Financial Data and Key Metrics Changes - For the fourth quarter of fiscal year 2025, sales and other operating revenue were $702.3 million, down from $770.9 million in the same quarter of fiscal year 2024, primarily due to lower tobacco sales volumes [17] - Operating income for the fourth quarter was $42.8 million, compared to $68.2 million in the same quarter of fiscal year 2024, also driven by lower tobacco sales volumes [17] - Net income attributable to Universal Corporation was $9.3 million or $0.37 per share, down from $40.3 million or $1.61 per share in the same quarter of fiscal year 2024 [18] - For the full year of fiscal year 2025, sales and operating revenue increased to $2.95 billion from $2.75 billion in fiscal year 2024, mainly due to higher tobacco sales prices [19] - Net income for fiscal year 2025 was $95 million or $3.78 per share, down from $119.6 million or $4.78 per share in fiscal year 2024 [20] Business Line Data and Key Metrics Changes - Segment operating income for the tobacco operations segment was $240.2 million for fiscal year 2025, up from $222.4 million in fiscal year 2024, driven mainly by higher sales prices [21] - Segment operating income for the Ingredients Operations segment was $12.3 million for fiscal year 2025, compared to $3.9 million in fiscal year 2024, primarily due to higher sales volumes [21] Market Data and Key Metrics Changes - As of March 31, 2025, the estimated unsold flue-cured and burley stock was 22 million kilos, up 11 million from December 31 [48] - The company reported a 20% uncommitted inventory level as of March 31, 2025 [47] Company Strategy and Development Direction - The company's strategy focuses on three pillars: maximizing tobacco operations, growing ingredients operations, and strengthening the organization [10] - The company aims to grow Universal Ingredients through organic growth and measured acquisitions, leveraging its strong reputation for quality and service [12] - Sustainability is a core part of the business, with a commitment to high standards and transparency in the supply chain [25] Management's Comments on Operating Environment and Future Outlook - Management noted strong customer demand in the tobacco segment, with expectations of increased global flue-cured and burley production in the current growing season [23] - The company is optimistic about the ingredients segment, having completed a major expansion project and focusing on organic growth [24] - Management addressed the completion of the Mozambique investigation, stating it did not materially impact financials [25] Other Important Information - The company declared its 55th annual dividend increase, with a quarterly dividend of $0.82 per share, reflecting a commitment to returning value to shareholders [9] - The company completed a pension risk transfer transaction resulting in a one-time pretax pension settlement charge of approximately $14 million [18] Q&A Session Summary Question: How should SG&A be viewed for fiscal 2026? - Management indicated that they cannot provide forward-looking guidance but noted that SG&A for fiscal year 2025 was approximately $305 million, down $5 million from the prior year [32][33] Question: Will there be ongoing legal expenses related to the Mozambique situation? - Management confirmed that the Mozambique investigation has been completed, and there will be no ongoing legal expenses related to it [36] Question: What are the expectations for tobacco margins and growth in fiscal 2026? - Management acknowledged that as the market moves towards a balanced supply, it is difficult to predict customer behavior regarding inventory levels and demand [39][40] Question: What are the current uncommitted inventory levels for tobacco? - The company reported a 20% uncommitted inventory level as of March 31, 2025 [47] Question: How does the company view the growth of nicotine pouches? - Management noted that the demand for leaf tobacco remains strong, and they are participating in next-generation product categories, including nicotine pouches [90] Question: What is the outlook for the ingredients segment's profit? - Management stated that they expect to improve margins in the ingredients segment through increased sales and scale [72][73]

Financial Data and Key Metrics Changes - Total revenue in Q4 was $388 million, growing 16% year-over-year on an as-reported and constant currency basis [30] - Subscription revenue in Q4 totaled $362 million, also growing 16% as reported and 17% in constant currency [30] - Elastic Cloud revenue grew 23% on an as-reported and constant currency basis [30] - Non-GAAP operating margin for Q4 was 15%, with a gross margin of 77% [35][36] - Adjusted free cash flow margin improved by approximately 600 basis points to end the year at 19% [36] Business Line Data and Key Metrics Changes - The number of customers with over $1 million in annual contract value grew approximately 27%, adding about 45 net new customers [34] - Customers with over $100,000 in annual contract value grew approximately 14%, adding about 180 net new customers [34] - Subscription revenue excluding Monthly Cloud was $315 million, growing 19% in Q4 [32] Market Data and Key Metrics Changes - Strong growth was observed