BuzzFeed (BZFD) 13 Mar 232022 Q4 Earnings call transcript

Hello, and welcome to the BuzzFeed, Inc. Fourth Quarter 2022 Earnings Conference Call. [Operator Instructions].

Please note this event is being recorded. I would now like to turn the call over to Amita Tomkoria, Senior President, Investor Relations. ahead. go Please

welcome conference and Inc.'s quarter fourth Hi, to earnings call. XXXX everyone, BuzzFeed,

today CEO, Joining Marcela Founder our us and CFO, DellaFortuna. Martin; Jonah Felicia and President, Peretti;

be opportunity would Before started, forward-looking contemplated statements. differ remarks like by to may include remind results from to and forward-looking filed today we will you Form forth in set differ materially statements. are on I SEC. Factors take materially get that the report Actual press these our with could in release cause XX-K annual these that to results this to those our today's

statements or make and based we forward-looking events. future result these this today, on obligation no call a to update Any are that we undertake statements of information assumptions new as as on of

GAAP the use financial of performance strength and our financial present call, including measures, will for goals measure EBITDA non-GAAP of business. The to business During establish this managing to adjusted operational we margin. us budgets and non-GAAP and EBITDA to develop and operational our allows both measures adjusted

letter A method useful by EBITDA a reconciliation investor press and We and of in along investor are in manner website to to is relevant performance they for to our to investors EBITDA because Relations our similar the margin adjusted and allow management. today's in adjusted measures presentation. our release. investors included these GAAP non-GAAP believe information earnings view Investor refer release, Please today's with used press

call now over Jonah. I'll to And pass the

thank Thank joining us you, for today. you and Amita. afternoon, everyone, Good

a tough operating We for environment media. face continue digital to

audience occupy ecosystem and audiences, unique iconic technology marketplace. we position in brands consistently platforms, is proposition and However, a our value the in creators, platform, With and differentiated massive a advertisers. the of a resonating

all and in hundreds and a crowded creators appeals Our young market. content advertising each biggest the platform, millions of of emerging to to tech break looking clients, reaches day people premium brand-saved through

them exciting lot media will on the company long-term of to shareholders. a I that some and the underway, deliver to scale-diversified is cash value of of industry work poised today. have a are digital share We which future we And

to navigated weakening discuss our challenging we company. ongoing headwinds me turn performance. of the and year networks I vertical XXXX ad a complex dual our shift the for that, environment and business, into video a Before also was short-form digital to while the integrating briefly let

First, on environment. the operating

content operating of pressured conditions, order Over year, in macroeconomic work many were environment, our to business. deteriorating in to the complex last of year-over-year global clients which forced constrain teams integrate our this ad retires. navigate In into advertising and also growth course our the budgets networks to

While resulted we meaningful that believe not full yet synergies, as potential we reached a in cost our integration combined have company. revenue

speak which will We have these in order to to work enough more challenges, to shortly. Marcela overcome do

across Turning short-form our video, the at to namely of the of made platform. progress in the highly ago, vertical great implications XXXX. to A short-form I around building audiences large, first content discussed rise business, and focus video engaged form on the our year vertical shift to we short shift as media our ongoing earnings call, rapid we

As of Reels short terms shift doubled a focus, we and this video vertical result across TikTok, nearly our output YouTube form of in in Instagram, sports.

views premium NFL Louis quarterly Reels of use globally on the billion like and recognized with earning videos X surpass multiple with millions Shorts, consistently to continue Vuitton. We on each both brands and par

short-term tripled of viewership content than year-over-year. more QX across platforms

as certain the I platform. platforms begin to such As short-term content YouTube we up it partners for monitor on monetize Recently, time have takes their discussed opportunities to seen open before, Shorts to formats. content

long-term focus change, momentum to I believe growth the why we for of we driving first and the to Although continue, monetization. we strategic operationalizing business are in is stages this which right this expect position the are

the December, complex made for integration long-term adjustments environment accelerate with formats aligned cost focus the the with and structure networks. to demand we monetization the highest progress platforms initial of on to In weaker significant our on and our

-- to the across Execution I focus allowed the against has areas and that long-term artificial drive specifically, content. creator-led portfolio I will cost combined believe the of and defined media be us our our of future brand, creators on initiatives growth the believe AI-powered of intelligence. across by digital rise

content seen formats Shorts As capitalize on proven built consumption we the around continues creator-led momentum, past behavior TikTok rapid and the popularity in year, course the of we have content. like that favor content. over audience have audience the rise have the To Reels, to creators-led of

