Good morning, everyone. It's my pleasure to introduce DICK’S Sporting Goods and to moderate our fireside chat. Today, we have with us Ed Stack, Executive Chairman of DICK’S Sporting Goods. Ed served as the company's chairman and CEO from 1984 through January 2021. We also have with us Lauren Hobart, President and Chief Executive Officer of DICK’S Sporting Goods. Lauren joined DICK’S in 2011 as Senior Vice President and Chief Marketing Officer, and she became president in 2017 and CEO in 2021. We also have with us Navdeep Gupta, Chief Financial Officer of DICK’S Sporting Goods. Navdeep joined DICK’S in 2017 as Senior Vice President, Finance, and Chief Accounting Officer, and he became CFO in 2021. Navdeep, I'll turn it over to you.
Well, fantastic. Good morning, everyone, and thanks for joining us. I wanted to read the disclaimer, but I'm guessing nobody's interested in reading it, so our non-disclosure agreement is actually filed on the website. Nate, wherever you are, thank you for doing the reminder for me for that.
Great. Okay. We'll get started. I guess right out of the gate, we'll just talk about the state of the athletic category, if that's okay. I think there is a good amount of concern out there about what is going on in footwear and apparel. If I have this right, since COVID, we've been seeing a strong casual athletic trend, which has been underpinned by increasing health and wellness focus. But more recently, I think we've seen more cautious commentary out of the brands and more challenged results out of other athletic retailers. Could you maybe level set where you think we are in the athletic cycle for both footwear and apparel?
Yeah. Thanks for the question, and thanks for inviting us. I think the idea that the athletic cycle is over is overdone, okay? When you take a look at what our footwear business is on the DICK’S side, our business on the DICK’S side is really very good. The specialty channel is a bit more challenged, but on the DICK’S side, it's very good. A couple of things. It's more of the specialty channel. Foot Locker on launch shoes was much more dependent on the high launch retro shoes than we are at DICK’S. The same with some of the other specialty players. But that business has slowed, and there's the ability to pivot to other areas of the business, which is, I think, what we've done at DICK’S extremely well.
Whether it is new brands that I would say are not emerging anymore but have emerged, such as On and HOKA have been great. On the DICK’S side, we transitioned to those pretty quickly. Foot Locker didn't do that and wasn't able to do that. You see other brands now coming up with it, Saucony, Salomon, ASICS is coming back. What is going on with Timberland, with UGG, Birkenstock. This business has just broadened out, which is really, we think, very good for us. The fact that there is more alternatives for us to go to and to build our business as opposed to having a small handful of brands that really dominated the industry.
With that being said, I think that some of the brands that have been viewed as having a difficult time, there are some of these legacy silhouettes that have been an issue, but they have got some really interesting and great product in the pipeline. You are starting to see that. From a Nike standpoint, the Mind shoe has been terrific. If we could get more in the marketplace and as they work through the manufacturing process and get more there is a big opportunity from that.
From a basketball standpoint, around Ja and around Caitlin Clark, these shoes coming out. I think this is a moment in time where there is a bit of a dip in the industry, but it is far from a real long-term problem. When you take a look at On and HOKA and some of these other brands that are out there, they are doing extremely well.
I think it is way overdone. The margin pressure is real, which is really what has driven the performance for ourselves and some other retailers. The margin pressure is real as these legacy silhouettes have slowed down. Then some of the brands started discounting, and the discounting got pretty aggressive. We felt that it was really important for us to stay with the market from a price standpoint. Some of you that we have talked to felt it is very difficult to have a young man or young woman who is working in a DICK’S store or the Foot Locker store talk with a consumer or an athlete, as we refer to them, and they say, "We can buy this shoe for $25 less expensive on such and such a site." We didn't want them to go someplace else to buy that product.
