AGM 2013

Jul 25, 2013

I think we're about ready. Good morning. Good morning. Good morning. Welcome. 2013, we've Mother Nature has cooperated with us today in Louisville, Kentucky. It's a lovely day, which is helpful in July. So thank you so much for coming along. We've got some familiar faces in the audience. I know from I think we've got Kia today. Thank you very much. And I think it's a state of do I see the state of New York? I saw somewhere over the week last couple of plenty of representation dates of coming along in Kentucky and from the U. S, Australia this year, Kingdom. We've also got some retired directors with us today. And so it's a special pleasure to be able to welcome Mr. Martin Brown Sr. Along today. Hello, Martin. Ina Bond, where is Ina? Hello, Ina. And a retired Director and former CEO of our beverage business, Mr. Bill Street. Thank you for coming along today. Half the company public. And so in any event, it's sort of special to be here on the 80th anniversary of this company being public. There's a display on Prohibition that you'll be able to see in one of the hallways walking over to the brand fair afterwards. So I would encourage you to go see what some of the team have put together about that period in history, okay? So let's move now to the formal part of the meeting. And now call the formal portion of 2013 Annual Stockholders Meeting. We have two items of business on the agenda for today's meeting. The first is to elect your directors. 2nd, we'll have approval of the Brown 2013 Omnibus Compensation Plan. Unless there's an objection, I'll waive the reading of the minutes from last year's meeting. If I could ask our Secretary and General Counsel, Matthew Hamill to describe the election notice given to shareholders. The people who are entitled to vote on the items on today's agenda are Class A shareholders who appeared on our records as of June 17, 2013. On June 27, 2013, we mailed each of these people a notice of this meeting together with a proxy statement, a proxy voting card, a copy of the company's annual report, which included our Form 10 ks for fiscal 2013. To establish a legal quorum to conduct the business on today's agenda, we must have in attendance at the meeting in person or by proxy a majority of the outstanding Class A shares. I can report that at today's meeting 95.5 percent of Class A shares are present in person or represented by proxy. We therefore have a quorum to conduct business. Thank you, Ben. The following people were sworn in earlier as electoral inspectors to supervise the voting: Jeff Kaffee, Holly Lewis, Mark Stegeman. At this meeting, the following 10 directors are up for election to serve for the coming year. If I could ask each of you to stand as I call out your names. Joan C. Lorde Amble, Retired Executive Vice President of American Express Company Patrick Bousquet Chavan, Executive Director, Marketing and Business Development at Marks and Spencer in the United Kingdom Martin S. Brown, Jr, a partner in the law firm of Adams and Rees in Nashville, Tennessee Bruce L. Burns, former Vice Chairman of the Board of Procter and Gamble John D. Cook, Director Emeritus of McKinsey and Company Sandra A. Fraser, founding and managing member of Tandem Public Relations in Kentucky Dace Brown Stubs, a Private Investor Paul C. Varga of Brown Forman, Vice Chairman of Brown Forman Corporation. And I also stand for reelection. In addition to my role as Chairman of your Board, I'm also an Executive Vice President of the company. I'd now like to entertain nominations for your Board of Directors. Mr. Jamex, I'd like to nominate the following: Joan C. Lorde Amble Patrick Musque Chabon Carvin Brown, Martin S. Brown, Jr, Bruce L. Burns John D. Cook Sandra A. Fraser Dave Brown Stubs, Paul C. Varga and James Aswelt, Jr. Is there a second? Mr. Chairman, I have second for the nomination. Are there any other nominations? If there are none, I declare the nominations closed. The second order of business here today is described as proposal 2 in your proxy statement. We're asking you to approve the Brown Forman 2013 Omnibus Compensation Plan. This is the program that allows us to pay our employees and directors performance based compensation, both in cash and in the form of equity awards. We believe the plan is essential to attract, motivate and retain key talent, your Board of Directors has unanimously recommended a vote for this proposal. I just can't help but say a few words on this. Omnibus compensation plan, probably not a phrase that rolls off everyone's tongue really easily. Omnibus is a fancy Latin word, which means all in one. And so what this is, is basically the document or the tool that the shareholders use to govern literally how people are paid in cash and long term equity at the company, and that's for a broad group of senior managers as well as for the Board of Directors, okay? Typically, in Corporate America, these things last for about 10 years. You voted on the last one in 2004, so we'll probably vote again on an omnibus compensation plan in 2023. It can get confusing. This is separate from say on pay and say when on pay, which are 2 things that you voted on 2 years ago, and you voted to vote on that every 3 years. And that's a document that really governs the much more senior top 4 or 5 officers in the company. And so you'll vote again on that next year, all right? Matt, would you please describe the voting process? Thanks, Garvin. If you completed and returned your proxy card, you've already voted and don't need to do anything further. If you did not send in a proxy card or if you would like to change the proxy card you did send in, please ask for a ballot from 1 of the people now walking through the aisles. In the election