity well us share gain still advertisers there, super and I of areas that think and verticals bodes of for is the for we too. the us like there

Thanks.

Justin. Thanks

for D.A. from at White Tom is Davidson. Your next today coming question

Great. Thanks.

taking the here thought spend big of broadly? ask a spend away learnings around Jeff, guess, elections that digital of ad cycle? and political. you would to that I just ad I any Any the on we question CTV I as future take away should Given takeaways political political this are Thanks. kind on yesterday,

You bet.

of done a we of of that to specific definitely that we is So, platforms to important political. we job providing over really decade work on Democrats But for cycle. objective and for political that of time reassurance the them is one that that last the our a platform a the we note middle power political of again other that the that the them do focus a thing have is best me result and objective better seen thing. or more contributor social for provide process One key It’s for sort and phenomenal just making get it thing process and have once parts every there is what been to so the seen our a CTV in is past that both platform have and for very an as we better arm’s larger both not in for to going And providing that’s election on to preferred a to that have our in the has focus in mistrust a sort process its healthy more as running team matter. is that more else tech done to specific a to think are proud this creating believe and really them playing candidates environment, channel of winning can run sides and it’s happened democratic sides and to independent has really possible role been do advocate in run we certain And aisle are to and specifically. process politics the trust better length anybody going with and both relationship, job that’s we I election. Republicans of let we the make advertisers,

into the to We as election forward. significant expect going it every excited plays or the we in see next election a play and very presidential a But that cycle. continue move that role future. are we And role, expect CTV will bigger growth really to to once grow in into again, election and XXXX the we think

appreciate I So, question. the

Thanks.

Tom. Thanks

Wells Your Fitzgerald at next from question coming Brian is Fargo.

and if CTV context heavy versus decisioning Thanks. do CPMs? you and channels, to the there do intensity lifting you about pricing particularly get and of channels? Jeff, pushed maybe And want of versus in other could I in on differences the marketplace back in ilk. talk in know intensity your private there things also other any you Do much as that deals

Yes. I appreciate Brian. question, the

do or it’s So, say And to various in of form we argue less – ways question. it’s that less? question CTV time. we some charging been ways. essentially asked should are just than also over are add of I this we be have over And going in any And value that we in we So, adding time value that CTV, is asking add do in value channel. the more we different two up would other

of stakes first the that is higher. because are is the value So, adding are why the reason we part more

to in at will CTV, you stock select if If go you get ads them world your if kicked random, are you you they buy in market, high-cost are buy ETFs, or you stakes you very highly up when But every very impressions, in single buy carefully. random expensive or all the buying over stocks time. time that higher. tend of the you have the to And at

well certain CTV to Trade reach on right. make Desk. The is you the argue to frequency that and buy reach I only And frequency use you have and the ones, in platform that manages get have data world to You right would the

you So, more time select as carefully. on, And and to add more there impressions, more outperform add when we value. more goes is opportunity

as where advertisers are the same, publicly there training having biggest or all but remained we heading. while And to our time gone our a buying ways have essentially where done. that That’s take much existence company. rate decisioning ramps time down as decisioning. advertisers high been for product that in think time. same wheels that’s have just of the pretty traded And on our cost value we else, methodologies, of do a are So, our replaced everything PMPs add series entire continue those those limited over we with just of has typically over are are and for And over more

it’s for that something clarify. us to think been So, I has important

And appreciate the Brian. so I really question,

Thanks Jeff.

Next question.

question with Your coming is for next today Jason Helfstein Oppenheimer. from

Do have concerns this? speed can What slow you that a you agree? you adopt Do up you follow-up, are just UID. we publishers to heard to are being UID disagree? Jeff, adoption? Thanks. thinking how do Thanks. about And

bet. You

am infrastructure year year Internet. the partners. or up entire to InfoSum Jeff, many think that of like us now and hundreds And needed Salesforce, Snowflake, more down we approaching you names actually sat And of dream heard with infrastructure we said I list a list fictionalized added XXX up Adobe, saying adopters. others the a that or the even write so could of constantly the data ago doesn’t underscore Experian if those that I infrastructure the others. ago or that add of have have ecosystem represent Internet, I a impressive you don’t So, than me made a of those and that AWS, that’s reminded

propositions and So, they all of here, and that continue walled bear. you get players and prioritizing, or can CPMs work in so it, will bit represent think to momentum value make measure hard push critical year board. be The to sense wouldn’t do ago are momentum us of critical commitment implement. leveraging leveraging improve I us performance, it time with terms that, that Disney, in I the gardens players to a their especially thought you will see it which across to take first-party the little is strong have just add first-party where could rebuttal very now. of to it, well. learn their assertion data companies, advertisers of be to coming And that they And you it’s coming really all will possible get and companies option only of idea that, just And the all online that going and publishers some their slow. will the to next I and XXXX that and gardens, And When they it’s do put prioritize just to to of the walled believe them from only much adopted historically that I then who leverage possibly UID But that actually we way owners enable there like from that to relative the really have that bring with a honestly, them, put then I data all that has that signing we and on together, Because takes to have learnings those issue CTV CTV in or their to year have need in desperately it’s first-party for high a for any order the marketing the personalization to and the they have that compete. so have that the of had. content actually ecosystems. don’t to have outsource marketing just advertising been order not data are

open really a and future critical its plays of the role UID job. the Internet, in it’s So, doing

Thanks Jason.

