Good morning, and welcome to Mondelez International's second quarter 2015 earnings conference call. Today's call is scheduled to last about one hour, including remarks by Mondelez management and the question-and-answer session. I'd now like to turn the call over to Mr. Dexter Congbalay, Vice President, Investor Relations, from Mondelez International.

Good morning, and thanks for joining us. With me are Irene Rosenfeld, our Chairman and CEO, and Brian Gladden, our CFO. Earlier today, we sent out our earnings release and today's slides, which are available on our website, mondelezinternational.com. As you know, during this call, we will make forward-looking statements about the company's performance. These statements are based on how we see things today. Actual results may differ materially due to risks and uncertainties. Please refer to the cautionary statements and risk factors contained in our 10-K and 10-Q filings for more details on our forward-looking statements. Some of today's prepared remarks include non-GAAP financial measures. You can find the GAAP to non-GAAP reconciliations within our earnings release and at the back of the slide presentation. In addition, please note that our second quarter and first half financials include the results of our coffee business, which we combined with D.E. Masters Blenders effective July 2, to create Jacobs Douwe Egberts. Separately today via form AK filed with the SEC we provided pro forma non-GAAP financial results that reflect the impact of the coffee business divestiture and other adjustments for 2014 and the first half of 2015, by quarter. As described later, these pro forma adjusted financial results serve as the basis of our updated 2015 outlook. With that, I'll now turn the call over to Irene. Irene Rosenfeld - Chairman & Chief Executive Officer: Thanks, Dexter. Good morning. We had a strong second quarter. We built on our momentum from the start of the year, continuing to drive top year margin expansion and earnings growth, while also delivering solid organic revenue growth. Specifically, organic revenue grew 4.3%, led by pricing actions to recover commodity and currency-driven input costs. Adjusted gross margin increased 330 basis points, to 40.2%, driven by record…

Thank you. Our first question comes from the line of Ken Goldman of JPMorgan.

Good morning, everyone. There are some moving pieces within annual guidance. So I'm just hoping maybe you can help us quantify some of the changes on an apples-to-apples basis, excluding coffee. And you gave some of this directionally already. I appreciate that. But just hoping we can get some numbers, I guess, on like-for-like sales, margins? How that guidance is changing? Brian Gladden - Chief Financial Officer & Executive Vice President: Yeah, Ken, Sure. There are quite a few moving pieces. I guess I'd start – I mean, clearly, a strong first half by almost any financial metric, and we're ahead of our outlook for the first half on both growth and margins. I guess the simple answer is, we're increasing net organic revenue outlook from 2% plus to 3% plus, and we think that's a prudent increase given what we're seeing in the markets today. On OI margins, we're still at about 14% for the year, and basically offsetting the dilution in the coffee transaction with underlying margins really improving. So, our year-over-year OI margin improvement is now about 170 basis points. And when you go back to our original outlook, the prior 14% was an improvement year-over-year of 110 basis points. So, I think that's one of the ways to look at this and feel good about the outlook that we've just given. And then hanging on, obviously, despite the dilution to double-digit adjusted EPS growth at constant currency. Those, I think, are the big elements at a very high level. Happy to get more into the mechanics if you want, but I think those are the headlines.

No, we can follow up after. Thanks very much. Brian Gladden - Chief Financial Officer & Executive Vice President: Thanks, Ken.

Our next question comes from the line of Andrew Lazar of Barclays.

Good morning, everybody. Brian Gladden - Chief Financial Officer & Executive Vice President: Hey, Andrew.

If I'm hearing you guys correctly, it sort of sounds like you've reached a point where you have the margin sort of flywheel going, so to speak, and are now more comfortable gearing up spending maybe to drive a better balance right between the top-line and margin. So, if I have that right, in light of that, is it too early to talk about what you see as the right longer term EBIT margin? Is 15% to 16% the right level, with upside from there going to the top-line? Is there potentially still more there, even with the increased A&C spending? I'm trying to get a better sense of that, and then I've got a quick follow-up. Brian Gladden - Chief Financial Officer & Executive Vice President: Well, yeah. Look, I think, Andrew, we're increasingly confident as we move through the year and see the execution here both in the margins, and I think we feel great about the ability to begin to put some investment on the A&C side, behind growth. I think as we move through the year and, obviously, we'll give you an updated outlook for next year as we get into the first part of the year, will probably give you a sense for where we go from there. But as we've talked about, there clearly are continued margin opportunities beyond what we see for 2015 to 2016. As we look at the supply chain reinvention and restructuring activities that are going on, we would expect to have further margin opportunities. And I think it really comes down to striking that balance between growth and margin. And we want to retain some of that flexibility to strike that balance, depending upon how the market plays out.