of directors, only Class A shares vote and a nominee will be elected if he or she receives a majority of the votes cast. For Proposal 2, the approval of the Brown Forman 20 13 Omnibus cast provided the number of votes cast is a majority of the shares entitled to vote on the proposal. Would the inspectors please provide the results to the secretary? Thank you. At today's meeting, each of the 10 director nominees has received at least 99.3% of the Class A votes cast. Therefore, each nominee is duly elected to be a Director of the Corporation. For Proposal 2, approval of the Brown Forman 2013 Omnibus Compensation Plan, I'm pleased to report that the number of Class A shares cast on Proposal 2 represented 95.5 percent of the shares entitled to vote on that proposal and that 99% of the votes cast were voted in favor of Proposal 2. Therefore, the Brown Form in 2013 Omnibus Compensation Plan is approved. Thank you. On behalf of your Board, thank you for your continued confidence in us and for your approval of the Omnibus Compensation Plan. So unless there's any other business to come before us, I declare the formal portion of the 2013 stockholders' meeting adjourned. All right. Just before we move on, I mean, it's worth observing it's been a good year at Brown Forman, really not a bad year at all. I was thinking about it. I thought of Brown Forman's a garden. This garden is in bloom. I was nudged to think about it a little bit more at a meeting recently in London. Sort of nice being in an office where others will come through and use it as a central meeting place. And Hendrik Rosbach, who is in charge of pricing analytics in Europe, he's based out of Hamburg, was in London recently with a bunch of the sales directors from all over Europe. I think Hendrik's Paul is going to talk about margins later. I think Hendrik's doing a pretty good job. And so we were just chatting with the team. I was chatting with the team. And towards the end of things, Hendrik wanted to see if there are any other questions, and people can often be reticent in the public setting to ask questions. I didn't think anything would happen. And then on my left, Pavel Lisitsyn, our sales director from Russia, raises his hand. Pavel? He said, yes, I've got a question. Okay. So what do you think of F-thirteen and how would you describe the drivers of growth? See, moonlight for the Office of Journal. So, okay, it got me thinking about it. And how would I describe this garden that's in bloom? And actually, it was Bill Street who used to always call Woodford Reserve an acorn that he wanted to see grow into a great oak tree. And Bill, I would say that, that acorn is a very strong sapling right now in our garden. It's about 250,000 cases worldwide, growing at double digits, I think, for the 16th year in a row. Certainly, on Jack Daniel's and the world of brands, Jack Daniel's continues to be this wonderful flower in the midst of our garden, feeding so much, with growth all over the world, even in Japan these days. And Japan has not been a wonderful spirits market, imported spirits market for the last decade. And Jack Daniels is doing so well in Japan now. And not just Jack, even in Japan, early times is doing well, thanks to this renewed excitement from the local sales force. The Russians want early times. So the brands are just in such wonderful shape. On the people side, of course, in Paul's team, there have been changes in the last year, the head gardener the head gardening team. We've got new people who have joined the team, Kirsten Holly, Lawson Whiting, John Hayes. Others have got new exciting challenges, Jill Jones, Jay Moreau. Of course, the 4,000 employees around the world, this garden has long roots, but the luster of today's color is really theirs, the Pavels of the world and the Hendricks of the world. On our Board, we've had an exciting year. John Cook has really played the role of Lead Independent Director for some time, but this year now has taken on that title officially. And the Board also in May went down to look at that sapling in Woodford Reserve down in Versailles, Kentucky at one of its meetings where it was joined as well by some by a member of the family committee as a guest on that tour. In the family, of course, the family had been in the garden for 143 years. Some of those mature hedges around the edges of the garden, we can thank the family for. Those roots run very deep, but there are some new flowers sprouting too. This year, we had 2 professors come down from the Kellogg School of Management at Northwestern University to help run a governance course for a combination combined audience of family members and directors. We've also had Dendra Fund, a sustainability foundation, funded by the company and staffed by the company and some family members really kick off this year. So it's been an exciting year, but I think I found the best answer for Pavel when I went down to Sydney, Australia in June to a meeting that Marshall Farrar had organized. And I don't know if you've been to Sydney, it's a long way. Sydney Harbour and the people and the business will get you over the jet lag. I was on a coffee break, and I started chatting with someone who just joined the company 3 years ago, wonderful guy named Grant, Grant Onions, who's from Tasmania and is a salesman down in Tasmania, which, of course, is just a little bit further than Sydney. I think it's another 4 hour flight. And Grant said to me how excited he was. It couldn't have been a nicer, more enthusiastic guy. And he said, if there are 3 words that I'm taking back to Tasmania, they're belief, confidence and balance. A belief and confidence are great words. I'm sure every company would love them. But balance is a Brown Forman word. It's