Macy's, Inc. (M) Management Presents at Morgan Stanley Virtual Global Consumer & Retail Conference Call (Transcript)
Macy's, Inc. (NYSE:M) Morgan Stanley Virtual Global Consumer & Retail Conference Call December 2, 2021 8:00 AM ET
Company Participants
Adrian Mitchell - Chief Financial Officer
Conference Call Participants
Kimberly Greenberger - Morgan Stanley
Kimberly Greenberger
Good morning, everyone. My name is Kimberly Greenberger and I'm the specialty softline, department store and branded apparel and footwear analyst here at Morgan Stanley. We're very pleased that you were able to join us today to kick off the final day of Morgan Stanley's Global Consumer Retail Conference. And we're equally delighted to welcome Macy's management with us today.
Macy's is the largest U.S. department store, generating approximately $17 billion in net sales in 2020 and nearly $25 billion in 2019 across over 700 store locations and e-commerce. The company operates the Macy's and Bloomingdale's banners as well as luxury beauty retailer, Bluemercury. Today, we're joined by Adrian Mitchell, Macy's Chief Financial Officer. Adrian joined Macy's in November of 2020 and brings a vast and varied retail experience to the company, additional strategic perspective and an operational track record to the senior leadership team at Macy's. He previously served as Managing Director and Partner at Boston Consulting Group, Chief Executive Officer of Arhaus and CFO and Interim CEO of Crate and Barrel. We're going to spend the session today in a fireside chat, question-and-answer style format, where we'll explore some of the investor questions that we've gotten most recently. And we've also reserved time to answer your questions. Lastly, before we begin, I need to remind you that for important disclosures, you can please see the Morgan Stanley research disclosure website at www.morganstanley.com/researchdisclosures.
And with that disclosure out of the way, Adrian, thank you again for being here and welcome to Morgan Stanley's final day of our retail conference.
Adrian Mitchell
Thank you so much, Kimberly. Thank you so much. It's a pleasure to be with you today.
Kimberly Greenberger
Absolutely. So Adrian, it's been a year now at Macy's and I'm wondering if you can reflect on this past year. It's -- I don't know if there's been any more dynamic 12-month period in retail but I'd love to just hear your reflections about your first year at Macy's.
Adrian Mitchell
It's simply been a great year for Macy's. We're very pleased with the tremendous progress we've made in improving the financial health of the business. Thinking about the progress, we've driven positive sales growth, we've expanded gross margin and EBITDA margin profile, we've generated strong cash flows and we've achieved a much healthier capital structure. A lot of these achievements are really just a testament to the clarity and the strength of the Polaris strategy. And as I reflect on this year, we've seen increasing strength quarter-to-quarter, driven by the traction that our Polaris initiatives have created and also the quality execution by our team and by my colleagues.
Now, the key thing I would keep in mind is that we believe this momentum is sustainable. We continue to accelerate the growth of our digital business, including with the launch of the new digital marketplace next year. We introduced new and relevant merchandise products like toys and pets. And we continue to grow earnings through additional profit pools such as Macy's Media Network that we've really extended even more recently into Bloomingdale's. So to your question, we continue to gain greater confidence and conviction in the trajectory of our business, whether it be sales, gross margin, SG&A leverage or inventory productivity. And after reflecting on the last year, Kimberly and looking forward, we're excited about what the future holds for Macy's.
Kimberly Greenberger
Excellent, that is a great way to kick off. 2021 has been a really good year for Macy's, as you mentioned and for retailers so far. Consumer demand really came back this year. Inventories are lean. Margins are hitting multiyear highs which is super exciting. Year-to-date, Macy's performance compared to 2019, if you were to sort of reflect on what you've seen so far this year and compared to 2019, maybe you can comment on your perspectives on just some of the key areas of progress and some of the initiatives that you implemented to capitalize on what we're seeing in the environment today.
Adrian Mitchell
Yes, absolutely. So Polaris has enabled us to achieve real progress this year, as you described. But we've been able to achieve that progress on the key metrics that we focus on that drive value for our business. So for sales, year-to-date through the third quarter, comparable owned plus licensed sales are up 1.4% relative to 2019. And we've seen continued momentum every quarter this year with the first quarter down 10% but then increasing up 5.9% in the second quarter and then most recently up 8.7% in the third quarter versus 2019. As we think about gross margin expansion, this remains a top priority for us. And we are pleased with our third quarter results year-to-date where we've actually expanded gross margin by about 130 basis points versus 2019. This margin expansion is driven by just more disciplined inventory buying decisions that allow us to maintain leaner inventories and the pricing signs that we've talked a lot about that allows us to provide clear value to our customers.