Great. And then a quick follow-up, I think on the last call, Irene, you may have talked about raising promotional activity in 2Q, specifically in chocolate in Europe, as the competitor price increases probably wouldn't really hit until the third quarter. And I think the gap between Chocolate category and Mondelez' growth in the quarter was still quite wide. So, I guess I'm just trying to get a sense of, would you have expected better share performance in the 2Q, given some of the additional spending you were going to do? And, if so, I guess, what caused the gap to still be as wide as it was? Irene Rosenfeld - Chairman & Chief Executive Officer: No, actually, Andrew, Q2 played out pretty much as we has expected, in Europe. There's no question, we're continuing to feel the impact of having led price. We're seeing volume elasticity and share play out essentially the way we had thought. And as I mentioned in my script, in the second quarter we did increase some promotional and A&C support in markets like the U.K. and Germany, and we are starting to see some responses there. But don't forget that Europe is really the main place where the strategic decisions have an impact, and that's about a 60 basis point impact to top-line, as well as Europe has a disproportionately large Easter business, and that's about 50 basis points on the top-line. So, the combination of those two things need to be added back to the overall performance. So net-net, we're not entirely pleased yet with our performance in Europe, but it is playing out, essentially, the way we had expected. And we do expect back half to see stronger performance as price gaps narrow, as we start to see our competitor pricing playing through in the marketplace, and as we reinvest some of our savings into more A&C support.

Thanks very much.

Thanks, Andrew.

Our next question comes from the line of Robert Moskow of Credit Suisse. Robert B. Moskow - Credit Suisse Securities (USA) LLC (Broker): Thank you. Definitely positive news to know that you feel comfortable re-investing in A&C; I think that there's been several months of conservatism there. Can you quantify how much you're raising that for the year, in dollar terms? And then also, can you give me a sense of like – there's some geographies that you've talked about where you really are warning that the categories might take a turn for the worse because of macro factors. And, in the past, I think Mondelez has had trouble bending that trend. I can think of China, a couple years ago, as a point in fact. So, are you going to spend that money to protect and gain share, or are you going to try to drive category growth? And, if so, isn't that a much tougher kind of task? Irene Rosenfeld - Chairman & Chief Executive Officer: Actually, Rob, we're not going to provide numbers on our spending for the full year. What we did say is that we had a significant increase in the quarter. It's actually up double-digits year-over-year. And we're going to continue to strike a balance between places where we want to make sure that we're protecting share until price gaps narrow, places like the U.K. and Germany, but we're also spending money in markets like the U.S. biscuit market. And we were pleased to see, in the second quarter, a change in trend there. That market had been quite slow, and we started to see growth coming back there. So, it will be a balance. The operative thought here is to make sure that we're getting good ROI. But in markets I talked about, Brazil and India, I would say, given the dynamics in Brazil, it's probably going to be much more about share protection. In a market like India, we're about 65% of the category. And we believe that, therefore, our spending can help to stimulate the consumer acceptance of the higher price points. So it's a balance. But net-net, it gives us great confidence that we should see, as we make these investments, we should see improvement in our revenue rate of revenue growth, as well as our share performance. Robert B. Moskow - Credit Suisse Securities (USA) LLC (Broker): Okay. Thank you.

Thanks, Rob.

Our next question comes from the line of Chris Growe of Stifel. Christopher R. Growe - Stifel, Nicolaus & Co., Inc.: Hi. Good morning. Brian Gladden - Chief Financial Officer & Executive Vice President: Hey, Chris. Christopher R. Growe - Stifel, Nicolaus & Co., Inc.: Hi. I just had two questions for you, if I could please. I wanted to ask about the gross margin. I think, with some of the disclosure you've given in the release and in the slides, roughly half the benefit came from productivity, roughly half from the mark-to-market. I guess I'm trying to understand like, from an underlying basis pricing volume, was there a benefit to the gross margin? And then, related to that, productivity savings, when you cite productivity savings, are those inclusive of the Salinas plant, for example, some of the lines of the future? Are you incorporating that in when you talk productivity? Brian Gladden - Chief Financial Officer & Executive Vice President: Yeah, Chris, so the two things we talked about, we're not going to fully parse the gross margin for you, but productivity, it ends up being about 180 basis point help in the quarter. We talked about market-to-market 150 basis points, so the two of those are about the number. The reality is there's some other smaller things moving around. And when you look at price net of commodities within the quarter, we saw positive dollar impact there, but it would've been negative on the margin rate, not enough price to offset the full impact of commodity inflation in the rate. So that's the dynamic. We would be in the quarter actually absorbing start-up costs related to the start-up of some of these lines. So for the most part, the new lines would be a headwind to gross margins,…