in the APJ region, followed by EMEA and The Americas, while some pressure was noted in the U.S. Public sector [34] - Over 2,000 Elastic Cloud customers are using Elastic for Gen AI use cases, with over 30% of these customers spending $100,000 or more annually [12] Company Strategy and Development Direction - The company is focusing on leveraging AI to automate business processes and drive innovation, positioning itself as a strategic partner for enterprises [11][18] - Elastic aims to strengthen its position as the preferred vector database, enhancing its offerings with new technologies like better binary quantization [13][19] - The company is committed to maintaining a balance between growth and profitability while continuing to innovate and expand its product offerings [40][43] Management's Comments on Operating Environment and Future Outlook - Management acknowledged potential uncertainty in the macro environment but expressed confidence in the healthy pipeline and demand signals [39] - The company expects continued growth and strong margins in FY 2026, projecting total revenue in the range of $1.655 billion to $1.670 billion [42] Other Important Information - Elastic Cloud now accounts for over 50% of subscription revenue, with strong growth in cloud adoption [18] - The company announced a strategic collaboration agreement with AWS to enhance solution integrations and accelerate AI innovation [25] Q&A Session Summary Question: Guidance and Metrics - Inquiry about the conservativeness of guidance and leading indicators of business performance [45] - Response highlighted the balance of positive demand signals with macro uncertainty, emphasizing the importance of CRPO and subscription revenue metrics [46][49] Question: Partnerships and Market Opportunities - Question regarding the impact of recent partnerships, particularly with AWS and NVIDIA, on market opportunities [53] - Management noted the growing acceptance of Elastic as a leading vector database and the importance of partnerships for driving cloud adoption [54] Question: Retrieval Augmented Generation (RAG) - Inquiry about the durability of RAG architectures and Elastic's positioning [59] - Management affirmed the critical role of retrieval in enterprise data management and the growing adoption of their vector database for RAG use cases [60][61] Question: Cloud Performance and Consumption Hesitation - Question about the sequential growth in cloud performance and the impact of the leap year [62] - Management clarified that the leap year and fewer days in Q4 affected consumption rates, but normalized growth rates remained strong [64][66] Question: Go-to-Market Strategy and Changes - Inquiry about the effectiveness of go-to-market changes made in the previous fiscal year [69] - Management confirmed that the changes have settled and are yielding positive results, with plans to continue hiring sales capacity [70][72] Question: AI Commitments and Emerging Use Cases - Question about the $1 million AI commitments and emerging use cases [93] - Management clarified that 25% of $1 million customers are using Elastic for AI workloads, with a variety of sophisticated use cases emerging across industries [94][96]

Financial Data and Key Metrics Changes - The company reported first quarter revenue of $357 million, representing a 6% year-over-year increase, and an annual recurring revenue (ARR) of $1.693 billion, up 12% year-over-year [7][32] - The GAAP operating loss improved to $16 million from a loss of $49 million in the prior year, while non-GAAP operating income was $70 million, reflecting a 20% margin, an improvement of 450 basis points year-over-year [8][34] - Non-GAAP adjusted free cash flow generation was $117 million, representing a 33% margin, up over 250 basis points year-over-year [34] Business Line Data and Key Metrics Changes - The company emphasized the success of its agentic automation platform, which has seen strong adoption with thousands of autonomous agents created and over 250,000 agent runs to date [11] - The introduction of Maestro, the orchestration solution, has powered more than 11,000 process instances, indicating strong early demand [11] Market Data and Key Metrics Changes - The company ended the quarter with approximately 10,750 customers, with a notable increase in customers generating $100,000 or more in ARR to 2,365, and those with $1 million or more in ARR to 316 [32][33] - Dollar-based gross retention was reported at 97%, while the dollar-based net retention rate was 108% as of the first quarter [33] Company Strategy and Development Direction - The company is focused on expanding its agentic automation solutions and has introduced a new consumption-based pricing model to drive adoption [11][12] - A strategic AI partnership with Google Cloud aims to transform healthcare operations through an AI-powered medical record summarization agent [19] - The company is committed to developing targeted vertical solutions and enhancing its partner ecosystem to drive customer value [21][30] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the variable macroeconomic environment but expressed confidence in the company's execution and the favorable shift in deal mix for the second quarter [41][70] - The company views fiscal 2026 as a foundational year for driving new revenue streams in fiscal 2027 and beyond as agentic automation scales [36] Other Important Information - The company repurchased 21.9 million shares of its Class A common stock at an average price of $10.4, reflecting its commitment to delivering value to shareholders [34] - The company has made significant progress in its public sector business, highlighted by a deal with the U.S. Air Force to accelerate digital transformation [25] Q&A Session Summary Question: Insights on the macroeconomic environment and FX impact - Management noted that the macroeconomic environment remains variable, but execution in the first quarter was strong, with minimal FX impact observed [40][42] Question: Customer feedback on the new pricing model - Initial customer feedback on the unified pricing model has been positive, as it aligns closely with software adoption [45] Question: Performance of the U.S. Federal business - The U.S. Federal business is in transition, with renewals on track, but continued pressure on new budgets is noted [48][50] Question: Quality and depth of the pipeline - Management expressed confidence in the quality of the pipeline, bolstered by customer interest in agentic automation [53][54] Question: Trends in retention rates - Management indicated that retention pressures are related to macroeconomic factors, but they are optimistic about stabilizing trends moving forward [66][67] Question: Growth outlook and deal mix - The favorable timing and mix of deals for the second quarter were highlighted, with larger deals contributing positively to revenue recognition [69][70] Question: Operational adjustments and efficiencies - Management confirmed that while the restructuring is complete, they continue to seek efficiencies and invest in high-return segments [101]

Financial Data and Key Metrics Changes - Gap Inc. reported a 2% increase in net sales year over year, reaching $3.5 billion, with comparable sales also up 2% [36][38] - Earnings per share (EPS) grew by 24% to $0.51 compared to the previous year [11][35] - Gross margin improved by 60 basis points to 41.8%, while operating margin increased by 140 basis points to 7.5% [39][35] Business Line Data and Key Metrics Changes - Old Navy's net sales rose by 3% to $2 billion, with comparable sales also up 3%, marking its ninth consecutive quarter of market share gains [37][10] - Gap brand saw a 5% increase in net sales to $724 million, achieving a 5% increase in comparable sales, continuing its positive trend for six consecutive quarters [37][18] - Banana Republic's net sales decreased by 3% to $428 million, with comparable sales remaining flat [38][22] - Athleta's net sales fell by 6% to $308 million, with comparable sales down 8% [38][25] Market Data and Key Metrics Changes - Gap Inc. maintained its position as the number one apparel e-commerce business in the US, reflecting increased e-commerce penetration [6] - Old Navy gained market share across all income cohorts, while Gap gained share in the top and middle cohorts [5][10] Company Strategy and Development Direction - The company is focused on brand reinvigoration, with strategic priorities including financial and operational rigor, driving relevance and revenue, and strengthening the platform [9][26] - Plans to diversify sourcing to mitigate tariff impacts, with a goal for no single country to account for more than 25% of sourcing by 2026 [7][8] - Continued investment in technology and innovation to enhance customer experience and operational efficiency [27][26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's ability to navigate a dynamic environment, citing a strong financial foundation and disciplined operations [9][30] - The company reaffirmed its fiscal 2025 outlook, expecting net sales growth of 1% to 2% and operating income growth of 8% to 10%, excluding tariff impacts [36][43] - Management acknowledged potential headwinds from tariffs, estimating a net impact of $100 million to $150 million on operating income for fiscal 2025 [46][47] Other Important Information - The company returned approximately $131 million to shareholders in Q1 through dividends and share repurchases [35][41] - The company ended the quarter with a strong cash balance of approximately $2.2 billion, reflecting effective expense management [35][40] Q&A Session Summary Question: Inquiry about tariff mitigation strategies - Management confirmed that strategies are in place to mitigate over half of the anticipated tariff impact, with ongoing efforts to diversify sourcing [55][56] Question: Discussion on Gap brand's pricing strategy - Management emphasized maintaining the overall value proposition for consumers and does not expect meaningful price impacts at this time [70][71] Question: Inquiry about Banana Republic and Athleta's performance - Management highlighted ongoing progress in Banana Republic and the need for further work in Athleta to improve product appeal and marketing effectiveness [96][97]