Now look, we recognize that gross margins are being offset by the gains that we're making with digital penetration which in the third quarter was up 10 percentage points relative to 2019, yet we're tackling this pretty much head on. We've also benefited from lower SG&A which has been a situation where we're chasing sales in a tight labor market. And some of those SG&A benefits, as we've mentioned, are not going to be sustainable. But that said, we're making the investments in our talent and our talents' productivity that we expect will prove beneficial in the long term. So as a result, we generated double-digit EBITDA margins in what's -- something that we're really proud of is that we've been able to do that every quarter this year. Now as we see this momentum continue, we benefited from this momentum continuing into November. And November sales more than met our expectations.
But that being said, the holiday season still has four weeks ahead of us. And similar to last year, we know that there will be some holiday pull forward. So we won't know what the amount of sales will be for the entire holiday season. But with the results in November, we're off to a good start.
Kimberly Greenberger
That is fantastic. We always love to hear the strong start to the holiday season. Adrian, as you were talking there, you mentioned a couple of the initiatives outlined under your Polaris strategy. Could you just remind us what you're hoping to accomplish under the Polaris strategy long term? And how has the pandemic either changed or perhaps accelerated some of those plans?
Adrian Mitchell
Yes, it's a great question. In essence, the pandemic gave us the opportunity to reimagine and transform our business to really be a bolder, brighter and stronger Macy's for the future. Over the long term, our outlook is just really a direct reflection of the traction of our Polaris strategy, our digitally led Polaris strategy. And so let me just talk through some of the key priorities for Polaris. First, for top line sales, we'll continue to grow our digital business even faster with the digital marketplace that we will be launching next year. And we're investing in omnichannel capabilities to accelerate omnichannel sales growth in markets across the country. We're also repositioning our physical store footprint in order to grow market share. And this includes the scaling of our off-mall, small-format Market by Macy's and Bloomingdale's stores, several new ones that we've opened up in the recent quarter.
Second, for gross margin, we plan to sustain the healthy merchandise margins we achieved this year. This requires us to continue to be really disciplined in inventory planning and purchasing decisions but also to make sure that we're maintaining that healthy sales-to-stock ratio that we've really benefited from throughout the year. Now the good news is that our digital marketplace will generate profits that will improve our gross margin line as we scale that business over the next several years. And we will continue to pilot and scale our delivery expense savings initiatives to help offset the costs associated with the gains that we'll continue to make in digital penetration.
The third thing as it relates to SG&A is that we're committed to SG&A discipline and SG&A leverage. So you'll continue to see us make gains there. Now all of this really just adds up to low double-digit EBITDA margins going forward and strong cash flow for us to continue to invest in the business to drive profitable growth, pay down debt at maturity to further reduce our leverage ratio below 2x, increase the dividend every year and repurchase shares as additional opportunities present itself.
Kimberly Greenberger
Okay, excellent. Let's maybe double-click on e-commerce, if we could, Adrian. As you mentioned in the third quarter, e-commerce as a percentage of sales increased 10 points over 2019. So obviously, one of the things the pandemic has accelerated is the e-commerce adoption, not a surprise. You've laid out a $10 billion digital sales target by 2023. Maybe can you talk about your expectations for long-term e-commerce growth and sort of fold into that the new marketplace strategy? And as you think about the shift in channel e-commerce to stores, how does that flow through your P&L?
Adrian Mitchell
Yes, absolutely. So our digitally led approach to Polaris really gives us an advantage because it allows us to actually take advantage of the scale that we have in our digital business as the second-largest online retailer in the categories that we serve. Now as we lean into accelerating digital growth with digital marketplace, we're pursuing a variety of initiatives. We've already targeted with Google to replatform our search functionality, we've updated our mobile app experiences for both Macy's and Bloomingdale's brands and we've even launched engaging livestream shopping platform that allows customers to engage real time with our team in their shopping experience.