Our next question comes from the line of Jason English of Goldman Sachs. Jason M. English - Goldman Sachs & Co.: I wanted to pick up on some of the questions on chocolate. Irene, you mentioned some optimism on share improvement with price gap scenario in the back half of the year. Can you talk about the progression on price gaps through the quarter and whether or not you've seen some of those narrow into Q end? Irene Rosenfeld - Chairman & Chief Executive Officer: Well, without a doubt some of the actions that we took particularly in Europe and particularly in the U.K. and Germany have helped to narrow some of those gaps as well as, as we see our competitor pricing coming through in markets like Germany, that also helps to narrow the gap. So I want to back up a little bit. In aggregate we had very strong performance in our emerging markets, up mid-single digits. The challenge, as I've said, has been in Europe, and again it's in large measure due to the fact that we led pricing, we took some fairly sizable increases in response to both commodities as well as ForEx. And we do expect improvement in the second half as we – as our competitor pricing comes through and as we start to continue to make investments in A&C. Jason M. English - Goldman Sachs & Co.: Thanks. That's helpful. And yeah, Europe, especially when we strip out coffee, with this AK restatement looks surprisingly soft. Can you talk maybe about the grocery business and its contribution? We've heard a lot on the snack portfolio, not a lot on just the core cheese and grocery business. Can you talk about how that's performing both in Europe and abroad? And how you're seeing that…

Our next question comes from the line of Matthew Grainger of Morgan Stanley. Matthew C. Grainger - Morgan Stanley & Co. LLC: Hi. Good morning; everyone.

Hey, Matthew. Matthew C. Grainger - Morgan Stanley & Co. LLC: Hey. Just two questions, Brian, I wanted to follow up on the revenue outlook and some of the potential swing factors there. Obviously we talked a lot about some of the key emerging markets. But I think you're also moving into a second phase of VVB (45:41), which could include some incremental focus on head count. So just curious, are you building in any operational conservatism or expectation of disruption into the second half sales outlook for that reason? Brian Gladden - Chief Financial Officer & Executive Vice President: Look, I think as we look at the top line, it's a prudent plan. I think we've got – as we called out a couple markets that we have a little bit of concern about. And we've obviously taken a little bit more of a prudent view because of that. I would also say in general the transformation continues, and whether it's supply chain reinvention and potential challenges that might come as we rationalize our planned footprint, invest in new capacity, or whether it's the broader activities around shared services and the impact that that's going to have, those are things that continue as we move over the next 18 months even 24 months. So clearly those are the two things that I would call out as we think about that revenue guidance of 3% plus. Matthew C. Grainger - Morgan Stanley & Co. LLC: Okay. But not necessarily something you would call out as being an expected source of near-term volatility? Brian Gladden - Chief Financial Officer & Executive Vice President: No. We're managing it. Matthew C. Grainger - Morgan Stanley & Co. LLC: Okay. Thanks. And then just a – Irene, as we think about the continued volatility in some of your key emerging markets again, could you just remind us where your capabilities stand right now, and what you've done over the course of the past year or two in terms of tracking inventory levels, managing them closely, and sort of being able to quickly respond to any rapid changes that may occur in category growth from here? Irene Rosenfeld - Chairman & Chief Executive Officer: Yeah, Matthew, as we've shared with you, we've made significant changes in the templates that we use to manage the business as well as the training that we're giving to our colleagues in the individual markets. And so we've got great visibility. We look at the business on a monthly basis, and we've got the KPIs that are critical to our success. Those are the ones that we're monitoring. So I feel very good that we've got our finger on the pulse of the business, and we've got much greater visibility into the various levels of demand as well as the execution against that. Matthew C. Grainger - Morgan Stanley & Co. LLC: Okay. Great. Thank you both. Brian Gladden - Chief Financial Officer & Executive Vice President: Thanks, Matthew.

