Canopy Growth Q4 2024 Earnings Call Transcript

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Provided by Quartr
May 30, 2024

There are 8 speakers on the call.

Operator

Good morning. My name is Joanna, and I will be your conference operator today. I would like to welcome you to Canopy Growth's 4th Quarter and Fiscal Year 2024 Financial Results Conference Call. At this time, all participants are in a listen only mode. I will now turn the call over to Tyler Burns, Director, Investor Relations.

Operator

Tyler, you may begin the conference call.

Speaker 1

Good morning and thank you for joining us. On our call today, we have Canopy Growth's Chief Executive Officer, David Klein and Chief Financial Officer, Judy Hong. Before financial markets open today, Canopy Growth issued a news release announcing the financial results for our Q4 and fiscal year ended March 31, 2024. The news release and financial statements have been filed on EDGAR and SEDAR and will be available on our website under the Investors tab. Before we begin, I would like to remind you that our discussion during this call will include forward looking statements that are based on management's current views and assumptions and that this discussion is qualified in its entirety by the cautionary note regarding forward looking statements included at the end of the news release issued today.

Speaker 1

Please review today's earnings release and Canopy's reports filed with the SEC and SEDAR for various factors that could cause actual results to differ materially from projections. In addition, reconciliations between any non GAAP measures to their closest reported GAAP measures are included in our earnings release. Please note that all financial information is provided in pending dollars unless otherwise stated. Following remarks by David and Judy, we will conduct a question and answer session where we will take questions from analysts. With that, I will turn the call over to David.

Speaker 2

Good morning, everyone, and thank you for joining us today to review Canopy Growth's Q4 fiscal year 2024 financial results. During the call, I'll share key highlights and achievements from the past fiscal year, demonstrating how Canopy is a stronger, fully cannabis focused business that is poised for profitable growth in the year ahead across all of the most exciting global cannabis markets. First, let's touch on the transformative year that fiscal 2024 was for Canopy. During the year, we took decisive actions to streamline our business by implementing an asset light model. This has enabled us to focus on our core strengths, while leveraging 3rd parties to add scale and capacity when and where we need it without the requirement to maintain extensive infrastructure or invest ahead of growth.

Speaker 2

This has improved our margins and accelerated our time to market as we focus on growth across all of our priority categories. In parallel, we took bold action to drive greater focus and reduce our cash burn by divesting Canopy's non cannabis businesses as we go all in on what we believe is one of the most exciting consumer trends of our lifetime. These changes weren't easy and I'm very proud of the work that the entire Canopy team undertook to execute the strategic evolution and to ensure its success, all while enhancing our commercial execution, strengthening our financial position and establishing a platform for Canopy's future growth. As a result, Canopy is entering fiscal 2025 with a strong foundation. We have a focused business.

Speaker 2

We're well positioned in the geographies and categories of greatest potential, and we've built a business that can deliver profitable growth. Looking to our performance in fiscal 2024, I'm pleased to report that our results in the year already demonstrate the positive impact of the changes we've implemented. Canopy now has an attractive gross margin profile across all of our businesses, a lean and agile organization that can support growth without a step change in costs a strengthened balance sheet that has ample runway to support our business while investing for growth and financial performance that is nearing consolidated adjusted profitability. Focusing on flower is the central pillar of our business. The consistent production of high quality flower from our King Carden and Doce's sites has strengthened our competitive positioning in the Canadian adult use market, highlighted by the national resurgence of Tweed.

Speaker 2

Additionally, we added over 2,300 points of distribution across Canada during the Q4, including over 900 points for Tweed Flour and 650 points for our Deep Space Beverages, ensuring increased access to consumers as we enter the important summer selling season. In our Canadian Medical business, an expanded product assortment in the Spectrum Therapeutics online store as well as industry leading care for our insured patients has delivered a 16% increase in revenue year over year, marking the 5th consecutive quarter of revenue growth. Our international markets cannabis business also continues to benefit from increased demand for our high quality Canadian cannabis, including in Australia, which delivered record revenue in fiscal 2024. In addition, an expanded product assortment and improved commercial execution in Poland, the Czech Republic and Germany also contributed to growth in our international markets cannabis business in fiscal 2024. Moving on to our Storz and Bickel vaporizer business.