We are building suite This next the recent creation includes content of technologies, talent. engine. end-to-end Internet creator and of generation premier tools monetization our the creator platform power to and attract expanding

We creators. have for spent a since publishers track inception next engine of as Internet BuzzFeed's with discovery generation creator-led record proven the a

to mbedded of form a marketplace. In helped some complex. in creators fact, commitment media culture develop the have in competitive and us biggest This and started the has BuzzFeed careers advantage

We and of network are the to our cover influencers creators. to world struggling of to able navigate talent offer trusted advisers,

strengthens helps creators higher content build and that to deeper content across audience reaches our tools and or flywheel audiences in insights. monetization resources. also strides best-in-class us a our quality allows sustainable massive data platform and and network platforms a to made capture growing We've wider our Our access with creator, which more engine great with further

technology represent BuzzFeed to level. creativity has take the and convergence next development to lived always this at an and opportunity the intelligence recent artificial intersection and of

we process creative to writers, continually the our increasingly the producers. As becomes are and of creativity looking AI-enabled, maximize creators

that and and tool, creativity of premium as avenues can offerings product partners to appeal open imagination, our new engagement an AI harness will explore We humans view clients storytelling new the for new new to frontier up and one on that exciting media.

start. is and core this curating personalizing phase see in part In work quiz to to good our the power experience, XXXX, content our audience. brainstorming informing an business, our our And from move and of you'll air a area content off R&D our enhancing for

these more media. be digital explore excited to transformative I us in frontiers new could for not

As benefit will And and working are from to creator time power will is to join AI we hope have trends. Day our we to and you share, led continue well BuzzFeed on Investor Virtual both what communicate gain on. fully these content where influence creates and audience XX, May positioned we

Thank you.

I'll Now the Marcela. call over to hand

Thank technology content you towards focus performance, we also are you, share creation. Jonah I we as of and are good we taken I ongoing afternoon everyone. driving earlier some recap the have through challenges to facing. enabled led on on stages, including want with the our creator will our QX actions the

range of combined some line. QX bottom QX marked top great as to guidance our in the broader We and with with the resting for company. against a line results both acquisition. high delivered the executing scale anniversary our realize the Networks of in cost areas, our also plans made one-year the efficiencies progress integration We end November of Complex

fourth Jonah some and as from digital in of declined in quarter the we fourth quarter revenue incremental as that year-over-year than operational softening well. challenges more trends further Complex. revenue discussed, as Advertising revenue offset the the However, content both reflect are the ad market facing the

brand fully brands we resonate realize have our of marketplace, combined portfolio. each with to work of the in the while do to the more to clients revenue benefits continue individually Additionally,

our quarter, the to negatively fourth revenue the to revenues. took and market we performance, portfolio impacted particularly team combine sales steps combined challenges high operational which created in alongside Complex in has the the BuzzFeed The seasonally bringing

As and to struggled broader meet market clients cross-sell downturn, and tightened brands the products. bundle budgets we new the

of December, in by broader reorganization lingering terms changes digital industry lags in that to contributing year-over-year structure growth. part to better as made broader focus this, vertical. we knowledge the QX challenges advertising the U.S. of These team are increased to market revenue sales To address drive expectations leverage and our

training up rolled team on the allow to products to resources out new brands. ramp new sales also We and fully

leading bringing We more share so, to improved revenue combined sales will our initiatives brand and are we have forward brands. overall these contribute Jonah and our also portfolio our alluded some on that portfolio. to doing robust opportunities expect And how clients initiatives evaluating look also iconic we in to execution as, at the May. Day and to strategy expands against to go-to-market drive more to, new of Investor underway, we category partners a In

Turning to cost.

