Kenvue (KVUE) 20 Jul 232023 Q2 Earnings call transcript

Greetings and welcome to the Kenvue Second Quarter 2023 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Tina Romani, Head of Investor Relations for Kenvue. Thank you. Tina, you may begin.

everyone. morning, Good

the Thibaut on Ruh. is Chief our Joining and call our Officer, Mongon; Paul Chief Executive me today Financial Officer,

materially. Please results about and uncertainties could will other note statements various represent and call risks, statements beliefs These to and that among or cause are current regarding, to expectations our include growth. that things, events performance, our and financial forward-looking operating differ assumptions our actual market future opportunities our today’s subject

regarding and this our posted our risks information earnings materials on and to For please refer SEC. these uncertainties, website the related call filings to with our

or with this call, financial information a The information information. GAAP. in non-GAAP substitute be During can financial financial reconciliation will presentation available isolation IR A we GAAP is items on not release our of certain found be as non-GAAP U.S. nearest to and in of our presented to this reference for accordance the presentation intended measure this also in considered press morning’s these website.

my pleasure over Thibaut. call to to the turn it’s that, With

and you Thank Good morning company. a very quarter first and thank you, as public second for joining earnings Tina. call our our

important milestone and marked Kenvue’s history. in IPO recent Our an exciting

purpose our the on XXX strong have last forward company, heritage realize standalone years, And continuing extraordinary Over to the now a the everyday building care. pure-play established and world’s deliver ourselves we consumer as largest as company. power looking our on health we to of to are

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turning margins. Now to gross

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headwinds. initiatives identifying that and are actioning mitigate Our these focused will on productivity teams

a elevated public ForEx of XX.X% of the the approximately $XX costs these of ahead to complexities Moving and the our more million Adjusted the stand-alone a process. incremental EBITDA the company work standing are was investments In and of margins. which Acknowledging we just remain several to stand-alone as that these cost in $XX headwinds costs I front-loading QX, size two scale company. were there company adjusted expect of costs. concentrated a up upfront public mentioned over is being coming and our quarters, impact reflects margin and reflects to million, EBITDA

and with these remaining we expectations. to be over productivity initial our other by However, costs time, expect line in offset efforts decrease

Turning taxes. to

expected, XX.X%; last effective be basis, May. of quarter rate to XX%. our net and to on of a year tax impacting this year effective our utilize on there third, share-based an GLT of and prior adjusted drivers second in and tax On tax our can tax As higher ability taxes, favorable is allowance items compared and IPO rate to our compensation, is benefits foreign assets QX unique tax versus in reported are QX our credits; as F and rate subpart rate with are: several approximately The primary higher related items; basis, XXXX the tax discrete law second, in valuation recording XXXX first, foreign XXXX. changes a less credit for

net diluted of company: adjusted our first healthy million line in public our and fundamentally finally, All proud quarter what margins. And delivered are strong earnings of as share top we we was $X.XX. in, per income balanced adjusted $XXX with and a

look in allocation As delivering ahead, philosophy. an which towards capital total we committed balanced our to brings me returns long-term way, with to remain our for eye investing we in the a attractive shareholder business

number a us leader our four, responsibly de-lever, growth profitable This reliable the historically, balanced cash strengthen capital a position that interest of of de-lever expense assess flow us track health. consumer dividends; opportunities robust, flow as flexibility our reduce which rate tuck-in brands $X drive to two, generating gives cash durable in record pursue in iconic and potential We per allocation invest flexibility appropriate to inorganic one, pillars: and proven four have comprised prudently of growth; resources through return north the year is billion strategy. our cash gives number to shareholders to our the at time; three,

declared And per third deliver growth while allocation to of strategy. reflects on to profitable The we’ve this already returning $X.XX to our capital commitment morning’s Board have our the that quarter announcement long-term begun in executing our ability Directors share. the by their our with of dividend balanced Board shareholders strategy over this confidence a we decision cash and