Financial Data and Key Metrics Changes - Consolidated revenues were $1,002 million, up 6% year over year or up 7% organically [7] - Non-GAAP earnings were $0.96, up 14% year over year [24] - Consolidated gross margin was 68%, up from 67.3% [21] - Operating expenses increased 6% but declined as a percentage of revenue to 43.1% [22] Business Line Data and Key Metrics Changes - CooperVision reported revenues of $670 million, up 5% or up 7% organically [7] - CooperSurgical posted revenues of $333 million, up 8% or up 7% organically [14] - Daily silicone hydrogel lenses grew 10%, with Myopia management portfolio growing 19% [8][11] - Fertility revenues were $127 million, up 3% and up 2% organically, but lower than expected due to market softness [15] Market Data and Key Metrics Changes - The Americas grew 8%, EMEA grew 6%, and Asia Pac grew 5% for CooperVision [8] - The contact lens industry grew 4% in calendar Q1, leading to a reduction in growth expectations to 4% to 6% for the year [18][19] - Fertility market growth expectations were reduced to low single digits due to market softness, particularly in Asia Pac [19][41] Company Strategy and Development Direction - The company is focusing on operational improvements and product launches to drive growth [6] - There is a strong emphasis on increasing availability of MyDay and MiSight products in new markets [9][14] - The company is adjusting its revenue guidance to reflect solid Q2 performance and updated market assumptions [24][25] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a more complex global operating environment but emphasized strong execution and market share gains [6][20] - There is optimism about long-term growth fundamentals in fertility despite current market softness [16][41] - Management expects organic growth in Q4 to be stronger than Q3, supported by product rollouts and improved fitting activity [25][52] Other Important Information - The company repurchased approximately 537,000 shares for roughly $40.6 million, leaving $215.8 million available under the repurchase plan [24] - Tariffs are expected to have a negative impact of roughly $4 million on the cost of goods this year [26] - Currency fluctuations are anticipated to have a 0.5% headwind to revenues and a 1% headwind to earnings [26] Q&A Session Summary Question: Contact lens end market performance - Management noted that channel inventory pressures are affecting growth rates, but fitting activity remains strong [30][31] Question: Lower market growth assumption for Vision Care - The reduction in guidance is attributed to general market softness rather than specific pricing or volume issues [34][36] Question: Fertility market softness in Asia - Management indicated that the decline in fertility cycles in Asia is partly due to cultural factors and economic pressures [41][42] Question: Changes in consumer behavior regarding contact lens purchases - Management confirmed that consumers are buying shorter supply durations, impacting revenue despite strong fitting activity [46][47] Question: Guidance for Q3 and Q4 - Management expects Q3 results to be below the lower end of guidance, with Q4 anticipated to be at or above the top end [52] Question: Inventory expectations for the rest of the year - Management anticipates continued pressure on inventory levels throughout the year, affecting overall market growth [55][56] Question: Margin expectations moving forward - Management expects continued improvement in margins due to operational efficiencies and prior investment returns [70]

Financial Data and Key Metrics Changes - Net income for Q3 was $1.9 billion or $4.28 per diluted share, up more than 13% from $1.68 billion or $3.78 per diluted share in the same quarter last year [13] - Net sales for Q3 were $61.96 billion, an increase of 8% from $57.39 billion in the same quarter last year [15] - Membership fee income was $1.24 billion, an increase of $117 million or 10.4% year over year [18] - Gross margin rate increased by 41 basis points to 11.25% compared to 10.84% last year [21] - SG&A rate was higher by 20 basis points at 9.16% compared to 8.96% last year [25] Business Line Data and Key Metrics Changes - Fresh category comparable sales were up high single digits, led by double-digit growth in meat [29] - Non-foods also had comparable sales in the high single digits [29] - E-commerce comparable sales were up 14.8% or 15.7% adjusted for foreign exchange [16] - Gas comps were negative low double digits due to lower average price per gallon [32] Market Data and Key Metrics Changes - U.S. comparable sales were up 6.6% or 7.9% excluding gas deflation [15] - Canada comparable sales were up 2.9% or 7.8% adjusted for gas deflation and foreign exchange [15] - Other international comparable sales were up 3.2% or 8.5% adjusted [15] - Traffic increased by 5.2% worldwide and 5.5% in the U.S. [17] Company Strategy and Development Direction - The company plans to open another 10 warehouses in Q4, bringing the total to 914 worldwide [6] - Focus on maintaining competitive pricing despite macroeconomic challenges [7] - Continued investment in digital and technology to enhance member experience [10] - Strategic sourcing to mitigate tariff impacts and lower costs [9][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to navigate challenges posed by tariffs and inflation [12] - The company remains committed to providing quality items at the lowest