the way that we balance brand building between being true to tradition from yesterday but innovating for today to win today. It's about how we engage long term family shareholders and uphold our responsibilities to our public shareholders and our partners in the financial community. It's about how we have such great engagement from so many from such a great number of family members, while at the same time having the industry's strongest management team taking this company to untold heights. And culturally, I think balance is how we've been able to grow such a wonderfully complex global international business with real operating businesses in market all over the world without actually ever forgetting who we are or where we're from. We're distillers, and we're from Kentucky. That sense of place gives us a strength that allows us to grow all over the world without ever losing our way. It's like a beacon that helps light our way home. And so please me welcome a man who always gives me a warm welcome when I come home and who's been leading this company for a very successful 10 years, Mr. Paul Vargo. Very well said. Thank you. Very nice to chat. Thank you. Well, thank you, Garvin. That was some fine gardening yourself there. And I think using the theme that was in our annual report and on the wall behind me, I think there's some nice proof there of some of what the company and manifest here in one of its foremost leaders is all about. So it's my role as always to take you through a combination of things here today. Of course, I want to touch on FY 'thirteen and the recent business results, but then also try to always give a little bit of insight into what's happening at the company and how we might be operating. And so today I talk a little bit about things that you oftentimes don't see because you don't work here every day. So I'll get a little bit into the maybe a little bit underbelly of our culture as I talk about our people some. But let me start with our fiscal year 2013, what we call top tier performance that highlight our results. Garvin referred to them. Sometimes because we've had such nice consistent performance and these numbers are on the screen behind me, often hesitate to come up and talk about the same thing. But I remember a friend of mine who is a CEO once told me, said, never miss the opportunity to talk about good results. And by the way, if you have bad results, it's a perfect time for a 3 week international trip, just to get away, so be elusive. Thankfully, I'm here today and not on a 3 week international trip. But you can see here, I'll just highlight a few, this underlying net sales growth at 8%, which is near our historical average when you do stretch these periods out over long periods of time. Our underlying operating income at 13% a really strong operating income growth and higher at 16%. We continue to have 16% growth in almost double that. And then the growing section, we ended the year around the market cap and so the performance for the year. Usually, when we talk about in here, I sometimes forget that there's so many actually tune into this. And so if you wouldn't mind joining me in a salute to them, all the people who produced these results who are all over the world that Garvin referenced with a round of applause. Now we trended, right? I mean, they just aren't going to happen magically by themselves. So we look backwards first to see, hey, are we doing this consistently? And so we try to show this chart as much as we can, which is putting various timeframes on a similar performance called total shareholder return. And of course, we'll start to compare ourselves to of course, you see on here the S and P 500, you'll see the consumer staples, which is a broad group of consumer packaged goods companies against which we like to compare ourselves. And then you see various participants in our industry. And the thing that stands out across all of these timeframes, 1 year, 3 year, 5 year, 10 year is how strong our industry is. You see that in almost every instance, the industry generally performs above the S and P 500 and consumer staples. So we're performing well with our brown bar on these screens near the top of the industry in almost every point of these periods and doing it against what I consider to be a very significant benchmark in a great set of global competitors. I remember 10 years ago, all of the questions geographically, I think the numbers for the last 12 months ending April 30 was that the United States, our oldest and most largest market, grew 6% in terms of underlying net sales. The developed international markets grew at about the same rate, 6% underlying net sales. And in the emerging markets out in the world grew at 12%. So across the globe, unlike many of our competitors who in one of those three segments or so or 3 groupings and that's just one of the ways we look at it. We look at it obviously by country and so when we go and look at how we're doing in developing around the world, we're always impressed by the great diversification of our performance. So within function, it takes not just a sales or marketing or production operation to do all this great work. It's the coordinated effort across everybody from our information systems and our production, our tax, our treasury and you just can't imagine the amount of work that's going on each and every day to produce the kind of results across every function of Brown Forman. Within the P and L, we were really anxious this year to want to improve our pricing and margins because the prior year when I spoke with you a year ago, we had exceptional results, but they were so volume driven that we thought particularly on Jack Daniel's Black Label there was an opportunity to