Now because of our scale, we're also able to take advantage of the synergies of an omnichannel operation. So we're making investments in our stores to support omnichannel growth, including standing up in-store fulfillment technologies. And we're improving how we're allocating and placing inventory across the network to increase product availability to just as many customers as we can. Now as digital penetration increases, we will maintain healthy gross margins by continuing to scale initiatives that strengthen our merchandise margin on one dimension but also reduce delivery expense on the other dimensions so that we can continue to grow profitably.
Now to get ahead of the delivery costs in the future, we've developed several initiatives to mitigate delivery expense increases while also improving the speed of delivery for our customers and providing a better delivery experience for our customers at the same time. The kinds of initiatives that we're pursuing includes inventory placement and assortment allocation across our stores and RPCs, leveraging a network -- leveraging our work with data science to optimize our fulfillment algorithms and reduce the number of split shipments which really is what's driving our delivery expense and also rolling out some new initiatives that we started actioning this month around item-level profitability for the items that we sell online. So the expected cost savings and the increased efficiency will help alleviate the cost pressures related with increased digital penetration as we continue to grow profitably.
Kimberly Greenberger
Okay, wonderful. Maybe we could expand just a little bit on the marketplace initiative. Can you just talk about -- and for those investors who weren't able to join for your third quarter earnings call, maybe just talk about the new marketplace initiative. What is it? How does this initiative differ from Macy's Vendor Direct initiative? And what sort of benefits do you think can accrue to Macy's, both on top line and bottom line longer term?
Adrian Mitchell
Yes. Great question. Here, we're solving for the customer and by solving for the customer by providing just a more compelling shopping experience. As part of our transformation, we view Macy's as a destination for a broader set of categories with greater depth in select categories that should generate higher sales growth and profitability for our enterprise; so digital marketplace is a proven model here. A broader merchandise assortment drives more sales in this model. The commission structure drives profitability. And with no inventory risk, we can further improve inventory productivity for the enterprise. So this really hits on the key value levers that we have discussed a little bit earlier.
Now as we scale marketplace, we see some movement -- we expect to see some movements across owned, Vendor Direct and marketplace platforms. Now with Vendor Direct, the main thing here is we control pricing. In a marketplace environment, that someone determines their pricing. But both models allow us to expand the curative assortment for our customers beyond what you would see in our traditional model today. And all three models, marketplace, Vendor Direct, fulfillment and owned can coexist. So we believe there's a lot of opportunity to increase sales and profitability while enhancing our offerings to our customers.
Kimberly Greenberger
Okay, great. And it seems like one of those other levers for profit enhancement might also be Macy's Media. And Jeff has talked about this on a few of the earnings calls this year. Could you just maybe, for those who haven't followed it as carefully, what -- talk about what is Macy's Media? And this seems just, frankly, like an incremental revenue opportunity with a nice flow-through to the bottom line.
Adrian Mitchell
Yes. So we're very pleased with our Macy's Media Network. Fundamentally, what it is, is it gives our vendors another way to directly engage with our customers. So as we think about our website platform and the real estate that it provides, it's just another marketing arm for our vendors and for Macy's to really engage in a much more personalized way with our customers. What our vendors see is a much higher return on that spend or that investment in order to engage with customers, so they're seeing very high productivity in terms of sales response from customers. And for Macy's, it's another profit pool or another profit stream that really allows us to actually offset our SG&A expense and increase the margin profile of our business.
What's beautiful about Macy's Media Network, it's a win for our vendors, our customers and for our business. And as we have now extended it from Macy's into Bloomingdale's, we'll continue to grow that platform overtime; so we're very excited about it.
Kimberly Greenberger
Okay, fantastic; makes perfect sense. We've been talking a lot about the digital ecosystem, Adrian and I'm wondering if maybe we can transition to the stores because traffic data that we're getting this year suggest that your store business is recovering really nicely through the year. Could you comment on the dynamics that are affecting that sort of recovery trend in store sales? Tourism, you've talked a lot about this year as well. Anything to note on tourism? And how should investors be thinking about your store revenue as we head through 2022?