Our next question comes from the line of Bryan Spillane of Bank of America Merrill Lynch.

Hey, good morning, everyone. Brian Gladden - Chief Financial Officer & Executive Vice President: Hey, Bryan. Irene Rosenfeld - Chairman & Chief Executive Officer: Hey, Bryan.

Two quick ones for me. First, Brian, on the margin outlook for 2015 for the full year, does it assume that the mark-to-market benefit that you've had year-to-date reverses itself, so it's essentially neutral for the year? Or does it assume that we hang on to some of the benefit for the full year? Brian Gladden - Chief Financial Officer & Executive Vice President: Hard to predict, Bryan. I would say as we think about the second half, it's relatively modest. We see, as we've said, relative to the third quarter we've got year-over-year challenges given some favorability last year. But as we look at the rest of the year, not a big swinger, not a big swinger at this point.

Not a big swinger for the full year or the second half? Because it's had an effect on the first half. That's what I was trying to understand whether or not it's kind of where when we end the year, do we end the year with a mark-to-market benefit that we didn't expect when the year started? Brian Gladden - Chief Financial Officer & Executive Vice President: Yeah, I would say we'll have a slight mark-to-market benefit for the total year. Yeah.

All right, got it. Thank you. And then the second one, Irene, as you've had the opportunity and made the decision to re-invest some of the margin upside in advertising and in A&C, has the category, the change that you made last year to a more category-led model, has that framework given you more confidence in the ability to invest, where to invest, what to invest in? Just trying to get a sense for how that has had an impact, or if it has had an impact, on some of the decision-making and the effectiveness of that spending. Irene Rosenfeld - Chairman & Chief Executive Officer: Without a doubt, Bryan. Frankly, it's also the answer as a follow-up to Matthew's questions. We're continuing to build capabilities, particularly in our emerging markets. And this category structure is helping to ensure that we transfer the knowledge. So, without a doubt, I have greater confidence in the launch of belVita in China, because the guy who's launching it actually came out of Europe, where it was a fabulous success. And so, as we look at each of our businesses, the ability to transfer that knowledge is a key driver, not only of the learning, but also of some of the material. So, I think you'll continue to see us expanding our proven platforms more aggressively as a result of the new model, as well as capturing the learning from one market to the other.

Okay. Thank you.

Our next question comes from the line of Eric Katzman of Deutsche Bank.

Hi. Good morning, everybody.

Hey, Eric.

A couple of questions. I guess, let's talk about the top-line. Maybe a little bit of a follow-up to Bryan's question. I think, Irene, that you had said or you had thought that the categories were kind of strengthening. And yet, the data that you show basically says, in sales, total snacks was up 4.4% in the first quarter, and for the year, or year-to-date, it's up 4.5%. And I assume that there's a fair amount of FX-led pricing going on. So, from a volume/mix perspective, do you still feel that the categories globally are strengthening? Or just maybe you could kind of give a sense there. And then I have a follow-up. Irene Rosenfeld - Chairman & Chief Executive Officer: Yeah. No, as you can see from our overall results, Eric, the big driver of our revenue is, in fact, pricing and mix. And so, there's no question that volume is not where we need it to be. A big part of the investment that we'll be making, that we've begun to make in the second quarter and we'll be making through the balance of this year is designed to get our volume momentum back. So we expect that – we had told you that we expected vol/mix in the second quarter to be weak because of the Easter shift, as well as the elasticities. We should start to see that strengthen in the back half the year.

Okay. And then, Brian, I guess, can you give some updates on like CapEx, not just this year, but next year? The $1.8 billion that I think you threw out at CAGNY kind of surprised me. And the roughly $1 billion dollars of cash cost for the latest restructuring this year, next year. Are those still like good numbers, or as you've kind of gotten more experienced within Mondelez, are there any changes maybe for the – on the right side of it? Brian Gladden - Chief Financial Officer & Executive Vice President: Yeah. Look, I think we said 5% is sort of the target in the mid-term, given all of the things we're doing with the plants. That's really what the $1.8 billion is. I think as we – one of the things you saw probably in the deck is that, as we take coffee out that takes about $100 million out. So, the number for the year is still about $1.7 billion. As I've said, and I think I've said at CAGNY, I mean, this should be the peak year, as a percentage of revenue and on a dollar basis. And we'll start moving down as we move through the execution of the supply chain reinvention activity. So, no real change to that. I think we're being thoughtful. We're adjusting that based on some of the volume trends that you've seen. In terms of capacity that drives volume, versus investment in productivity programs that may be accelerating some of the productivity opportunities. And that's part of what I think you see play out. On the restructuring, no real change. We're progressing through that, and that's part of the – obviously driving some of the overhead savings that you're seeing in the results. And this is, on the restructuring from a cash standpoint, this is the big year as well. 2015 will be the biggest year.