possible prices [35] - Management noted that in uncertain times, value resonates strongly with members [12] Other Important Information - Capital expenditure in Q3 was approximately $1.13 billion, with an estimated full-year CapEx of over $5 billion [29] - The company ended Q3 with 79.6 million paid household members, up 6.8% year over year [20] Q&A Session Summary Question: What is Costco's current pricing strategy given the market conditions? - Management indicated that they are focused on lowering prices wherever possible and have seen improvements in the competitive landscape [42][43] Question: How has the company managed inventory in light of tariffs? - Management noted proactive measures to pull forward inventory to mitigate tariff impacts and maintain pricing [49] Question: What should be expected regarding growth in non-food categories? - Management acknowledged that while growth is strong, there may be a deceleration as they cycle tougher comparisons from the previous year [60] Question: How is the company addressing member experience in high-volume warehouses? - Management is strategically opening new warehouses to alleviate congestion and improve member experience [63][64] Question: What is the outlook for LIFO charges in the upcoming quarters? - Management provided estimates for LIFO charges based on current inflation rates, indicating a potential increase in Q4 [81][84]

Financial Data and Key Metrics Changes - Net income for Q3 was $1.9 billion or $4.28 per diluted share, up more than 13% from $1.68 billion or $3.78 per diluted share in the same quarter last year [12][13] - Net sales for Q3 were $61.96 billion, an increase of 8% from $57.39 billion in the same quarter last year [14] - Membership fee income was $1.24 billion, an increase of $117 million or 10.4% year over year [17] Business Line Data and Key Metrics Changes - U.S. comparable sales were up 6.6% or 7.9% excluding gas deflation, while Canada comp sales were up 2.9% or 7.8% adjusted for gas deflation and FX [14] - E-commerce comp sales were up 14.8% or 15.7% adjusted for FX [15] - Fresh category comparable sales were up high single digits, led by double-digit growth in meat [28] Market Data and Key Metrics Changes - Traffic or shopping frequency increased 5.2% worldwide and 5.5% in the U.S. [15] - Average transaction or ticket was up 0.4% worldwide and up 1.1% in the U.S. [16] - Gas comps were negative low double digits during the quarter, driven by a lower average price per gallon [32] Company Strategy and Development Direction - The company plans to open another 10 warehouses during Q4, including locations in Sweden, Korea, and Canada, bringing the total warehouse count to 914 worldwide [5] - The focus on digital and technology is seen as crucial for future growth, with investments aimed at improving member experience [9][10] - The company is committed to providing quality items at the lowest possible prices, viewing price increases as a last resort [35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to navigate challenges posed by tariffs and inflation, emphasizing the importance of maintaining competitive pricing [11][35] - The company noted that in uncertain times, its value proposition resonates strongly with members [11] - Management highlighted the importance of agility in sourcing and pricing strategies to mitigate tariff impacts [35] Other Important Information - Membership renewal rates were 92.7% in the U.S. and Canada, with a worldwide rate of 90.2% [18] - The company ended Q3 with 79.6 million paid household members, up 6.8% year over year [20] - Capital expenditure in Q3 was approximately $1.13 billion, with an estimated full-year CapEx of over $5 billion [28] Q&A Session Summary Question: What is Costco telling merchants regarding pricing strategy? - Management indicated that they are focused on lowering prices wherever possible and have seen improvements in the competitive landscape [41][43] Question: How are price gaps changing in the current inflationary environment? - Management noted that they are closely monitoring pricing and have been proactive in lowering prices as commodity costs decrease [46][48] Question: How should expectations be recalibrated as Costco laps outsized growth from precious metals and gift cards? - Management acknowledged that some deceleration in growth is expected but remains confident in the ability to find quality items at great value [55][61] Question: What is being done to improve member experience in high-volume warehouses? - Management emphasized strategic openings of new warehouses to alleviate congestion and improve member experience [62][65] Question: What is the outlook for LIFO charges in the coming quarters? - Management provided insights into the LIFO charge calculations and indicated that future charges will depend on inflation rates and tariff impacts [76][82]

UiPath (PATH) Q1 2026 Earnings Call May 29, 2025 05:00 PM ET Speaker0 Greetings, and welcome to the UiPath First Quarter twenty twenty six Earnings Conference Call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce you to your host, Elise Furlani, Vice President of Investor Relations. Thank you, Elise. You may begin. Speaker1 Good afternoon, and than ...