reinforce some of its specialness and premiumness out in the market. So we produced stellar results again, but with a different balance of volume and pricing and even great cost management, which flowed through to our gross profit growth. So there was a nice what I call P and L balance in the delivery of our results as well. Investment, we have often talked publicly about our very broad definition of investment. It encompasses things that don't show up in your advertising. Oftentimes, people find it narrowly an old investment as encompassing investment in people and training and system, thinking of course about the investment, but also been very capacity are fitting in order for creating which we can store our whiskey, places like Sonoma Catra and toward being for our products. And then finally the portfolio. A year ago we were stranded, we were calling at the time are not Jack Daniel's because we were so successful on Jack Daniel's because of the launch of Jack Daniel's Tennessee Honey and the growth of Black Label 13 to have a better balance of portfolio growth. And what you're just so proud of this here's a sampling of the product portfolio and we really did have a better performance from the non Jack Daniel's brands. The Bench Business Enterprise is something I would like to call rarefied air. And so let me explain to you what this little 2 by 2 is. On the bottom axis here is volume metrics and for purposes of splitting this in 2, this is 10,000,000 cases, which in our business is huge. If a brand can achieve 10,000,000 9 liter cases, it's very big. On this axis is price and we sort of define super premium in our business as US25 dollars and above. Of course, prices for a variety of reasons vary all over the world, but we think we've got it directionally correct. And usually there's an inverse relationship, of course, in the sale of most products with price and volume. And so what we try to do here was to plot the largest brands in terms of ultra premium scale and volume just to see how it looks. And so the first thing you can see is that some of the greatest trademarks in the world represented here above the $25 price point that are doing very impressive volumes, 3, 4, 5, maybe 6,000,000 cases of volume, but at exceptional prices. I mean, these are economic engines for their owners. I mean, very impressive brands, Grey Goose, Johnny Walker Black, Grey Hennessy, Chivas Regal, wonderful trademarks. On the other end of the spectrum, extremely well known and popular brands. I don't even know if the scale would capture it correctly, but selling 15s 20s 25,000,000 of cases of Smirnoff and Bikarti around the world, very impressive large scale operations, but it quite a bit lower prices, right. So I mean, here's the sort of two ends of the spectrum. We've got a couple of brands we would note that are actually pretty premium at a price level, which are only one brand and that is as a single expression of a trade above 10,000,000 cases and $25 All of the great assets address some of these things that are maybe inhibitions with people or barriers. And but it's also a very, very motivating reason for our brand extensions. And so I'll just show you some of these labels over the years that are out in the marketplace and in many instances thriving. And I'll just use a couple of examples using this nice one here, Gentleman Jack, which is over here on the far end. Gentleman Jack works on the imagery of Jack Daniels. It refines some of the edges of what we know to be the Jack Daniels imagery. It actually tastes differently. It's twice mellowed. It's certainly not more affordable, it's more premium priced. It doesn't really work on convenience and its potency, I think it might be perceived as less potent. So it can work on any of these, Obviously, our ready to drink offerings, Jack Daniel's and Cola work on taste because we're in a mixed format, potency, it's a diluted effect of the product itself, imagery, it sometimes makes us appear and in reality to be more contemporary because of the settings we're in and the way we present it, very much a convenience item. We like to sometimes say we're competing for the beer occasion when we offer these products. And in each one of these instances, you'll see an example where Jack Daniel's extensions play a role in addressing things that are harder for Jack Daniel's Black Label to accomplish. Now oftentimes when one goes and extends these brands, they come at the expense of the parent product. And what we found fully and in a balanced way since here, these successes in the marketplace have been additive to the Jack Daniel's trademark. They have not been what we sometimes call cannibalizing, but they add to it and times because they're addressing these issues that exist, they're boomers or adding new, not only them, maybe whatever per soffits of that wouldn't wear in here a long time ago. And today increasingly we're deriving a higher percentage from these while this one continues to march on. So it's really, really a nice success story of trademark development as well. Now, I've got to mention this guy right here, Tennessee Honey, really becoming an important success story for the company just here in the last couple of years as we first launched it in the United States. It's continued to grow here, has been part of this explosive flavored whiskey segment in the United States and has shown real promise in the last 12 months to 15 months as we've rolled that internationally. And so it's really it's probably been our most rapidly accepted line extension on a global scale of anything virtually Brown Forman has done, certainly anything Jack Daniels has done. So very exciting and we'll continue to report on its progress. I thought I'd share about