X.X% with X.X% we expect be growth of X.X%. XXXX rates, net items our full between be the Reflecting negative get of strong few let’s keep top Starting we first our year the into expect outlook. between you organic half, and At to sales X.X% growth Now spot approximate and for model and year. line. mind remainder A other full to currency current fluctuations an foreign impact X-point the in year. as to

back XXXX important the consider from that second results not a would couple half of Further, continue dynamics It’s a that one-time-in-nature to service we XXXX, in our improve performance of as first level we over in expect half strong period. half. the to benefited

higher-than-normal by First, replenishment, as during QX and levels, customers were and generating restock. supported outsized the exiting of our looked inventory with This a they orders was in QX inventory Beauty. lower-than-average primarily Care results quarter to Skin result Self retail Health our

cough been cold, has flu exceptionally of season there Globally, an and Second. the first year. strong throughout the half

any interest basis. rate this million expect to interest, on more demand, net $XXX regards we While contemplates approximately expense our normal seasonal approximately levels an incident adjusted we coming winter. will for be and reported With of operationally million be level $XXX ready outlook to

adjusted to of we jurisdictional effective is The basis, expect less With year, the in rate XXXX compared to we and rate XX.X%. versus On the by expect benefits driven XX.X%. an earnings favorable taxes. to XXXX. tax a discrete higher be year mix range and between full primarily to XX.X% of prior Moving reported as to XX.X% regards

adjusted assumes the $X.XX. On diluted weighted X.XXX expect of to of to shares. share bottom full EPS $X.XX we average line, in range range a count be XXXX This year year billion the full

from foreign we As half, continue pressures materials, in raw we look labor and to operate challenging a the back to exchange with environment packaging costs, volatility. ongoing

of within we levers that variety the we to the remain scenarios, a operating will on things mitigate these utilize reflects guidance model focused can our our and headwinds. control While

certain I’m confident our portfolio expertise operating the we the several to proven environments, the As of in over of done ability past leveraging power years, our navigate teams. the and have on

it to remarks. Now back I’ll turn for Thibaut some closing

second and a strength Again, Thank are with you, our traded company. the we results our pleased first publicly of quarter quarter as Paul.

unique performance. company, health of advantage our world’s model quarter robust consumer competitive pure-play as financial sources our to This highlighted building the largest on deliver clear

And for up now Q&A. let’s open

Instructions] line Anna first the of America. with questions [Operator Our Bank from of Lizzul proceed Please come with question. your

thank And you for Hi, good questions. the morning.

a on and some and trade the for what you sales has quarters also, XX% XXX in when coming similar innovation they mentioned year? year to XXXX times each innovation price shared have to call, spend down contribute of consumers willing on to product HPC? each innovations a product you. have are about amount previously several to consumer the greater in since that new and you this still health net seen comprised You launched Kenvue Are that track categories we innovations over on higher net sales And gives year. Thank some confidence within you

many a segments. to in my in the been have of your examples we Yes. half for Yes, prepared the rightly definitely morning, in is trajectory. remarks that about big are I three are innovation what they with our been first-to-market what this Kenvue. innovation you have Anna. intend pointed and been to a XXX history Thank as we their And about of is of at across of pipeline to And has we innovation. back – this doing part what well the years year all and That’s on you historically launched launch about talked Good continue received. of quarter our excited model we and in out, number this market questions. we

new and our clinical remind to or to that new means use products, be consumers brands. data new reason not claim but allows a us, a it that can only would for innovation give you professionals I healthcare also us another

it pipeline our business. the are and has we yes, the on impact So of health with our innovation pleased

consumer I happening have say, would while downgrading Regarding categories, in, some you At Kenvue, this the we our confidence, second staple in happening more regarding in geographies. see dynamic traditional seen don’t your may some portfolio. question

that excluding own discontinuations. saw our intentional You

the quarter in flat value despite second were volumes strong realization. Our

remember You year same happening saw the we XXXX. thing in that the full

focused to their what take see they this of consumers in health So more that well-being. on environment, health even own control their we dynamic and are and want trusted Kenvue brands know, have decades, product, household for brands solutions of and portfolio. that their the for for sometimes And years, you for are is been They remain generations. as looking in many in these

So confident that’s in brand fact that go-to to the consumers what the the us be for will makes around continue our brands world.

just in can penetrated follow-up, drug under right the retailers, And expand certain of Target you or categories any see areas various like you. distribution you terms Thank are a with as your Walmart, you you and channel? with retailers where be distribution potential any distribution, might now or domestically with Do where internationally? happy either

our our Yes. something of around It’s we partners continuously is opportunity the vast an across portfolio. portfolio brands. on for I the with you distribution that domestically tell always internationally, that and retail work would world

with of retail our in distribution back is yes. far, distribution the but a partners, I But Following of focused points. in continued I’m of recovering we half so we disruption Health the made on event, with segment, have the Beauty period in year. Skin some part segment points hit and work specific our particularly we the pleased beyond on this are expect Health that something past recovery that we had the distribution of Essential always progress and would