I thought it was – or the last time I asked or we checked, it was like $1 billion this year, or $1 billion next year, and then like $500 million in cash, in 2017. Has that changed a bit? Brian Gladden - Chief Financial Officer & Executive Vice President: It'll be bigger this year, and come down next year. Yeah.

Okay. Okay. Thank you. I'll pass it on. Brian Gladden - Chief Financial Officer & Executive Vice President: Thanks.

Our next question comes from the line of David Driscoll of Citi Research.

Thank you, and good morning. Irene Rosenfeld - Chairman & Chief Executive Officer: Hey, David.

Hey, David.

Can you talk a little bit about the pricing dynamic in Latin America? And I think pricing here came in well above the foreign exchange effect. This is unusual, at least from my point of view, from a lot of other companies. We would normally see pricing up to some degree, but it usually never matches the percentages that you see on FX in the impact, because most companies are trying to offset the margin impacts rather than the revenue impacts. Are you getting actual pricing that's just net positive to the margin structure in Latin America? Irene Rosenfeld - Chairman & Chief Executive Officer: The answer is yes. There is a timing impact, as you would imagine, although I would say we've gotten a lot better about executing pricing actions. We used to price once a year. Now we're pricing far more frequently, particularly in a number of the more volatile markets. But for the most part, we are pricing to recover our cost increases, and you're seeing that play through in the margins, as well as in the revenue. Brian Gladden - Chief Financial Officer & Executive Vice President: And you would see other quarters where it would be the other way and you gotta catch up. That's really the dynamic.

Okay. So maybe that's what I'm missing here. Part of this is a catch-up, versus prior quarters where it just wasn't as good. Would you think that this kind of dynamic that we see today in the second quarter, does it continue in the back half? Irene Rosenfeld - Chairman & Chief Executive Officer: Well, again, I think you're going to continue to see us in a number of the markets, particularly Venezuela and Argentina, you're going to see us continue to try to keep pace with the inflationary impact. In markets like Brazil, we want to just manage the impact of the pricing that we have taken year-to-date, because we still have some sizable price gaps, and we've had a decelerating impact, as I mentioned, on our category performance. So, we're going to continue to monitor that and to make sure we're investing adequately behind the franchises.

I had a couple little ones here. On FX, your outlook is unchanged, but, of course, you had the coffee divestiture, which was European, et cetera. So, why doesn't the FX change post the coffee divestiture? And, also, same question kind of on the tax rate. Why doesn't the tax rate change post the divestiture of this big European business? Brian Gladden - Chief Financial Officer & Executive Vice President: Well, the euro has come down a bit, I think is the offset to the coffee change. That's the dynamic that's playing out. And what was your second question again, David? I'm sorry.

So the tax rate, you've got this big divestiture and the tax rate doesn't change, but I feel like it perhaps should. Because as you take this big piece out, the residual mix of businesses should cause a change in tax rates as you add them all together. So maybe it's a 2016 or 2017 question. I don't know how, but I feel as if it's something potentially important. Brian Gladden - Chief Financial Officer & Executive Vice President: Yeah. I mean, given the exposures of where the coffee business is, I mean, it would have a lower tax rate. So, when you take that out, you would expect it to go up a little bit. What we've got playing out in this outlook is really some specific countries where statutory rates have moved and some discrete items that we see in front of us. So, that's what's keeping it low. Over the longer-term, we'll give you visibility to that as we move through the year.

Last question; is there a synergy number that you can give us for the new coffee joint venture? Is it significant? And what's the rate of growth that you would expect on this joint venture line going forward? Brian Gladden - Chief Financial Officer & Executive Vice President: Yeah, I mean, it's a private company. And with our partners, we're not going to disclose a lot about that.