Speaker 2

Exceptional demand for the brand's new Venti portable vaporizer, which was launched early in Q3 of fiscal 2024 required us to double production to meet higher than expected initial demand. When paired with continued demand for other stores Stores and Bickel devices including the legendary Volcano, this contributed to Stores and Bickel delivering its best 4th quarter ever with net revenue increasing 43% year over year. In addition to these advancements in our commercial businesses, we also executed a number of actions to strengthen Canopy's balance sheet in fiscal 2024. Collectively, these actions reduced Canopy's debt by over $700,000,000 in fiscal 2024, which brings our total debt reduction to over $1,100,000,000 since the beginning of fiscal 2023. Further, subsequent to the end of fiscal 2024, we have also estimated or eliminated a $100,000,000 short term debt obligation and extended the maturity of a convertible note by 5 years.

Speaker 2

As a result, Canopy has no material debt due until March 2026 and has a healthy cash balance of over $200,000,000 Our strengthened balance sheet provides us with the certainty and flexibility required to power future growth and we believe positions Canopy ahead of our industry peers. Our commercial businesses are showing momentum as we exited fiscal 2024 and our plan set the stage for a fiscal 2025 that we believe be a banner year for Canopy. Our Canadian production platform continues to deliver high quality flower that is winning and retaining customers, both domestically and internationally. Upgrades are also already underway at our King Carden facility to increase our flower capacity in addition to securing flower through strategic procurement from 3rd party producers. And as the Canadian cannabis market continues to mature and consolidate, we expect excess capacity within the industry to present Canopy with tangible opportunities to accelerate speed to market, avoid capital investments until critical sales volumes are achieved and to provide us with surge capacity during peak periods.

Speaker 2

We believe our plans, which reflect our focus on profitable growth versus chasing market share at all costs, will deliver healthy annual growth in Canada in fiscal 2025 with stronger growth in the back half of the year. This growth will be driven by expanded flower capacity, increased distribution, a strength in sales force and share gains across the pre roll, vape and softgel categories through the introduction of new products, which are arriving in the market as we speak. We also believe our plans for Canopy's international business will deliver healthy annual growth in fiscal 2025. In addition to continued gains across our international markets, we anticipate Germany's legalization of cannabis will drive a significant increase in the size of the country's medical market as more doctors become comfortable prescribing cannabis and more patients explore its medical benefits. As a long term leader in Germany, we believe Canopy is well positioned to capitalize on this growth and we're actively working to expand our supply to Germany and to add additional third party European based suppliers to our offering.

Speaker 2

Looking to our premium Starz and Bickel vaporizer business, we plan to keep building on the brand's momentum and expect continued demand for the Venti as well as expanded distribution in the U. S. To drive significant growth for Storz and Bickel in fiscal 2025. We also feel that this homegrown German brand will benefit from greater cannabis adoption among German consumers, further illustrating the strength of Storz and Bickel's connection and importance in the German cannabis industry. I'm pleased to highlight that Joergen Bickel, Canopy's Managing Director of Storz and Bickel and the brand's cofounder was recently elected as a Board member of the German Cannabis Business Association.

Speaker 2

We're pleased that Canopy and Storz and Bickel have strong representation within the association, the largest of its kind, as it continues to play a critical role in shaping the advancement of the medical and recreational cannabis markets in Germany. Shifting focus to the U. S. Canopy USA is moving forward rapidly, and I would like to take the opportunity to reiterate our thanks to Canopy shareholders for their overwhelming support for the resolution required to advance this strategy. Overall, we remain highly optimistic about the potential of Canopy USA, which continues to lay the groundwork for accelerated growth across a number of key state level cannabis markets.

Speaker 2

In the quarter ended March 2024, WANNA finalized plans for expansion into 3 new states: New York, Connecticut and Vermont, while also launching new gummy SKUs in Colorado to continue expanding the brand's product assortment. In addition, JETI's award winning products launched in the state of New Jersey as the JETI team takes the best of the West Coast to the Northeast. It's also important to note that Jetty's solventless vapes rank as the number 1 live rosin vape nationally in the U. S, which is really quite impressive when you consider that Jetty vape products are currently available in only 4 states, California, Colorado, New York and more recently New Jersey. Shifting to acreage, I'd like to take the opportunity to acknowledge that the company has recently been operating as a distressed asset.