I thank pass it will you. on. Great,

you. Thank

of Our next proceed from Citi. question with with your line is Filippo come Falorni the question. Please

first Hey, top good on on morning, questions company. guys. reporting a quarter line. as I the Congrats have public two

volume about you’re evolution the the of actions second how additional and have contemplating? total you’re the year level, just price pricing the at and first you The half company thinking of whether that in

Yes. thank question. you your Good for morning, Filippo,

regarding would couple back the of I of you half remind things. the year, So a

we going back base had recovering than a ‘XX of the in First higher levels. service of all, as we we are half started comp to

items would repeat back of that half we the had, first year. of two not the Second, in to the expect we XXXX, half in

extremely the saw exited The retailers our with that first XXXX we fact first in one the knowing is significantly that products restocking inventory levels. they had quarter, low

have is seen winter past the that we very second The season. a thing incidence strong in

this we with For a season. planning normal winter are more coming season,

– a Anna So price ago. and cover for mix continued as Distribution targeted back we expect back will half realization, to and input a that’s a mix role, Value to but with, what will year. in volume. we continue talked a innovative and play The of about gains the favorable price continue value of see half it the to actions will premium well solutions play minute costs, mix. role innovation, with also realization elevated

of and growth. all growth an that guidance will lead organic to of X.X% our So comprised between X.X%

follow-up, you. a it, thank question, Self Got just a particularly then second And Care.

as but embedded a particularly? Care segment at contemplated Self also think for at also forward a Are the year very first maybe like your you think the level season, was guidance in of pull about the mentioned, in you little half bit you segment, As retailer one. more – the Have destocking normal of consumer bit do you you strong cough and there cold you’re expecting half? the more the demand a in

Paul. not This see did the pull-through. good a Filippo, morning. is question. for We Thank you

Our are inventory normalizing – have seasonalities retail that’s in case forecast. as what Care, we our in are inventory inventory And contemplated or of balance. the Self in

in pull-forward demand the balance a the normalized see of second not did year. season for we in a So the year. Expect

you, pass… Thank guys. I Great. will

Thank you.

Please with your with come line Teixeira questions of question. JPMorgan. Andrea from next the Our proceed

behavior the just just end a the I the follow-up Good and consumer to environment on speak the of towards regarding morning. to the see bit you. Thank quarter. want can commentary consumer if you

you’re puts of inventory, how Thank being any pantry on on just retail or trading word If you’re And regarding demand? should also, along? not and but takes as and coming how inventory you of general, consumer still seeing, season, cold thinking in the consumers be price seeing we elasticity mentioned, then you.

you Yes, thank Andrea, for your question.

So categories. as to compared consumer in different health behave manner which live a the I in space, other we might staple mentioned, consumer

needs real about Our world consumers efficacious really to for of world. is cater bringing around the solutions

And operating often portfolio So are we categories. have synonymous of very a categories. in strong very are brands that with our discretionary less we

when by continue trust, their and to you So their that they These the points. couple a about you we they household a have brands that are – that trusted focused two health combine that factors, I’ll are you talking very know, recommended give be time. on wellness. see these healthcare products that want when we Kenvue. to consumers professionals seen are long of trusted they solution, with They the proof for

Care again, Skin key Self up in segments are excluding made intentional Health segments. discontinuations look of both the If our we volumes and you and at ourselves, Beauty,

the Another we with fact history that is private stable of is proof label this we see the which private line penetration in see label private – label. penetration quarter, don’t point

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leader We in U.S. the a market are

a premium We premium have positioning. launched We innovation.

extremely U.S. in share Neutrogena is received and consumers, with of All by Sun. the well that gaining we are

cater what also That’s at our and and do. our to years of needs the with different doing consumer intend portfolio We to robustness are of to have products accessible in we we for and solutions we aware serve what consumers. different consumers that’s to they dynamics. our of been we continue make for points confident XXX So sure different need. ability products are But that are the very price

you. Thank

example, within of I that to in if follow-up, as of applied are well? is Wound and a Care, categories health-oriented, that not like may, for the some Listerine that so categories other the terms and Adhesives other Just