These ensure year We XX%. growth our consolidation XXXX we fully we in our significant executed, This and our teams. reducing consolidation reduction The all also by actions New critical and the restructuring follows of while steps have the York estate voluntary can that long-term contributed preserving plan continue News to workforce investing in savings. real cost cash. workforce administrative took approximately of BuzzFeed announced been Complex last in BuzzFeed December footprint, the at

value mix trusted further in We Internet from proposition and brands an opportunity to have consistently margin the also and invest tight our market, clearly a in advertisers our directly we Even forward, the optimizing opportunity structure. content in scale. high-quality product cost improvement Moving to is marketplace. offer at resonated by drive

Our of to IP, premium advertisers of enter to attracted looking shows and some Intel the cast. Disney, content Nexus cultural biggest the from side portfolio to

have believe working content led amplify an proposition further to and opportunity we creator Moving value forward, our creation. we our technology-enabled through

I in we areas. Before have I new progress these wrap up, made of some want share the to early

of community a has is content. largest in of followers millions of output area. Internet and build brand Tasty across creator made Instagram aimed Tasty particular, with high-quality strides premier work Our the team, great on is world's creator-led TikTok. tens to our in rapidly platform expanding food safe, The Facebook, this at the

incredible audience their creator-driven clients. across program launched In drove behalf by XXXX, in program. driving Tasty creators this creator audiences who Instagram results Tasty more of through and grew made campaigns executing The than and growth for XX% newly on incredible TikTok progress our residency less

also first Hanover young the the helped drive QX, core clients' video during audiences series on reach Tasty season. into an pretzel initial products innovative vertical of to power usage with to of behalf and marketing of holiday of and Snyder's executed our the team Tasty resonant The tap recipe In creators platform campaigns. clients

to and in straight brand exceeding The our recipe intent resulting combination benchmarks. directly in spoke Z preference awareness, far association for massive brand message in of audiences, increases our content millennial and significant formats Gen CPG the clients,

of grow advertising network scale to branded our and run and like production continue for this clients. expect vertical short-form video, we content creator-led to our As we creator solutions

technologies experience new audience opportunities to open to avenues intelligence see enhance artificial the new like and harness We for monetization. up

content new teams Infinity develop Quizzes AI formats. Our begun to leverage community. Last have creative technology to its introduced and BuzzFeed month, to already

saw X to since Internet BuzzFeed The the world. change launch billion views format the in Quizzes around past defined from AI and generative of our the this integration and marked Quizzes year, Infinity decade. have biggest XXXX, a culture the Quizzes over of

The that Miracle-Gro uses this Scotts sponsored is AI are the launch it by identify included we an plant's new format. for about excited to still soulmate. Although potential original quiz your early,

delivering community, our We the quizzes have spent to engagement opportunities like AI traditional higher with a brand-safe new strong from leveraging quiz Our more met innovative clients. look our bring to to this format. to and been forward time response partnership relative AI

larger advertising are opportunities our the creators forms power delight Quizzes to creativity first step up and in open audience new a effort of and and pioneer AI Infinity empower writers, our that for clients. new

Jonah position growth. the business discussed, of content but As right ramp driving are formats in we the newer for monetization to brand time takes to strategic believe focus it we order

are We to Thursday, about XX, at how look business XXXX. Investor you, could work on our Virtual model not and and areas more sharing new these be around much extending to May more we forward AI our with creators Day excited including our

you on pass take to you, outlook. the Thank Felicia, financial through who results now And it will everyone. and will I

to the further our a XXXX acquisition. the Thank revenues offset revenue end guidance for as quarter and QX fourth environment declined range incremental million adjusted you, from Marcela. revenues more with basis, softening complex in high $XXX.X results On for line year-over-year in ad and the overall We EBITDA. X% delivered of than

Networks. the anniversary acquisition reminder, Complex a the As December of one-year of marks

month As and one of Network QX in a result, year-over-year results comparatives Complex reflect XXXX. approximately

declines properties, by primarily on which Performance to and macro Advertising follows: is the on price time million question as in declined our business operated by environment driven as the sustained ongoing $XX.X XX% as Facebook. spent owned on year-over-year broader well result was revenues the of

Jonah million Content year-over-year a discussed as declined and the revenues incremental Marcela digital weak to were revenues market. $XX.X than that offset and advertising Complex more challenges earlier. the X% by from operational

EBITDA shopping to Commerce revenues This in grew and in million events resulted advised primarily performance million, ComplexCon adjusted experiential other in November. the our from XX% benefiting quarter. $XX.X revenue and of $XX.X

including during also a did We charge charges that EBITDA, is incurred triggered of million adjusted informed by impact not decline month our December. in goodwill stock noncash of $XXX.X price

We release equivalents press $XX in A can of Relations GAAP reconciliation ended non-GAAP and our full cash website. our Investor today's of the quarter measures available cash be million. approximately to on found with

time engagement audience to spent. Turning and

quarter, the our long-term focus momentum the us We are for gain in we business continue to confidence and QX right further short-term generating viewership driving content position eases year-over-year. monetization. gives tripling of of that This growth billions and strategic the to in