Speaker 2

However, we believe that acreage continues to have tremendous upside. Recently, Acreage entered the New York market and continues to hone its presence in other key states, including Ohio, the 7th largest state in the U. S, which is turning adult use in the month of June, and where its operations are well positioned with botanist dispensaries in Cleveland, Canton, Akron, Columbus and Wickliffe. Notably, in addition to locations in the largest population centers in the state, Acreage's retail operations have received multiple best dispensary awards over the last 4 years. Acreage also has a Tier 1 cultivation and processing facility in the state with significant expansion potential.

Speaker 2

We believe that with this setup and its entry into the Canopy USA ecosystem, Acreage is well positioned to realize significant and profitable growth ahead. The timing for the advancement of our U. S. Strategy is also aligning nicely with major strides on the regulatory front, including rescheduling. We've been unequivocal in our support for rescheduling and believe that this change represents a leap forward for the industry.

Speaker 2

And from a financial perspective, I'd like to emphasize that rescheduling is especially significant as it will provide an immediate and meaningful improvement to the cash flow of all state legal cannabis businesses, including those within Canopy USA. In closing, fiscal 2024 was a year of significant progress for Canopy Growth, where we demonstrated our capabilities and our enduring belief in the opportunity that is global cannabis. Looking to the year ahead, we're optimistic about our future. We have great exposure to the most attractive markets. We've got great brands and we have a great have a strong and experienced team.

Speaker 2

We continue to believe the opportunities ahead are significant and with the plans we have in place, we think fiscal 2025 is poised to be Canopy's best year yet. With that, I'll pass the call to Judy to review our financials in greater detail.

Speaker 3

Thank you very much, David, and good morning, everyone. I'll start by reviewing our Q4 and full year fiscal 2024 results, including the significant progress we've made across our P and L this year. I'll then discuss additional actions that we've taken to improve our balance sheet and cash flow, followed by our priorities and outlook for the fiscal 2025. Let's begin with our Q4 results. Q4 FY 2024 capped a transformative year for Canopy by showcasing organic revenue growth of 16% compared to Q4 of FY 2020 3 and a year over year improvement in gross margins, adjusted EBITDA and free cash flow.

Speaker 3

Canopy delivered consolidated net revenue of $73,000,000 in Q4 with all three business units delivering growth year over year led by Storz and Bickel, which increases revenue by 43% compared to a year ago. Consolidated gross margin in Q4 was 21%, again a significant improvement compared to 11% last year. Q4 gross margin was negatively impacted by temporary factors in Canada that I'll address later in the call. Full year gross margin was 27% and cash gross margin adding back non cash depreciation expenses and costs was 35%. Q4 adjusted EBITDA was a loss of $15,000,000 an improvement of 63% versus last year.

Speaker 3

Free cash flow was an outflow of $23,000,000 an improvement of 75 $1,000,000 compared to Q4 of last year and nearly a 50% improvement over the last quarter. I'd like to now review the results of our key businesses in more detail, including progress against our path to profitability. Starting with Canada. Q4 net revenue was $37,000,000 up 4% compared to a year ago. Canada medical sales continued to grow strongly increasing 16% compared to last year benefiting from customer mix towards a greater number of insured patients and larger product assortments in the Spectrum online store.

Speaker 3

Our adult use B2B business was down 4% as growth in 7 Acres brand and contribution from Wanna Edibles was offset by the declines in the Tweed brand this quarter as we were supply constrained on certain SKUs. Canada gross margin in Q4 was 0% and cash gross margin adding back non cash depreciation costs and costs was 13%. Let me unpack Canada gross margin for Q4, which came in softer than planned. We continue to generate year over year reductions in COGS from the cost reduction program. However, Q4 gross margin was negatively impacted by a few temporary factors.

Speaker 3

First, we experienced lower cultivation yields at the King Carden facility driven by seasonality and unplanned disruptions, which resulted in higher than expected inventory cost per unit. 2nd, with lower cultivation yield, the utilization of our manufacturing operation was reduced driving under absorption of our indirect costs. Lastly, the consumption of higher cost inventory, which was produced prior to our shuttering of the former Hershey facility also negatively impacted gross margins. All of these factors are transient and we're already seeing improvement in cultivation yields and higher utilization of our manufacturing operation in Q1. And notwithstanding the lumpiness in our Canadian gross margins this year, we are pleased that our Canadian business achieved 31% cash gross margin performance in full year fiscal 2024.