Adrian Mitchell
Yes, absolutely. So we're pleased with the sequential recovery of our stores. And this has been a real big win as we thought about the recovery through 2021. As a bit of context, our store comparable owned plus licensed sales continued to improve in the third quarter, down about 3.6% versus 2019 compared to down 5.5% in the second quarter compared to 2019. So as we look forward, the store strategy is very much intertwined with our omnichannel strategy. The reality is that customers shop online and in stores. We see in the data that digital sales per capita continues to be 3x higher in markets where we have stores. So this has led us to just having a greater emphasis on omnichannel sales by market and even greater focus on growing market share. Now we already know that the omnichannel customer is more productive and more profitable than our single-channel customers. So, for example, for the Macy's brand, omnichannel customers shop more frequently, 3x more than single-channel customers. They purchase across more categories, 2x to 3x more category shopping a single-channel customer. They spend more, 2.5x to 3.5x more than a single-channel customer. And those omni-customers are more loyal customers to our Macy's brand. Nearly 85% of active omnichannel customers participate in our loyalty program and nearly 2/3 own our proprietary credit card. So there's a lot of real benefits around the focus on omnichannel.
Now relative to 2019, 70% of our omnichannel markets grew in the third quarter and this was relative to 45% year-to-date. So we're continuing to see sequential momentum there. Now even in markets where store sales were below 2019 levels, we saw omnichannel market sales improved. And in places like Washington, D.C., we continue to see downtown stores significantly lag the performance of non-downtown stores. So that's an example of a market where store sales have still not hit 2019 levels but the omnichannel market performance has actually exceeded 2019 levels.
Now as you know, these downtown stores lack international tourism which was three to four points of our sales prepandemic. And also, they are also affected by the slow return to office based on the delayed return to the office given what we've seen this year. But overall, omni market result speaks to the traction that we're gaining with the Polaris strategy. And it really just gives us confidence about the ecosystem that we're committed to building for our customers. The important dynamic between stores and digital assets is just influencing how we think about our store footprint from new stores to store closures. And as we execute on our strategy, we'll continue to see that momentum in our omnichannel markets as we enter 2022.
Kimberly Greenberger
Yes. That sort of integration between digital and stores is really interesting. And I think it just resonates with me quite a lot as well. And maybe we can talk about -- you mentioned the store closing strategy. It's very interesting. You previously planned to close about 125 stores over multiple years under the Polaris strategy. But you're -- in light of the improvement that you've seen in store sales this year, you're reevaluating and reassessing which stores you should close. Maybe can you give us an updated view on the store fleet overall? What metrics are you really assessing to determine whether or not you want to keep those stores open or move forward with the closures?
Adrian Mitchell
Yes. I'm really glad you brought up this point because the one thing that we would emphasize is that our work with Polaris is not only focused on transforming our digital business but it's also focused on transforming our store fleet. And we're committed to creating a growing and profitable omnichannel ecosystem that is really a robust digital business that's fully integrated with the best mall-based stores and the most productive off-mall locations. So this allows us to serve customers just wherever and whenever he or she wants to shop. Now as we progress through this year, there are two key pieces of data that really has informed our decision-making. The first is for our new off-mall stores, we are very encouraged by both the sales and the customer response. And with these insights, we have a clearer path to new store off-mall growth.
The second thing is stores slated for closure last year have recovered quite well this year and are all cash flow positive. So to transform our business fully from end-to-end, there are a number of actions that will just help us support that. Number one, delay the closure of certain stores -- or delaying the closure of certain stores allows us to maintain a physical presence in the market which is just going to be critical to omnichannel sales and gaining market share. Utilizing the positive cash flows from those deferred closures will help us fuel the funding of investments needed to reposition the store portfolio with our off-mall stores. And then enhancing our in-store experience, whether it be pickup or curbside or the existing mall-based stores that do have longevity, continues to move us forward in terms of our investments.
So ultimately, how many stores we closed and the time table still remains to be determined, as you mentioned. But we're looking at the appropriate number of stores in the market. The appropriate mix to grow share in every market provides speed and convenience to our customers when they're shopping our brands and increase the productivity -- sales productivity and profitability of our assets.
Kimberly Greenberger
Okay, great. That makes a ton of sense. A conversation about the momentum that you've had this year and heading into the holiday season, as you mentioned, the strong start here to November, would not be complete without a discussion of supply chain and inventory. And the number one question we're getting from investors this year is, do these companies have enough inventory for holidays? So if I reflect back on your third quarter, I think inventory at the end of the quarter was down around 15% to 2019 levels. That was actually similar to the second quarter where we saw some other companies see a little bit of deterioration. So you're holding steady and you talked a lot about the inventory productivity initiatives that you're working on, Adrian. So maybe if you can reflect on your inventory position, how you're feeling about Macy's ability to flow inventory through the holiday season? And what are your -- what are you hoping to get out of your inventory productivity heading into next year and beyond?