In times. U.S. Overall, the we spent owned time year-over-year XXX Comscore, million third amid spent by properties competition as XX% recorded in growth quarter. declines ongoing consecutive time for of to business hours spent, and traffic terms and driven time across delivered the the declined in operated increased on for automated however, year-over-year by Facebook fourth quarter our

QX, outlook quarter continue the XXXX. reflect acquisition quarter-to-date and past as In point Complex Networks QX to once a will fully of quarter revenues. newer in QX in both over Beginning faced be trends to our smallest of the have terms operating XXXX, first advertising monetization to spent our year-over-year Overall, with Turning for to years. environment in we expect challenging in headwinds line of seasonality, typical time year we on persists. reported formats again the comparisons the

On a basis, year resemble we expect revenue profile XXXX XXXX. to quarterly the full

over We revenues from QX XXXX. expect to trends QX in year-over-year advertising carry

for in trends acquisition content environment macro with the further demand the decelerate QX relative Complex to brand and year-over-year expect Networks. the anniversary pressure on to continues to as XXXX content put new We of revenues the

we have sales discussed, spread revenue received as are although increase in to Additionally, changes overall portfolio, combined Marcela brand any execution opportunities evaluating benefits QX. with not we

grow modestly in and other QX. We expect e-commerce to revenues year-over-year

in EBITDA, historically we QX. generated of losses have adjusted terms In

real adjusted expect some offset Although QX previously challenges. forces macroeconomic environment of consolidation, events these do from difficult expect result with the and as year-over-year to and our of executed savings restructuring losses operational estate to we we EBITDA widen a

On estate expect savings. restructuring real actions an cost combination to annualized basis, our drive we significant and the of

held the Silicon XXXX, cash Bank. XX, the Valley cash at equivalent March and were of of As company's majority balances

Federal joint the coming Federal disruption any that Reserve Corporation, operations. the However, does The companies statement not and to and protected. the Deposit Department U.S. are in a be reassured will U.S. government anticipate its posters by currently funds the its released Treasury, the of Insurance all ongoing fully in

With outlook. our will to that, financial turn I

to overall we quarter. revenue in million million For XX% ago than QX year expect range to or the XXXX, of lower $XX XX% the $XX

to result of range executed adjusted cost We the EBITDA savings revenue expect in $XX this decline discussed million. with earlier to losses in conjunction fully the in $XX million

steps multiple market to order adjust with and our align to weaker in XXXX, macro cost advertising structure the In digital and backdrop.

our We on continue and order continue cash execution to evaluate opportunities to We drive much in you efficiency long-term business XX. results and at sharing Investor forward to Thursday, with investing our more across to opportunities. our Day look therefore, improved behind preserve growth May

can now And take Thank call to turn I'll operator over questions. you. your the so we the

ahead. first Today's with Blackledge question Collins. Please from Instructions] [Operator comes John go TD

guide, revenue content Thank Or think 'XX a be you about AI? you scale a Or creation? the the to and to other be you. of the maybe out good content, do any I Hi, products? you AI should you're with question out would kind Any evening, second trends usage And is top technologies BuzzFeed Open And on And Quiz using? color XQ but couple technology I you used roll then But which AI, on line like when the thanks. started is questions. there see think companies both? on bit. with partnering the using similar revenue we it should how of little at mentioned Gen a just A three of flush of internal across is up it have segments area, start as going guide? the gen think total at it then the mix guys we that rolled we the it helpful.

back challenges segments, as from budgets in impacted as it softness, we XXXX, XXXX half as verticals the platform integration lost market the of anticipate and a QX and certain seeing QX have from team. relates of to for such continuation clients by been question, of higher revenue the especially by of activity CPG, of of retail tech the So, of the the they are start the a compounded we XXXX each as also sales level the

mentioned, as to in align with QX we So, QX. expect it to I trends as relates advertising, do

operated improvement shown we As three spent, majority revenues. origin and the quarters I noted, have of time on that consecutive is our advertising of

we see However, concessions with are results. QX the faced price certain can as you from

we complex environment. macro as by do decelerate anticipate complex majority similar QX a year-over-year with in of impacted do content had impacted being We on the And Commerce, the by event in referred addition as I as we've most business. with been content we ComplexCon. being organic QX declines trend traffic in affiliate a And branded especially to in anticipate Facebook our commerce has the and seen content with integration most November the outside, that lap mentioned one-time