We felt that we really wanted to retain that consumer, and we felt that that was the right investment to make in our business. We talked on our call, I used the word investment very purposefully, that we do feel it was an investment in our business to make sure that we keep that consumer. We wanted that consumer to come back and shop with us at Christmas. We want that consumer to shop with us in the spring for his or her baseball cleats, softball cleats, soccer cleats, other product, and we didn't want to be viewed as high price in the marketplace, and they get that mindset and don't come back and shop with us. So it was an investment in our business. We talk all the time that we make investments in our business, not for a quarter or two, but for a lifetime.
We look at it that this was really a lifetime investment that we're making in our business. We do think it's going to continue through the fourth quarter. If we had a mulligan to do it all over again, what we did in the second quarter, we'd do it all over again exactly the same way because we look at this in a very long-term way.
Okay. Thank you. If we could maybe just go back to the legacy silhouette comment. It's been a category or a subcategory that I think that's been under pressure for a while, but Foot Locker U.S. was able to comp about 6% in the first quarter in spite of, I think, it still being somewhat challenging. Why do you think some of the slower growth in these styles may be caught up to Foot Locker in the second quarter? Did something meaningfully change? When you think about the inventory situation, how many quarters do you think the industry needs to work through this inventory?
I think that there's a couple things. Those legacy silhouettes, Foot Locker did really very well in the first quarter. A lot of it was really helped by the launch product, the Jordan Retro product. The second quarter was a disappointment in that product across the DICK'S business, the Foot Locker business, the other direct competitors' businesses, and the brands. We think that was a big issue there. These legacy silhouettes, they had been kind of trending down, but somewhere in the second quarter, they really slowed. When a couple of these brands, and Nike in particular, brought out different materials and different embellishments on some of those legacy silhouettes, Air Force 1 or Dunks, so to speak, you couldn't keep them in stock.
If you take an Air Force 1 silhouette in a traditional triple white, triple black, or a traditional white shoe with the varsity colors, red, blue, black, those have slowed significantly. But a triple white Air Force 1 in patent leather, a triple white Air Force 1 in black, you can't keep those in stock today. It's trying to get enough of those in the marketplace. Now how long that has to run, I don't know. But right now, there's the ability, if we had more of those product, it would be a very different scenario. The discounting got pretty aggressive in the second quarter, and like I said, we expect that to continue through the balance of the year.
So maybe if we could go back to the guidance cut. Obviously, the market was surprised by the cut, both on the DICK'S score margins and on the Foot Locker comps and margins. You talked a little bit before how promotions are important and you're using it as an investment. But if maybe we could just focus on DICK'S first. Do you think there's a degree of conservatism in your guidance, just given the strength of what you've seen so far in demand at the store? Footwear grew in the second quarter. So how much discounting do you think there really needs to happen? Is there any kind of broader discounting here beyond the footwear that we should be aware of?
Okay, I'll start. DICK'S, we're really pleased with how the business is doing at DICK'S. In fact, we kept our comp guidance the same. We did reflect some of the promotionality from the legacy footwear, which affects the DICK'S business as well. We also reflected some conservatism towards fuel costs and healthcare costs, which we have been experiencing all year. But overall, we're bullish on the entire business, but the DICK'S business is very strong. We'll continue to manage through some of the impact of the margin and some of those other existential or exogenous impacts from fuel and healthcare. But overall, we never guide to the best possible outcome, but we feel really good about our guidance.
I think there's a concern out there that the contagion that is in Foot Locker will spread to DICK'S, and we don't see that. If you took a look at our footwear business, we don't guide or disclose category by category what those comps are. But if you were to take a look at our comps in footwear, they're really quite good. You'd be pretty pleased. Part of this is this transition that the DICK'S team, we've been ahead of that from a legacy silhouette standpoint, but we still had to be competitive in the marketplace on those. But when you take a look at what's happening from a transition out of some sneakers, so to speak, into some other categories, whether it's Birkenstock, UGG, Timberland, that's all part of the footwear business.