Thank you.

Our next question comes from the line of Alexia Howard of Bernstein. Alexia Jane Howard - Sanford C. Bernstein & Co. LLC: Hi, there. Can I ask about India to begin with? You didn't quantify just how much sales were down. I'm assuming that they were down perhaps this time around. And maybe just a little bit of color on what's happening out there and when it might get back into recovery. And then as a quick follow-up, the margin outlook in EEMEA, it was down 120 basis points this quarter. When do you expect the pricing to adjust so that that might turn itself around? Thank you. Irene Rosenfeld - Chairman & Chief Executive Officer: Well, EEMEA, a simple answer is, there has been some dislocation with the rapid devaluation of the currencies, and we should start to see that moderate as the year progresses. So that's an easy one. Let's come back to the India question. Let me clarify that. India is growing. It's just growing at a slower rate than it had been. So I want to be very clear. It's not a problem. It's just we'd like to see it get back up to the high single digit, double digit rates that it had been growing at since we acquired the Cadbury business. There's no question that the actions that we took in response to the devaluation of the rupee as well as the impact of higher cocoa costs has impacted the market. We not only have seen our gaps widen, but we also have crossed some critical price thresholds. And so the intent of our investments back in the chocolate category in India are designed to help to mitigate some of that and help the Indian consumer over the hump. We've also taken a number of steps to help our price pack architecture in the market so that we are covering various points on the price spectrum. So net-net, India continues to be a market of great importance and interest to us. It's got a nice, growing middle class, very low per capita consumption of chocolate, and we expect it to be a growth engine for the future. Alexia Jane Howard - Sanford C. Bernstein & Co. LLC: Great. Thank you very much. I'll pass it on. Brian Gladden - Chief Financial Officer & Executive Vice President: Thanks, Alexia.

Our final question comes from the line of Ken Zaslow of Bank of Montreal.

Thank you very much for letting me have my question. Let me just ask more of a qualitative question. It was asked a little bit, but just trying to get into this idea of the 15% to 16% margins. After you achieve the 15% to 16% margins, what are the opportunities within your portfolio? Like how will you direct your efforts to reconfigure your operating margins? Is it more of the same? Is there different facilities? Is it different regions? Is it different products? Can you just give us some qualitative view of where you're going to go strategically after you hit the 15% to 16% margins? Brian Gladden - Chief Financial Officer & Executive Vice President: Well, I'll give you a little bit of the dynamics and maybe Irene can answer strategically. As we talked about the restructuring supply chain reinvention, I mean that's an activity that will go through 2018. So this is one where 15% to 16% is what we're calling for 2016, but the reality is there will be continued cost opportunities and margin opportunities beyond 2016. As I said earlier, I think we want to maintain the flexibility to balance really growth with the margins that we drive in the business. And being able to re-invest is a – it's nice that we're really getting that opportunity right now to begin to do that. We expect to do that more. And driving a better balance between top line growth and volume growth, and the quality of that top line, along with higher margins, there's clearly continued opportunity to do that beyond 2015 to 2016. Irene Rosenfeld - Chairman & Chief Executive Officer: But you know Ken, a lot of the productivity, as we shared with you, a lot of the productivity that we're driving as we speak, the record net productivity that we just delivered in this quarter and for the first half is before the impact of our supply chain reinvention investments, which, as we've shared with you, has a sizable impact on variable costs. In addition, a lot of the tools that are driving that productivity, things like integrated Lean Six Sigma are the tools that will enable us to continue to benefit from productivity as we look ahead. So we've got good tools in place that should become the foundation for the future performance, and gives us great confidence as we look into 2016 and beyond that our margin performance will continue to be quite strong.

Do you think that you will – it seems like there's a long way before you get to your natural limit on your margins. Is that a fair commentary? Irene Rosenfeld - Chairman & Chief Executive Officer: Well I think it's fair to say that we – we have great visibility to continued improvement in our margins. As we've shared with you, though, we want to continue to make sure as we think about how much of that will drop to the bottom line, it's all predicated on our balance between our top line and our bottom line. And we'll continue to share that with you as we move ahead.

Okay. Thank you very much.

Operator, that's our last call. This is Dexter. If you have any questions going forward, happy to take them today over the next few days, and thank you for joining our call.

Thank you, ladies and gentlemen. This does conclude today's conference call. You may now disconnect and have a wonderful day.