some of these. I think the examples here are Gentleman Jack, which has a new advertising campaign and Tennessee Honey. So I'll just run them all together. There's 4 spots. While stocks rise and fall, elections come and go. Summer, fall, winter and spring with birthdays, funerals and everything in between. While the world turns and the moon casts a watchful eye from above, we'll be right here in Lynchburg making Jack Daniels the same way we always have. The best way we can. He sat in on countless legendary recordings. He was Sinatra's right hand man, playing with some of the biggest names in rock and roll. He was there at CBGBs in 'seventy 7, Sunset Strip in 'eighty one. He's been on tour since 18/66, and he's still going strong today. His name is Jack. But is the order of gentlemen the simple dignity of gentlemanhood? No. The order of gentlemen Jack, Tennessee Whiskeymen Order by gentlemen. The society, I suppose we're running around wearing rings, having secret meetings. Gentleman Jack, rare Tennessee Whiskey. The order of gentlemen. So you see a balance or composition of creative there intended to appeal to a variety of audiences and taken out to the world to introduce not only new trademarks from Jack Daniel's, but also very much even within the Jack Daniel's brand. You saw an example of a traditional approach within when you're very proud of, usually emphasizes the place where Jack Daniel's is from and where it's made, but also bridge very much by advertisements that demonstrate that Jack Daniel's very much alive in society and where it's consumed and how people enjoy with one another. So in addition to all of the things we're doing today to try to make Jack Daniel's this 147 year old brand remain relevant. We take this for granted today because it's been going on now for several years. But just think about when people go out into the world and how they get information and they Google, right? I mean, it's exactly what people do. They Google to find things out. And so we took we tried to look and see, well, what is in sciences and sports to any of these subjects about this as we look at the company, we will end up keeping here, Martin Luther King, Michael Jordan and all of these essentially, you know, creations of those are very established and in some instances centuries old, searched and saw that people do the same thing for whiskey, they get this. And this is the company that Jack Daniels is keeping in a modern world where people are gleaning information in this way. And so it's not only the messages we're sending out, but it's also the reacting and presentation today on the sophistication of Jack Daniel's efforts in the world of digital, all of which grew out of early work and inspiration that we would have learned technology today to capture still the direct consumers in this case through Facebook friends and direct activity. It's one of the most interesting and fun developments in the Jack Daniel's franchise over the last 10 years. It's very, very exciting. And who would have I like to joke about this, but how could this guy, was his name Jasper Newton Daniel, 147 years ago have figured out he would be the top Googled whiskey. I mean, it's just and we all joke inside and this is the truth. I don't know that a lot of people knew his name was Jasper Newton, Dana, but the stroke of marketing genius was when this guy changed his name from Jasper to Jack because nothing against any Jaspers in the audience or in the investment community, but there's no way that Jasper and Coke would be the call that the Jack and Coke is. And for all the advertisements we're doing, I think if you go back that was probably the single greatest marketing stroke that has occurred in the history of the brand. So an area here that is rich with excitement at the company and around the world. I'd like to talk about as great as it is today, looking ahead a little bit for other brands in our portfolio too, but here are just 5 statistics that should give you as much as excitement as it does us about the future for Jack Daniel's and Brown Forman. The first is that the whiskey category worldwide and it is the most worldwide in terms of breadth of distribution is the top performing spirits category of the last 10 years, the whiskey category with a 6% compound annual growth rate. Okay, so we're in a growing core category of whiskey. Within it, the premium plus side is leading the growth. That is exactly where Jack Daniels is positioned and many of Brown Forman's entrants are positioned. So we think we're positioned very well against both aspects of that. A third, that within whiskey, which would include Scotch and Irish and Canadian and all kinds of other whiskeys, U. S. Whiskey is now outpacing every other whiskey category in part because why Jack Daniels has been driving it. But a very encouraging sign for those people who are in the bourbon business or in the American Whiskey Manufacturing and selling business. The 4th is that today Jack Daniel's is of course in a leadership position with being the world's largest premium whiskey, okay. So those are 4. And I think the most fascinating thing is, well, how do you continue this is that we only have a 3% share of the category. And for reference, when we study other categories, similar price segments, similar scale and think about things like tequila, look at rum, you look at vodka, most of the leading brands will already represent north of 10% share. So 12%, 13%. So we think there's a lot of room not only because of the momentum that are behind the categories, but also very much because we still have a relatively low share. It's hard to say that we've just cracked the surface with the size of the brand, but I do think there's a tremendous remaining