So the performance in we we XX.X% Health, are – you Paul it’s the Essential discontinuations, volume with realization. at of the – X.X%, pleased mentioned, value you – as mid-single-digit of segment exclude decline. When

gives therapy are to are would I quarter. Listerine saw in quarter product, to you this of softness Band-Aid. code say partnership, innovation held volume We Care gums but therapy with continue pretty Xx performance there. had Asia, this healthier the which good soft this in the in customer The the weeks very Wound our in gum in U.S. well in with category strong number So we share is one X Listerine gain and gum responding well is U.S., new the the offering. good another we which with consumers – pleased up area. –

how performance that’s of summarize the would So Health. Essential I

I Thank you both. to on. will pass it

Thank you.

come your next question. with questions Our from UBS. proceed line of Grom Please with the Peter

and operator good Thanks morning everyone.

actually I some gross So, to the was on margin performance. hoping more color get

tailwind. standup but you strong, headwinds FX, realization was and and as mentioned a I mentioned productivity you So, know also from value costs inflation,

you bit just So, the bridge can I which the to is how the pieces? than we we as should question, on us of then we about help the expecting? think color progression? balance decline was weaker part look in specifically this maybe you And a And any second there be year, thinking through could quarter, margin Thanks. moving these share maybe were gross

Yes. question. peter you Good morning for and the thank

a but of now, see quarter, In was that Thibaut, Premiumization, years value a RGM the some environment we of volatile for the and transactional We of elevated our offset have ForEx, way have fact as inflation navigating it are couple proud we be our actually doing the partially an still to and use discipline. innovation I very consistently part is of ForEx case realization, the Particularly, to am experience. with able chain and been we also in of we headwind a gross and efficiencies, big we course. constantly supply component, arsenal tools as a pressures. margin However, of do

will As that utilized. levers be of second we the to these believe the year, look half continue into we

I us offset in have of ideas place of very of very pricing a help total put carryover that course, we have steel that optimization. the end-to-end the arsenal feel network put terms ability margins. commodity to place we said, diminishing in the healthy we continuous of in have, And will that have We gross about maintain our good demonstrated inflationary, We yet headwinds. as

gives time? signs prepare to just would performance can kind there trends move there period for be versus maybe of through super guess you And gears confidence curious that China. or you the would rate, that How No, horizon exit expect then you quarter that be on are are remain seeing improved helpful. I what around you maybe of of expectations? the demand And the that’s shifting as or market? the I your better did you seeing performance specifically, in quarter choppy in compare to or any a

I can one. Yes. this take Maybe

in China We have a many business. many, I been as for years Asia. a long lived very time have myself in for

that about I can of And When power great are or categories, in Kenvue I you other that we I Asia Strong So, in quarter, Self our another of in performance the you We China. something look tell our long-term portfolio. we think this anticipated. not are it’s tell in softness segment. of in short-term. we Care prospects performance positive our it’s can I that double-digit China in grew see but for the the you in this China business at China example the quarter.

in that are in those confident we slow to China proven right. and been ability categories been We these with Unfortunately, that in deliver this continue power will have who this business would we where growth, thought the expect have the of quarter today. and portfolio. see – of and Kenvue never recover recovery the we a double-digit softness we camp But overnight. that of see that’s model we to market the again Kenvue in performance, very And

much. Thank I you so it will on. pass

you. Thank

Sachs. from Our your Please questions. of proceed Jason next English questions with the Goldman come line with

me on I public for the a will Thanks a congrats taking first of quarter in folks. morning Good and company. of your echo as I some other’s, questions. Hey. got couple

geography. just First, let’s we of on left up kind pick off where

up double China digit. mentioned You

sales only X.X%. think up overall were I APAC

with should it then you FX there strong you headwind, Thanks. X.X% it that have growth quarter offset? despite at around as like the looks performance can year and much was And the owners what well? or we unpack less as a So, to X.X% what slowed moderate started really EMEA, this pretty look been

for delivered. strong you the thank quarter we for Hey you thanks and for your Thank the Jason. question

other see negative the see impact in mouthwash decline in competitive we we Asia, part on the second China, dynamics, mentioned of both our in of parts So, see where quarter. category the dynamics Asia. and category we Japan happening I business that had

suffering, saw gaining speak. emerging categories softness We the India are but and markets as share we quarter Japan, had in there. a in we are China soft general, and