Holly. more take question one Let’s

is today Morris Your for Guggenheim. at from final question coming Michael

topics two like you. I one morning about. momentum and would plan the ask about guys. have about business Asia. to Thank joint I Good One

market do kind JBP in it involved you not And hear run us partner is one those, value are how there a love those? of So, runway is sort or much much respect sense on at add? more partnership have would for. valuable of way does you a that it how how for is the this the through partners with also the feel much JBPs, to first the if business to help point of penetrated this addressable for I – a you your rate that makes How topic size market of is quantify or to some understand could compared how somebody, more of who

So, has for compete tough local did pretty there. lot The Western second on as you that’s historically spend market a opportunity players. talking time companies And just with of the market first been about Jeff, topic. the Asia-Pac the a Asia. they then

past little can be companies love you Thank a I the where to So, bit you maybe some about in hear why would not? you. think successful have

to the question JBPs, about have will some I take I the Thank first of part am going bet. add and talk the Tim you. color Asia. then You on

I to everything JBPs. try will the that of question the mentioned cover kind on there. Yes. Michael, thanks for you

the difference a So, first, engagement. and typical a starting between with JBP what’s

is One JBP of kind agency. tend set the or of client. partnership for brand typically that a framework multiyear that that milestones with includes to is partnership agreement, we over The that often longer and to tend Trade a of between period the they these a agreements major that which a in multiyear MSA time than sign a standard Desk be differences And would

best agency using It’s do structure that spend it just typically in how think our with investment engagements time be engagement over longer that incredible look we our how jointly how period are of are framework, partners really adjusting deeper how that things may way ourselves great it stronger data-driven a can lot is benefits constantly these we that against a that we going on build think a we are move and over time. can their and structuring the those period. figure with do sit is checking we to or these so one the set they really around that of about those we to these a we And more we a to and that at features business achieve stickiness the see it of because that more how kind going underutilizing. of And framework term way a lot creates like how do as the I within is creates of over about into milestones. moving are their we longer a out of partners really the goals that mix partnership together we for of what interest platform that advertising, of work platform, on multiyear down we we conversation with brand towards achievement to try period advertiser, So, think agree the

the right And we a have and over future continue conversation clients. excited we to JBPs the interesting build So, more in the on much momentum are end, and are to really to all and we about discussion dynamic that that with more that leads now, into time. with expecting more

all here And really market being Singapore started am because Tim. to of where Well, your appreciate in in on Asia, don’t question. excited sitting course, anniversary JBPs. Asia nearing are Thanks have our of here in to here I on we I and I the anything also XX-year Singapore. said, the in weigh though, we add

we in be based markets successful And already United So, we in is American company us. United are. to CTV States. a global have faster that premium a we team we States XX my grew an response are are in Asia, can not the be our we than the video company company, happens for or that in

about So, markets. Desk when in not not talking The – I say general. it talking am Trade I am XX am I I markets, about

UGC, faster are or grew you spend that’s Southeast outside world. United of position same every video having Asia. grew South reasons benefit world, to XX from competing also with others. markets the of just other historically, all seeing States moving the regional market, U.S., creating than Asia, did alternatives, here. YouTube around a no North in is longer English or language happening And have States, grew faster in fastest America. for licensing it they over leading the for barriers, seen region a has of companies in is the English with are grew with we in because has all – terms their the very But is had Our sort the content markets. why growth content United Australia dominant Europe. It the than a than grew premium that part faster in inside than large faster of especially Australia like faster where that It and because there the of creators percentage with in the content them many to leading where CTV the the but prevented have And is you thing size competing regional close from those U.S. rival way two But market that Chinese content one markets

no biggest instead owners that longer So, competitors as the next what biggest you content are companies neighbor the are Disney is at their sort door their and around competitors, seeing of viewing like Netflix is their broadcast looking in but world.

at are all they ad-funded the to that are compete. world So, around to follow those the options have quickly saying in we that looking order companies creating and

we And over are a the as so result, world. partnerships all getting

reason That as here in of executive growth on the Asia be lost up competitive the other to share TAM, is years order but that $X trillion in world. it’s as of for GDP to us, in We out partnerships. team of not is Asia. And us that is capture in next to regions well going fair is for the the our come our of have Asia XX most because are setting we

McDonald’s, the come to And about in lost world, advertise the them fastest-growing continue not whether these in mindset. course, dollar or are not things market in or of in issues, brand talking growth have strong that global world. Asia. we of going and you and been on it’s the brands Gamble And Procter to because out over despite all partnership that geopolitical and class that It’s this is of like that a them doing lost the headwinds that. doing already we some the is largest most economic and here Asia. And are & We the but GDP world of we on strong represent Coca-Cola middle do

a So, together, winning continue you and we put are will so. in market all do that to we of that already it’s

We have over invested.

are at a bad early, a that’s If versus you thing, course, you. our of our employee good count Thank look thing. not late. And we not revenue,

Holly, can the up Thanks Michael. you call. And close

call. Thank you, ladies and gentlemen. today’s does conclude conference This

day. Thank may participation. You your have time this wonderful at and lines you phone disconnect for a your