opportunity. Now I'd like to shift gears a little bit from the what of our business and the results and talk a little bit about the how and every single one of the Brown Forman people that we encountered, they come to work to of course work on. They have a great job productive careers also want to when they come to work and because we're in beverage alcohol periodically our people will think I wonder what people think about me working in beverage alcohol. They will you know, periodically their children will ask them, what do you do for a living? And stations have gone on around 5 or 6 years ago, we would have purpose that some different ways. We were having conversations that we believe we are enriching building beverage alcohol. There's a lot of there's some underpinnings here of the good that alcohol and our products are bringing to society particularly against the backdrop where the media of course will portray 10 to 1 or a 100 to 1 more negative with things like all. So, I started to think about the most provocative things I've read on this or seen and I went back to a time in 1996 when Owsley Brown was working for Bill Street and Owsley Brown at the time was asked to give a speech and he asked me to help him with it. And he wrote something and I went back and looked at it, excuse me, and I thought I'd just read you a passage from something, this will be familiar to those of you who know the voice of Owsley Brown, that he wrote and I was very fortunate to help him work on, but it really goes to what we believe our brands in part are doing in society. So let me just read this passage to you. For millennia, MannKind has known of 3 types of benefits derived from moderate alcohol consumption. It is known of physical benefits as alcohol is one of our oldest known medicines. It's also known of psychological benefits as alcohol has long been used to ease the tensions of mankind. And it's known too that alcohol has always played an important social role by marking the important visions of life and facilitating the harmonious interactions of people that create civic unity. I know, Christy, you've heard that voice before. And anyway, I went back and I found those to be very helpful that social good. We a contemporary expression, we try to use our initials for Brown Forman when we can. For our endurance strategy, we call it building forever. Today, we call that social good building friendships for the role that our products and brands are playing elevating the social interaction of the world. And so there's some real purpose and I think our people increasingly are finding great use and enjoyment in the exploration of this kind of work. I just thought I'd share it with you. We joked we were in Europe a couple of weeks ago for our European Congregation and we were talking about this. And I told them at the time that when I was coming back through customs that when they ask, they always ask, well, what do you do for a living that I was I facilitate. And I was in a just out of it was not to do it. But in any event, I do think that these words and these ambitions of ours that go beyond just the production of economic profit and value are really, really important not only to us, but also to a growing and important stakeholder wheel. We find the conversation on topics ranging from everything from the environment's ability important to our customers and give us favor in the marketplace. And when we talk with the social conscience, all of the people experience of life, because of excise tax done with those taxes, they did the course. They have a wonderful career and their labs are enriched, production of their children to the world. So I mean, it didness to this, I think is really, really help. It means because you're today to you as owners and shareholders, but it's far larger than that and far more complex than that. And I think at Brown Forman, we understand that the qualitative aspect as much as the quantitative. And it happens really because excuse me, and we're going to be reporting on this in about 4 weeks when we publish our next corporate social responsibility report. So there'll be a lot for you to read on our progress against these stakeholders and how we're enriching life. And none of it happens, of course, without the people we all clapped for a few minutes ago. These are our large collection of people all over the world. And the way that our executive leadership team is talking with our people and amongst ourselves about it is these results will continue to happen as long as we have a cooperative environment, which it looks like we will, but continuing to develop our brands, but for probably the foremost thing is developing ourselves and making a real commitment to the continuous improvement of each of our sales. I think I've said it before that the company wants to say grow 10% or 12% every year, so too does Paul Varga and all the executives and all the employees. And we described this, are we really thinking as clearly and as we care about Brown Forman. We often describe particularly the family control that the engagement of our shareholders generally has a real strategic advantage and this packed room and the way you ask questions, your interest in the company is an advantage because we find that many public entities people are not as interested or do not care about some of the stuff we've been talking about here. And so I think the continuing care and nurturing that you all do as shareholders of the company remains a huge advantage. And so we thank you for that. We think it's proof of your interest in the company. And I hope what I've shared with you today is also proof that your investment in the company will remain an excellent one. Thank you all very much.