So, that’s for Asia.

pleased Middle our places with are With quarter as performance For and our business Health. first of the very opportunities this we in brands pleased see in and doing demand the of East always, Self obviously products but for our Europe, Skin we performance Care both and Africa. EMEA, in European this our strong well, some with overall, half. Across our portfolio, region

to hear sorry, ahead. Good – Okay. go

Jason. Sorry,

thing continued had there. that are second right You we but we moderating the about the we flu And business underlying persistent that ForEx, yet important see strength of in is is of incidences elevated the the – still even the headwind of to quarter. saw also,

So, very we it’s pressures. more about the and that moderating feel core good FX

enter expect with We or fade, elevated Is business In there then if engines conversations these And have be pull twin we concern nasty on this words, IPO-ed, could durable there area are other incidences. had have what and reason a Care reasons? or and of going or not question is big flu that behind those parts your let’s to reasonable – you thread you to one tailwinds of growth, a flu your tailwinds believe COVID whether business. and cold Self as where slump? is with is so, of twin that business will to this season amongst and to consistent or that are Since lifting you period of lots likely of Care as investors, investors sort it slump. Self a contract

for facing Jason. are our operations. question every a That’s That’s that very good we question, a day plan to

takes X.X% organic to the X.X% for year season. growth guidance current of to is full thinking, consideration of normal into which a Our have growth,

we So, an have season. winter do of as incidence to big as had expect last we not

And you other with example with and just like with quarter Digestive from ready not with space that, or high to analgesics. our the from we to segment share of more Nicorette slightly view But and I any like cough Zyrtec cold that, respond quarter be good comprises said U.S. – will Care saw or this smoking a we lower of in season. the Health incidents, level both of to is than continue We Benadryl. need where despite seasonal perspective, an like space need Imodium second planning a Having gain allergy cessation point is planning think a and were a operational demand. Self such

doing segments are well. All other these of

performance pleased in very segment. of with of the the are segment and continued very the we performance the So, confident

you all. Understood. Thank

Thank you.

of line Our next the Steve come your proceed Bank. question. Deutsche Please from with questions Powers with

everybody. you. morning Good Hey. Thank

Essential in forecast. this round out. to want spoken I have just in of a but Health, segments both Within to the You growth Beauty Skin kind bit, external it came Health all slightly little below & and

you internal cycle was exactly us I portfolio hoping then spoken fully Essential could have also that I rationalization just you to how segments contribute call they issues the the definition more around X.X% X.X% the broadly. your about annual that when to you segments? is So, an to was the put a out? within the organic more for impacting expect mean compare a expect year, bit shake that are talk clarify to to And both perspective more just how hoping to you for I Health, the to give three And possible, if to could in bit little context forecast? of bit but growth half basis on a just how you likely on second us the headwinds

put one. questions, a and Yes. let’s by handle Steve, so them one eye three

by know, the start about the segment. that talk portfolio don’t with really, give one we very – we last reminder as is It’s maybe guidance – you on first a – me Let as question we second anniversarying you several in this on seeing the of – Kenvue on on portfolio We your focused discontinuation. examples gave and again health. important, one importance the call consumer

supply discontinuations chain. will you our free suspend regarding to discontinued continue up anniversarying were products we that care in talking our the decision of when this in personal taken productive on from are continuously we we codes to to slower Russia possible. to we our And moving possible with codes is quarter. the assortment said them optimize focused about, we last year sure Having capacity as most are sure of heard us. sales Paul, tenants velocity remain that work the and other them That’s is and as as our one that, of As sure our retailers cost make for that to of of with them portfolio our that assortment to our for productive make as partnership our of make

when you good may So, and & say feel have reflected our Essential Health the been strength brands equities very the I in not out I – take would forecast. segment, about Beauty external what across Health in our that our of and on Skin fully the underlying discontinuation And and of that’s impact portfolio.

distribution look at If future realization & of in value of volume go with the specifically, that in this with Health with strong Skin low-single makes room U.S. the us some points terms quarter you Beauty this up business. very in digits confident to

some a to investment levels, where those expect planned the over prioritize bit investment extent, And year? I perspective, for balance just you topic that been could, with if operating on you. more Okay. just and levels of Very curious the have comfort investments additional Thank of your good. independently, the you little just now to

before. Steve, brands thank investment, through the company and solidly our are for versus What in professional do whether maximize our to healthcare in it is of our we promotional terms continued invest advertising, strive is independent return changed to has investment impact. question. philosophy now Nothing you on we we as representations, an through

So, way we effective that investment. in on of balance the most maximizes the return all that

to fuel So, very of continue balanced growth by and we will approach. investment brands are through a performance we our encouraged the the

Thank you very much.