And we really believe that an athlete, kid playing high school sports, male, female, they really need five different shoes. There's five shoes on their shopping list. One is the shoe that they're going to wear in their sport, whether it's baseball cleats, basketball shoes, whatever it might possibly be. Then it's also going to be a running shoe because everybody's got to train from a running standpoint. And then training today, those of you who watch what's going on from a fitness standpoint, whether it's HYROX, whatever it might possibly be, there's training. There's a very different pair of shoes that you're wearing to train in. It's not a traditional running shoe. So you need that training shoe. And then the recovery piece of this has gotten really extremely hot, the Mind shoe. So the whole recovery aspect is really important.
And then you still have the shoe that the young man or young woman is going to wear to say who they are, what they're wearing to school, what they're wearing out with their buddies on a Friday night. There's five shoes that they really have under consideration. And between DICK'S and Foot Locker, we are the retailers best positioned to service that need.
Maybe if we can go to the Foot Locker guidance cut. We'll start with the comp first. I guess we're curious why you think same-store sales will take such a meaningful step back from what you originally predicted outside of the lifestyle silhouette issue that we just went through. Because just thinking about it another way, you have a new assortment coming through all the Foot Locker stores. You had an ad campaign that only started to make its way to the consumer maybe five or six weeks ago. And you've only remodeled 250 stores to Fastbreak, getting them to, I think, 350 by the end of the year. Just given the amount of change and the time it might take to work through the system, do you think you might be underestimating what the comp response could be?
Our general counsel would say that's a very dangerous question.
Okay. Sorry.
But underestimating, I think we're given the guidance that we think is best, looks at where the business is today. There's some things that are happening. So what has surprised us and surprised the industry as a whole is the launch in retro product has been very difficult, and that's well chronicled. When we originally looked at giving our guidance for the year, we didn't anticipate that. Q1 was pretty good. Q2 was pretty difficult. A couple of other things of what we did from a Foot Locker standpoint, taking this down. EMEA has been very difficult. When we originally gave our guidance for the year of what we thought we were going to do from a Foot Locker standpoint, there was not a war going on in the Middle East.
That has had a really meaningful impact on Europe, and you can see that from other retailers in Europe with what they've talked about. Then the legacy silhouettes, it's taking longer than we thought to pivot some of these products and get more of these products in the store as the industry is. The industry's got a really interesting problem that is short-term, but they've got an overcapacity issue in some of the legacy silhouettes, and there's an undercapacity issue on some of these new shoes that have come out that are really resonating with the consumer. So there's an imbalance going on right now, and we're not able to get more of these shoes in based on manufacturing constraints as we would like.
It sounds to me like this is more of a supply issue than a real demand issue.
Mm-hmm. Don't see this as a demand issue whatsoever. If you've got something that's new and innovative, that consumer will step into the plate to buy that product. Whether you can see that from an On Cloudtilt shoe that's really hot right now or what's going on with the Nike Mind shoe, the Nike running construct upon the nine block between the Pegasus structure and Vomero has been great. If there's something new and different out there that the consumer views as different and innovative, it's doing very well. That's both on the footwear side and then on the other side, which is why we don't think there's a contagion from a DICK'S standpoint, whether it's baseball bat launches, what's going on from some other brands that we've brought into the store, such as Vuori. We've got a number of stores. Gymshark, FP Movement.
There's a transition going on right now, and we're right at the center of it, and I think we are extremely well-positioned.
Okay. When it comes to discounting and moving some of the inventory, I would imagine it has to be a little bit delicate to have product discounted in the stores while trying to showcase new assortment and sell that through at full price. How do you balance that, and how big of a role could Going, Gone! have as you manage through this?
Yeah .
Sure.
It's not that difficult. The consumer knows what's new and what's hot and what's not.
Okay.
The consumer is very intelligent out there. They know what's going on. If you've got a Mind shoe or you've got the Nike running construct or you've got the Cloudtilt or you've got an Adidas running shoe and it's new and innovative and the consumer wants it, they'll know, they'll come in and get that. Then the product that needs to be discounted is those legacy silhouettes, and right now, those are out of favor right now.