Adrian Mitchell
Yes, absolutely. So let me talk to your inventory question in three buckets: our near-term inventory position, how we think about the normalization of inventory into 2022 and the actions we're actually taking to sustain and improve inventory productivity to maintain the healthy margin profile we discussed earlier. The first thing is we feel good about our position for holiday. We've really shifted our focus at this point to really spring and fall of '22 because we just really feel good about the position that we're in. And to do that, we're taking very similar steps for 2022 as we did in 2021. That includes confirming orders early and working closely with our vendors and our suppliers to really manage the availability and flow of that inventory. The second thing is we do not think that inventory levels will normalize until supply chain constraints subside which is likely a year away from now. That will likely see some real progress in mid- to late 2022. But even then, we still expect a new level of normalized inventory levels below what we've historically seen. As we reflect on the learnings in 2021, we've really demonstrated the power of simplifying our pricing, applying data science to optimize the depth of promotions and just being much more disciplined about our inventory planning and buying decisions. And we believe that our vendor partners and our competitors have also benefited from this learning.
So we expect we'll benefit from the actions of normalization by controlling the volume of our buys. We have to continue to be very disciplined and focused on maintaining that healthy stock-to-sales ratio. But we also believe that we have to continue to leverage our data science to identify opportunities, to improve sell-throughs and also working closely with our brand partners to really understand inventory availability for the products that customers really want to purchase. And we'll continue to leverage our fulfillment network. We've got to get stuff into the right place. So we'll take advantage of the consolidated omni-level inventory that really just gives us the flexibility to deploy inventory, whether it be in stores or whether it be in the DC to really deploy that inventory with the highest return. So when we manage inventory well, as you know, it just maximizes our merchandise margin. It results in healthier gross margins. It reduces the complexity in our supply chain, both in stores and in the supply chain and ultimately benefits our EBITDA margin and our cash flow. So we're just very, very focused on this topic.
Kimberly Greenberger
Yes. That makes a ton of sense, Adrian. And while you were talking about inventory, we did get a question in from the audience. And the question is, fourth quarter inventory sounds like it's in really good shape. How should investors think about the first quarter? And are you -- do you think it will be incrementally easier or incrementally more difficult than sort of sourcing and getting the proper levels of inventory calibrated for Q1?
Adrian Mitchell
Yes. We continue to look at the momentum that we're seeing into the holiday season and looking at what the situation was as we looked at the first quarter and the second quarter of last year. We do recognize that there was recovery happening. We knew that going into the second quarter of this year, we had the stimulus. So we're being very thoughtful and appropriately conservative as we lead into next year. However, we do see that next year, there will be continued growth. We do believe that international tourism will begin to come back. We do believe that the sequential recovery that we've seen in our business will continue into the next year. So we're ready for the first quarter. And from an inventory position, we're in a very good position.
Kimberly Greenberger
Fantastic. You talked about improved inventory productivity, just lean inventory overall and better sell-throughs have allowed Macy's to lower promotions this year. That's really supported your margins year-to-date. Can you talk about average unit retail pricing this year? I think you saw, if I remember right, 12% growth in the third quarter in your average unit retails. And how should investors think about your pricing strategies and promotional cadence as we head into 2022?
Adrian Mitchell
Yes. Throughout the year -- throughout this year, we've really executed and delivered on margin expansion in all the ways that you described. And in the third quarter, we continue to see that margin expansion by about 270 basis points at the merchandise margin level relative to 2019. Now we know that 2021 has been a historical low for -- from a promotional environment standpoint. And that, to some degree, promotions will return. And we're monitoring that from a competitive landscape standpoint and from our standpoint. But we do believe that there is a more permanent shift away from deep, broad-based promotions to much more personalized promotions using data science that's just much more profitable for our business, our vendors business and I'm sure our competitors are seeing that benefit as well.
So to achieve healthier margins, data science remains at the center of our pricing and promotional activities, promotional initiatives, including personalization which will include the optimization of our Star Rewards program, our proprietary credit card program. And we'll continue to expand and scale the additional initiatives in our arsenal as we're continuing to optimize offers for our Star Rewards members, our loyalty members and even our non-Star Rewards customers who are shopping with us.