Thank you.

with with proceed your next questions question. BNP Navann come of Paribas. the from Ty Our line Please

monetizing value with breakdown J&J improvements do – question Kenvue with the just apologies you recent missed if second benefited tell discuss morning. the expect that mix us detail year? Thank Good you. And Kenvue second dialogue there them comment the chain third My within I been rest the you the stake is, about X% Can and and you it, Hi. pricing quarter and the supply of benefit regarding on to more one, the you can in has any if versus change? realization? could a of

Okay.

disclose question, the between don’t price/mix the the mix So, on two. we

whether improvement, some chain the we answer yes. year? supply the the is absolutely expect The balance in benefits of On

our have in more the and of chain. invested We supply more resiliency capacity

do to that. We continue

a be but supply chain planning do in also sure the also some to include partners of will that, all efficiently, improved will on of fully demand, with get we want we and us. service continue – Are where we signal a of and retail to significantly would joint our that not right yet, have we us we our our that levels we be, the for we it made terms focus have to chain benefit available for working the capacity, always make to in improve area automation, result operate even across our these service partnerships As portfolio. consumers making make so with direction. resiliency, expect need sure the they That when far, to that sure business but half levels, to back includes shelf that investments the progress and we stronger to in are supply so pleased products year right have we continue from beyond the

question we on step the on you – limited Navann, announced of can this your split And from very public. has about separation of Johnson fully at tell has ready. next Johnson, you Kenvue. & are their already that what we point, the made provide are been we other that intention than can Johnson also I Unfortunately, Johnson that the & for the information

are and future. have independently, operating very about the been excited we We

Thank you.

Thank you.

line come Our Fialko Please from Jeremy final proceed with HSBC. will with questions. of questions the your

Hi. Thanks the Jeremy for call. me fitting in HSBC. Fialko,

advertising questions and So, on promotions.

advertising as extent your any one then first the in your the in into question you promotion spend did the behavior? competitors So, also some about Thanks advertising the percentage and you bit year? which seen seeing And sales? second start second you in up give then And into to talk little are on a was areas that put where you could you as material more give spend color for more half to up of have more your of advertising plans what Can could the a is, trade a or is, was if ease? bit a related it whether quarter, the change examples prices competitor raw in it lot.

thank you demand we other to I environment. your you continue model is competitive our on invest not brands. One business that question. tell different doing. means. Remember would generation What companies behind direct-to-consumer I in are is delivered what relies demand Jeremy, live activities. will our generation that through We Yes. for a comment on

on Another healthcare of our part recommendation. big relies professional model

continued And both we invest. so fronts, on to

intend our level. do We to are at to We not that continue on track with and we investments, disclose level. a advertising invest quarter to

full that a advertising year our always is But generation remember for on you Kenvue, demand it disclose only of one should will expenses basis. part model. We

recommendation. we to absolutely half, continue we do it Another part, first we professional and have But behind important in of the that’s part, the to year. to committed the in been is healthcare and are brands, linked to back doing invest intend what our half

much. very Thanks Okay.

Jeremy. you, Thank

Thank you.

turn We question-and-answer Mongon over back Thibaut like concluding of have the any would floor to reached now the I session. comments. to our for end

achieved and strength we you teams and the we thank the around heard results for very the reinforced from this pleased in conversation, brands, Paul Once They strong model. quarter. I, good and of the as everyone our with thank this iconic of So, our for today’s are Kenvue participating you again, the achieved call. operating power world you

strong with calls. look connecting debut to on future company updated we and for forward as all again and our you keeping publicly traded earnings of a on newly Kenvue very progress So, you continuous

So, have thank a everyone. you great and day

you. Thank

for Thank Have concludes participation. wonderful you day. today’s your conference. This a

You may now your disconnect lines.