Speaker 3

In addition, we expect further improvement in Canada gross margins in FY 2025 driven by installation of new LED lighting at King Karten in the first half of fiscal twenty twenty five is expected to increase our cultivation yields in the upcoming winter months. In addition, we've already expanded grow rooms to increase our cultivation capacity. Strategic sourcing of our flower supply at favorable cost is also expected to reduce our overall flower cost and a new and flexible pre roll machine is now up and running and is expected to significantly increase pre roll deductions and reduce labor costs. International Markets Canada sales increased 32% year over year. We saw outsized triple digit sales growth in Poland in Q4.

Speaker 3

Germany also grew at a double digit rate and these were partially offset by the declines in its SOURCE and Bigel device sales in Australia in Q4. International Markets Cannabis gross margin was 40% in Q4 FY 2024 driven by a favorable shift in country mix with higher margin pull in sales contributing to a greater portion of sales this year as compared to the prior year period. Tourism vehicle revenue of $22,000,000 in Q4 was up 43% compared to last year and also up 20% sequentially. We saw continued strong consumer demand for the new venti portable vaporizer that was launched in Q3 and we successfully ramped up production to meet demand for the venti. And Q4 also benefited from strong distributor and retailer loaded of all Storz and Bickel devices ahead of 4 20 events and sales promotions.

Speaker 3

Storz and Bickel gross margin was 41% compared to 34% last year, driven primarily by stronger sales coming from products and geographies that carry higher margins year over year. Looking at our SG and A expenses for Q4 fiscal 2024, total SG and A expenses declined 23% year over year, primarily driven by cost reduction program undertaken to date. Q4 fiscal 20 Q4 adjusted EBITDA was impacted by a softer gross margin in Canada due to the temporary factors that I outlined earlier in the call. International Markets and Stores and Bickel achieved profitability in Q4 driven by revenue growth and improvement in gross margins year over year. At least Canada, but for the temporary factors, would have achieved positive adjusted EBITDA exiting fiscal 2024.

Speaker 3

Through the strategic transformation initiatives announced in April 2022 February 2023, Canopy has now realized $280,000,000 of cumulative cost savings, which is within our announced target cost savings of $270,000,000 to $300,000,000 We've identified additional $10,000,000 to $15,000,000 of cost reduction opportunities, mostly in corporate G and A, including savings in IT, insurance, professional fees, legal and public company costs that we expect to realize by the end of fiscal 2025. I'd like to now review our cash flow and balance sheet. Free cash flow was an outflow of $23,000,000 in Q4, an improvement of 77% compared to the prior year. Cash used from continuing operation was $22,000,000 which includes cash interest payments of $18,000,000 which was down from $36,000,000 last year. Cash flow from investments of $26,000,000 in Q4 included proceeds received from the BioSteel asset sale.

Speaker 3

And during Q4, we also completed a private placement with proceeds of approximately $47,000,000 of which $30,000,000 was used for pay down of our senior secured term loan at a discount to FAR. Turning to the balance sheet. As of March 31, 2024, we had $203,000,000 in cash and short term investments and debt balance of 597,000,000 dollars Subsequent to the quarter end, we've completed several transactions that further reduced our debt and improved our balance sheet. First, we exchanged $81,000,000 of the principal amount of the $100,000,000 promissory note plus accrued interest held by Constellation into Canopy's exchangeable shares and canceled the remaining balance. 2nd, we issued a new 5 year convertible note with gross proceeds of approximately USD 50,000,000 and exchanged the CAD 28,000,000 note maturing in September 2025 to a note now maturing in May of 2029.

Speaker 3

3rd, we've made additional CAD 7,500,000 pay down of the term loan with the proceeds from the BioSteel asset sale. These actions have significantly enhanced our balance sheet by eliminating substantially all of our short term debt obligations, reducing the senior secured term loan principal balance from USD750,000,000 original to now USD354 1,000,000 which matures in March of 2026 and enhancing our cash position, which will provide flexibility to invest for future growth while funding our operations. We remain focused on executing additional activities to further deliver on our commitment to improve our financial position over the coming months. I'd like to now provide our key priorities and outlook for fiscal 2025. In Canada Cannabis, the business is now on a stable footing and we're focused on driving growth and profitably gaining market share in both the adult use and medical channels by continuing to invest in product quality and expanding distribution, while further improving our margins.