Yes.

very On generative systems products to company have the we have of that so John, things amount the building top lot a business within AI possible. enhance obviously creativity the the of a energy us new team relevant the It's to -- are been of on of has tremendous AI. generative and front, new and create of on and we wouldn't allow potential to our type

new spent and similar XX have ago, a results personalized platform BuzzFeed what a that when strong love Quizzes take started media very We Quizzes, come. to seen and we signal something years number time of strong Quiz products. from her which remarks, user upgraded that the these people you is infinite an social new lot was where results, to really decade in to able quiz possible of being very maybe we've we'll for a to with build mentioned that able Marcela to Infinity see a We plus the be major on

just your we yesterday a both making We playing had influencer on very where influencer ideas Southwest, how you're career telling simulated product South influencer at your strong people is positive many about in and a you an is the the a you chatbot online. giving that and feedback much chatbot money to to again, followers going and build from try audience game. And that, game, also be and feedback shared new how you're you by from and how

how -- are -- whether you asked building things. We these we're

relationship using partnership are are with We great and APIs. a have a and with OpenAI -- we OpenAI their

We our which our expensive models, But is an models. We're data systems. building investments large own of very using and the also not science are of years activity. kind technology plugging into these of ways to have and made over building we own are the some different of differentiated all we've

it content I see to create these And to for on so, months, then metrics better other you'll CMS And our AI-powered horizon. allows content of time coming think, example, thing existing to make tools. tools compound, in categorization using short like our to things biggest is for create very so in us, the of the existing writers and popularity our and that, a that prompts our use also like and weeks

had them Infinity that members Quizzes to acquisitive. any will handmade, writer did built had company first use team generate into is we and at our that then where the and our to more with potentially guess CMS or so six The it be to the now community able of have CMS the first collaborate content every product We're future, and the make in But detect technology to editorial we the power quite to essentially the put seven team to team put we together way did. I we them.

of just our tools it few where of different think been writers to going and with to where good of models. able course we is making interest we're part be see experiment learn content. our ideas test use of in team And of we've these those a to I -- different that's business any at normal scalability over user or formats an allowing starting of as the that so engagement proof-of-concept will the of using creative being have try now, lots when the So, more years, really make to instead tests that of you'll have really lots when these and explosion

that's think, rolling out. we And and put not week we, I the first generated last our R&D tool more all just really published together with as quiz project. of was And CMS that speak, an as

pretty be will that So quickly. ramping

color. Thank you. Great

The go ahead. Craig-Hallum. next with question from Kreyer Jason comes Please

guys. now on short Thank want plans out the monetization the we've just you, rolling start I know I form out -- there. got is to content. platform first

rolled in that able form curious about So QX, course are takeaways And leaning maybe that? out fill your and to meaningful more feel makes optimistic monetization just any you the from gap? as of if that short over if kind being of prospects there into there that

platforms obviously on. are Yes. Thanks, It's all focused very Jason. Great question. that something the

As previous about really I more they ramped mostly focused threat vertical video said, audience of the of I our up the revenue, pivoted care we're because about call, now short-form platforms have TikTok think all including on and TikTok. to share. And

The YouTube Is providing were that to and monetization. they operationalize the Shorts announced a bit differently. works monetization first

are pre-roll, generate something So challenging of more share a pre-roll the the a is you production. the between vertical because is incentive And a appear or of more share the that short platforms ads rev the to share used instead videos. out videos of content that obviously on sustainable put to monetization it's

the other happening we're was forms as with happen like of the expected validating we've very share thesis YouTube start and platforms it's to to revenue going we announcement of our done that video. So, it to

that So encouraging. is

to plays The creating greater through a are revenues. and It in real creator programs we're video because way of inflection other vertical creator our and vertical video outpacing that well revenue piece is initiatives, revenue is seeing one video with something those more deals we've make seen are that's where with, success selling of on brands, a in video. vertical team plus is versed creators of behalf and of kinds that creators sales that getting lot and vertical how the other

it than think of AI potential, part then platform video AI I have is little in is also because that video, animated things earlier longer-form really help. vertical making like ramp that, kind improve use initiatives to and term of ramps are attacking like our with a short video. and another streamline and automate process the our particularly newer AI that still that characters So, the in being images. things will network able monetization before a expanding way to text of like and creator it and and content But will And we we're