Financial Data and Key Metrics Changes - Consolidated revenues were $1,002 million, up 6% year over year or up 7% organically [6][21] - Non-GAAP earnings were $0.96, up 14% year over year [6][23] - Consolidated gross margin improved to 68%, up from 67.3% [21] - Operating expenses increased by 6%, but declined as a percentage of revenue to 43.1% [21] Business Line Data and Key Metrics Changes - CooperVision reported revenues of $670 million, up 5% or up 7% organically [6][21] - CooperSurgical posted revenues of $333 million, up 8% or up 7% organically [6][21] - Daily silicone hydrogel lenses grew 10%, with MyDay and Clarity leading the growth [7][9] - Myopia management portfolio grew 19%, with MiSight up 35% [7][11] Market Data and Key Metrics Changes - The Americas grew 8%, EMEA grew 6%, and Asia Pacific grew 5% [7] - Fertility revenues were $127 million, up 3% and up 2% organically, but lower than expected due to market softness in Asia Pacific [14][15] - Office and Surgical sales were $206 million, up 13% or up 10% organically [15][16] Company Strategy and Development Direction - The company is focusing on expanding its product availability in new markets and channels, particularly for MyDay and MiSight [8][9] - There is a strong emphasis on operational improvements and leveraging existing investments to drive growth [21][22] - The company is optimistic about long-term growth in fertility despite current market softness [15] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a more complex global operating environment but emphasized strong execution and market share gains [5][6] - The company is adjusting its revenue guidance to reflect solid Q2 performance and updated market assumptions [17][24] - Management expects organic growth in Q4 to be stronger than Q3, driven by product rollouts and improved fitting activity [24] Other Important Information - The company repurchased approximately 537,000 shares for roughly $40.6 million, leaving $215.8 million available under its repurchase plan [23] - Tariffs are expected to have a negative impact of roughly $4 million on the cost of goods this year [25] - Currency fluctuations are anticipated to have a 0.5% headwind to revenues and a 1% headwind to earnings [25] Q&A Session Summary Question: Contact lens end market performance - Management noted that channel inventory pressures are affecting growth rates, but fitting activity remains strong [29][30] Question: Lower market growth assumption for Vision Care - The reduction in guidance is attributed to general market softness rather than specific pricing or volume issues [33][36] Question: Changes in market behavior and consumer purchasing - Management confirmed that consumers are buying shorter supply durations, impacting revenue despite strong fitting activity [45][46] Question: Fertility market softness in Asia - The decline in fertility cycles in Asia Pacific is partly attributed to cultural factors, but management remains optimistic about long-term growth [39][42] Question: Future pricing opportunities - Management believes there are opportunities for inflationary price increases, but overall pricing remains solid [100][101] Question: Impact of tariffs on guidance - Tariffs are expected to impact costs, with potential adjustments in manufacturing and pricing strategies to mitigate effects [77][104]

Elastic (ESTC) Q4 2025 Earnings Call May 29, 2025 05:00 PM ET Speaker0 Good afternoon, and welcome to the Elastic NV Fourth Quarter Fiscal twenty twenty five Earnings Results Conference Call. All participants will be in listen only mode. After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to Anthony Luscri, Vice President of Investor Relations. Please go ahead. Speaker1 Thank you. Good afternoon and ...