Speaker 3

In International Markets Cannabis, we expect to see growth in our key markets remain focused on ensuring consistent supply of high quality products as well as launch new products into these markets in the near term. For Storz and Bickel, we're focused on accelerating growth in key markets driven by Venti as well as other product lines, which we believe will mitigate potential impact to Storz and Bickel's Australian sales following a recently implemented late then in the North Medical channel. And finally, we also know that the impact from divested businesses will continue to negatively impact reported sales growth. And specifically, FY 2020 4 results included $21,000,000 of revenue from this works, which was divested in December of 2023 and $5,000,000 of revenue from KeyLeaf, which was divested in February of 2024. From a phasing standpoint, we expect stronger year over year growth in the second half of our fiscal twenty twenty five driven by increased flower supply and ramp up of new products as well as lessening impact from divested businesses.

Speaker 3

We believe that we're on a firm path to achieving positive adjusted EBITDA at the consolidated level inclusive of corporate cost driven by sales growth from increased supply and expanded distribution, improvement in gross margins and additional G and A savings. In closing, we're excited about the growth opportunity ahead of us and now have a strong foundation in place to achieve healthy profit margins and enhance shareholder value over time. This concludes my prepared comments. We'll take questions from the analysts.

Operator

Thank you. Ladies and gentlemen, we will now begin the question and answer session. First question comes from Aaron Grey at Alliance Global. Please go

Speaker 4

ahead. Hi and thank you very much for the question here. So first question from me. Hi Aaron. My question hi, Judy, how are you?

Speaker 4

Regarding your comments on the gross margin, thanks for the color in terms of how it's transitory in nature somewhat. Just if you could provide some commentary in terms of the cadence of the improvements from the greater utilization and some of the other initiatives you have by delighting and expanding grow rooms. How should we think about the timing of that improvement? You had seen gross margins 30% or more within the Canadian cannabis segment. So how do we think about the ramping of that and then the impacts of the overall profitability of the company from the Canadian gross margins going forward?

Speaker 3

Sure, Aaron. So if you take a step back, we did deliver a significant improvement on a year over year basis in our Canadian business with full year gross margin of 16% and cash gross margin of 31%. And I think on a full year basis, that's within our expectation of achieving close to mid-thirty percent cash gross margin post all the restructuring actions that we've taken in Q1. I think if you think about the Q4 margin, as I said on the call, there are really a few transient factors that negatively impacted margins. I estimate those margins those those factors would have impacted the gross margins by the magnitude of several $1,000,000 So if you adjust for those, I think we're kind of back to low to mid-thirty percent gross margin in Canada.

Speaker 3

If you look at Q1 and beyond, so just really looking at the rest of fiscal 2025, we see further improvement, I said on the call, with all of the improved actions that we're taking in King Karden. Some of that is going to be a bit more back half loaded. So the increased capacity on the flower side from expanded grow rooms will come in a little bit earlier. But I think the King Carton, the lighting, the LED installation that's happening as we in the coming months and that will really help the winter months as we go into the back half of the year. So all in all, we think the Canada cash gross margin should be in the mid to 30% mid to high 30% for the full year basis, probably stronger in the back half versus first half, but we're pleased to really show continued progress on the Canada front.

Speaker 3

And I do think that this will be a positive driver in achieving positive adjusted EBITDA at the consolidated level, particularly as you think about the back half of the year.

Operator

Thank you. Next question comes from John Zamparo from CIBC. Please go ahead.

Speaker 5

Thank you. Good morning. My question is on the balance sheet and I'm trying to better understand the comments about being able to invest for growth. And I wonder how we should interpret that given the level of debt remaining and what is the plan to repay that debt?

Speaker 3

Sure. Thanks, John. So as I said on the call, I think the big change in terms of our financial position is that we don't have any near term debt maturity of any substantial amount. Really, the next tranche of the debt maturity is in March of 2026. We think that our underlying businesses are also showing improvement that we're reducing cash burn in a significant way and we've been able to also reduce our interest expenses in a meaningful way as we've reduced our debt.

Speaker 3

So really the investing for growth is just given our cash position that we have today as well as the ability to really deal with the maturity of debt in a prolonged time frame. I think it really gives us the flexibility to look for opportunities to invest in our in the greatest potential markets that we operate in as we speak. That doesn't mean that we are going to be investing in asset heavyweight. I think we've really transitioned to really being asset light and opportunistic in finding partners. But I think it just gives us a lot more flexibility to look for those opportunities with the improved balance sheet position.