But on our shorts one performers the for franchise is video of for box YouTube star us. vertical

able And our that's AI is another area characters apply to we so where being to think there's opportunities. exciting

And some I Thanks but then see. cost longer-term be seems of other the role Jonah. the certainly it mean just for out can AI there just you are like benefits benefits, if that BuzzFeed. you long-term lay would what curious

Yes.

one benefits new a think creation. feel almost strongly contact AI I I medium the is for really about this most of that enabling

quizzes would different It a then used So, result for would questions They logic write a the this. maybe be the would of produce a are would XX to get. a result, the Infinity writer or might results they example nice write how the define that questions. eight few user

is personalized or itself the Now our but historically, has possibility content question, that personalized. an possible personalized. then generative the -- be curation, I feed personalization, for is you, not at of level organized input that of writes more I and and where personalized writer making the number the front And feed outputs. be answers Instagram generated personalization the Facebook and think on any where look content the infinite still when is how certainly, you And happened, the this of content prompt more then at TikTok AI think create of a you of the enabling the defines they write user can but from and at itself content should alrithmically or look content an or

to then so, that And personalized. that an and generation. make content, in. and having library great types a of trust content audience content going to and differentiated about having knowledge coupled are frames audiences in audiences going more topics with having It's also AI-powered exciting and is AI that be respect to our of brands large to interested power trusted to the of is lots create frontier personalization engaging more really content, --

are for to, of some more that think of for sort ways listen about I in will broader example, also on And I efficient. there focus more talking with at doing things that best decently. and little AI experiences AI that of do bit more are But and possible the just forms are Sam only be opportunities on is already things not things working what is think efficiency narratives that interaction OpenAI and a There if producing lot new new you about enables, a that that for AI. that creating from you content

you, Thank Jonah.

next comes Please America. question Bank go of from Navon with The Brent ahead.

question. Thanks for taking my

the of changing. just news circling XQ just if like And macro, it curious guidance Just broader rapidly just and just the day even back your to the seems news by the the I'm is market so is out? any impact on any advertising far. Or Silicon Valley business? Bank in anything verticals just particular your seen having days you've I'm curious if calling with the few past disruptive worth

question. the Thanks, Brent, for

Valley far, any that have I last sounded impact with occurred the not I the events it You super our operations mean, or we seen was I from Silicon yet hours it in got XX Bank, so think our with light, in but customers. have

So usual. far, to business continues be as

the with that some is result the lot in have macro, QX a and QX. a there is yes, that knowledge that to verticals related impact What to more aligns perspective. projected what the in starting market operational we took and saw There from we with challenges related that focus -- structure to decline impact requires, trends and you in driving a a know advertising materialize have an some steps year-over-year. and we had guidance It's have an we on aligning continue the also industry of create an to we seen further QX

it. Got

Okay.

in I slow guys, guidance, mean, market like saw Or things further? So, things just your we trends? of down at did a would is build cushion sort potential least if continue in it the something any like you of shock were a

in well we as the impact current are revenue guidance the an think profile. they moment our aware based as and in that stand historical estimates seen the and on at of looking In overall everything that our we to have today guidance

then. Got And it Okay.

don't our Valley, impact Silicon think big bank will impacted don't it weekends, see I have business. the but situation our definitely on a I

Okay. the at cost any several I just And than have do see advertising be? opportunities hear of if announced the least you're -- there's then you more think I to well? improve so insulin worse? guess, for to you guys you okay on far? that's -- mean done the profitability you Obviously, Or could on is potentially Do good efforts that sort guys savings. on are on you there. the there potentially that more as what cost think do reduction there need side? you be with -- you've side

adaptable Yes. by been years, focus business both shift. perspective, a historically pace performed to we and dictated are I our that Basil is end But operating XX have industry the which to And the of at an of continue for macro to to and more restructuring XXXX from course, at the how we change, from perspective, we a has on the been execution. than committed operational market out cannot market needs. mean was control played going the

XXXX cost we by forward, over see drive and our optimizing opportunities product improvements gross Moving of course the margin to mix do further structure.

to Poretti, remarks. would CEO, concludes question-and-answer This closing conference like to session. I Jon back for the turn the over

Thursday, many with tuned for look the joining Thanks. XX. to workout for Investor speaking upcoming May stay of everyone, our on weeks information more you We on Day virtual in coming and Thanks, forward us.

has conference presentation. attending Thank today's you for now The concluded.

You may disconnect. now