Now in addition, we still have the opportunity to further scale several pricing initiatives, whether it be location-level pricing version 2.0, additional POS pricing tests that we continue to test every quarter, optimal ticket pricing as we look at the competitive market on a daily and a weekly and monthly basis and just greater analytics to understand historically the decisions that we've made in promotion and pricing effectiveness. So we think that much of the success we've achieved this year as it relates to merchandise margin will translate into the future as the data and analytics that we armed ourselves with will help us continue to sustain those margins.
Kimberly Greenberger
Okay, great. Macy's, you've talked a lot this year about expressing gratitude and gratefulness for all the hard work of the many employees who work in the stores. And one of the things I think that Macy's has done really effectively is try to express that gratitude in a lot of different ways, including compensation. You recently announced that you're going to be taking your wage rates to $15 per hour next year with average total pay at $20 per hour. I'm sure this is welcome news, particularly, as you know, the store job doesn't get any easier with every passing year. Can you just talk about the thinking behind the decision? And how should investors think about this new wage rate flowing through the P&L next year?
Adrian Mitchell
Yes, absolutely. Well, first of all, thank you for raising this because the first thing that I would say is that our teams have been amazing. And what they've accomplished over the last year is nothing short of Herculean. Now as we transform our business, the reality is that we need to invest in our talent. And these investments are really imperative to improve the customer experience through attracting and retaining the highest-caliber colleagues and also harnessing the technology and data science that's being used to improve colleague productivity. So our competitive advantage are our people; they're critical to our execution of our strategy. They are allowing us to move with speed and agility, particularly on the data science initiatives which really span our entire organization. But if you think about the kinds of things that we're asking our teams to do, we're doing in-store automation with fulfillment. We're using data analytics for personalization. We're automating and enhancing technologies in our supply chain. We're doing a number of things that -- we're asking our colleagues to do a number of things that require us to continue to invest in them and their capabilities. And part of that is through the compensation structure and the educational programs that we're instituting. And by executing well on these initiatives with our human capital, with our talent, these initiatives will ultimately help us achieve and sustain our EBITDA margin targets and our cash flow targets.
So to retain and attract the best talent, we simply need to invest in our human capital, both by increasing our minimum wage of our store colleagues and our supply chain colleagues and our corporate colleagues but also supporting them educationally with their aspirations for self-development that only benefits the enterprise. At the same time, we believe that we can make these investments and continue to drive SG&A leverage because of the growth profile that we expect in the medium term and in the long term.
Kimberly Greenberger
Okay, great. And in our last two minutes here, Adrian, there's another question coming in from the audience about balance sheet. You mentioned less than 2x leverage target. Can you talk about the long-term strategy around capital allocation or a specific leverage level that you'd like to manage the business at? And maybe wrapped in there, if you could talk about plans for excess cash generation.
Adrian Mitchell
Absolutely. We're committed to a financially healthy Macy's, Inc. And a big part of that is making sure that we have a healthy leverage ratio. We're committed to a leverage ratio of below 2x. And you've seen the discipline that we've taken in 2021 in moving towards that goal. We build ourselves this year to be at 2.5x and we have far exceeded that expectation. And now we're challenging ourselves to be below 2x. We have the capacity as a healthy business to invest in a lot of different things. We have the capacity to invest in profitable growth. As we've signaled, we're going to be increasing our capital spend from about $650 million to about $1 billion in the upcoming years. We have the capacity to do that. But at the same time, we have the capacity to pay debt as it matures, to increase the dividend every year and to take advantage of opportunities to repurchase shares when those opportunities arise with our excess cash. So we have a lot of capacity as a healthy business. And we're just going to continue to build further momentum so that we continue to have those healthy cash flows to be able to have that financial flexibility for Macy's, Inc.
Kimberly Greenberger
This has been a fantastic session, Adrian. Thank you so much for being with us this morning.
Adrian Mitchell
Thank you. Thank you, Kimberly.
Kimberly Greenberger
And to everyone in our audience, we really appreciate your time this morning. Thank you so much for joining us on the third day of the Morgan Stanley Global Consumer and Retail Conference. Please stick around. We've got a great day planned for you. And with that, we'll wrap this session. Thanks, again.
Question-and-Answer Session
End of Q&A
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