Operator

Thank you. Next question comes from Yewon Kang at Canaccord Genuity. Please go ahead.

Speaker 6

Hi there. This is Gaelyn Kang on behalf of Mont Bottomly. Thank you for the question. My question is just on the international segment. Obviously, you guys saw another percent growth quarter over quarter on the top line under the segment.

Speaker 6

And you guys called out the continued strength in Germany and Poland alongside some nonrecurring U. S. CBD business opportunity there that overall helped the top line sequential growth there. Can you provide more color behind this U. S.

Speaker 6

CBD business opportunity? And if you have any plans to kind of expand on this going forward because it seems like it also has kind of a positive impact on the margin under that segment as well? Thanks.

Speaker 3

Yes, I think I can take that. I mean, I think if you look at our international markets, you really should think about our key priority markets as Germany, Poland, Australia and Czech Republic. The U. S. CBD business, as you may recall, has evolved within the Canopy organization.

Speaker 3

We've really been looking at very, very targeted approach with that business as the regulatory unlock frankly hasn't happened the way that we thought we would. We have also decided that the best place for the U. S. CBD business to reside is actually Canopy USA. And so we are in the process of winding down business at least from a Canopy perspective and then transitioning that business over to Canopy USA that we expect to happen sometime in Q2 of our fiscal 2025.

Operator

Thank you. Next question comes from Pablo Zwanek at Zwanek and Associates. Please go ahead.

Speaker 4

Thank you. Good morning, everyone. David,

Speaker 7

just regarding Canopy USA, can you remind us about what's left? Or has everything been done in terms of shareholder approvals and also approval in terms of acreage and Wana? And related to that, if you can remind us, assuming that the scheduling doesn't meet your standard of federal permissibility, what actually changes for those U. S. Assets, right?

Speaker 7

I'm thinking acreage, they need to fund the expansion in Ohio. But if you don't have federal permissibility yet, how can you help them? And how has the Canopy how does the Canopy USA structure, if in any way, help them to achieve that type of funding and potential to fund growth? Thank you. Yes.

Speaker 2

So, Pavel, in terms of approvals, we don't need any shareholder approval or anything of that nature. We do need to go through the approval process in each state where we have a license. And so what we've done is we've exercised our option Acoustis exercised their option to purchase Juana Inchetti. That's going through the regulatory approval process. Right now, we don't expect there to be any problems with those approvals.

Speaker 2

Canopy has the obligation to exercise its right to purchase acreage and then move it into Canopy USA. That hasn't happened yet, but we expect that will happen in the near term. We don't see any major regulatory hurdles, but as you know, it will take some time to get through each individual state's process. In terms of the ability like what will happen with the businesses and how they improve their capital situation across CUSA. I really think it is a function of putting those CUSA businesses together.

Speaker 2

Not included in our cash balance is a significant cash balance sitting at Wana and Jetty, which the CUSA assets would all have access to. And so we expect actually that acreage's challenges related to capital structure will be able to be resolved through kind of amalgamation with CUSA. And also keep in mind, when we put those businesses together, there will be top line synergies available to all of the CUSA entities, but there will also be some significant bottom line synergies available as well when you eliminate the public company costs that are currently associated with acreage.

Operator

Thank you. This concludes the conference call. I will turn the call back over to Mr. Klein for final remarks.

Speaker 2

Great. Thank you for attending today's call. To wrap up as we started, we're singularly focused on cannabis. Our businesses are growing and have delivered healthy improvements in gross margins. Our business is approaching positive adjusted EBITDA on a consolidated basis and Canopy USA is moving forward rapidly.

Speaker 2

We're excited about where our business is going and I firmly believe that Canopy offers a unique option for exposure to growth across the world's most exciting cannabis markets. Thanks again for joining us and I encourage you to try some of our outstanding products as you enjoy the summer ahead. Our Investor Relations team will be available to answer additional questions. Have a great day and thank you everyone.

Operator

This concludes Canopy Growth's 4th quarter and fiscal year 2024 financial results conference call. A replay of this conference call will be available until August 28, 2024, and can be accessed following the instructions provided in the company's press release issued earlier today. Thank you everyone for attending today's call.

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