This is, I think, one of the benefits of bringing these two companies together is Foot Locker often will experience a trend a little bit ahead of where DICK'S would experience a trend. On the DICK'S side, we can see, okay, this franchise is slowing or there's several examples. I don't want to be specific, but we can taper our buy at DICK'S accordingly, knowing that there's some softness that may come. At the same time, we are using Going, Gone!, and our teams are working really well together to just help each other out when there is a clearance opportunity and just get through it.
DICK'S has a longer tail with these franchises than Foot Locker does. The Foot Locker customers are more fashion-conscious, faster customers than the DICK'S consumer. We can see what's happened at Foot Locker, and then we can build to that. An example is New Balance is a bit more difficult at Foot Locker. It's rocking in DICK'S. So we can see. With our acquisition of Foot Locker, we have visibility to the entire ecosystem of athletic footwear now. With Foot Locker, we own a company in Tokyo called atmos, which is a tier zero retailer, very similar to Kith here in the U.S., which gets all of the new product that a brand is trying to seed in there. It was an example.
I was walking through the brand rooms in Germany with Bjørn, and there was a shoe that I looked at, and I picked it up and I said, "That is a very cool shoe." Bjørn said, "You don't get that shoe." I looked at him and I won't tell you exactly what I said, but I said, "What do you mean we don't get that shoe?" He said, "You don't get that shoe." He said, "Foot Locker won't get that shoe right now. atmos, they'll get that shoe. We're going to seed it there." We've got atmos that we can see what's coming with shoes that are being seeded. As I talk about igniting a franchise. We can see that and do that with Foot Locker in those street fashion doors that Foot Locker has in DICK'S House of Sport.
When it scales, we've got that in the DICK'S stores and the traditional Foot Locker stores, and also at the end-of-life product in our value chain of Going, Gone!. We've got visibility to the entire ecosystem of athletic footwear. To be honest, nobody else has got that kind of visibility that we have. We've built this ecosystem across the entire platform that nobody else has and will really positively impact our business.
That's great. If I can maybe drill down on what's happening with Foot Locker, I think one of the critiques or concerns is that Foot Locker is an asset that would require quite a bit of CapEx and maybe take valuable attention and dollars away from a very healthy core DICK'S Sporting Goods. How are you feeling about the asset today, and is there anything in your guidance acknowledging that there might be a bigger issue with Foot Locker other than the sluggishness in the footwear category?
Yeah. So we're not taking assets away from DICK'S to be able to do that. We've got a significant amount of capital available to us. We've got $1 billion on the balance sheet right now. We've started, or well on our way on the Fastbreak process, and this is a pretty low capital intensive change in the business. So, we don't see that Foot Locker is going to take a significant amount of capital to get this thing where it needs to be. This is really how do we pivot away from some brands that aren't doing as well right now and into new brands. I was with a very important brand in the industry that we do a lot of business with that Foot Locker didn't. When I sat and talked with the CEO, he said, "In the past, we didn't really trust Foot Locker.
We didn't really want our brand in Foot Locker. We really weren't sure where Foot Locker was going to go." So Foot Locker couldn't transition to this brand because the brand wasn't going to be supportive to them. As we sat and talked and he said, "Now that you guys own it," he said, "We are fully invested and supportive of Foot Locker." So we've got that with a couple of different brands. So Foot Locker, believe me, this is not easy with Foot Locker, but there's some things here that we've got to transition into some other brands and change some allocation of inventory. We're in the process of doing this. It's just taking longer than we anticipated. We thought it would be quicker.
We thought some other brands would be able to be more supportive quicker than they have been, more legacy brands, and that hasn't happened. With that being said, though, we are looking at I've had a number of people say, "How are you looking at this?" I think what you're getting to a little bit is we are creating a menu that all of you would expect us to create based on the environment we're in today and what we're seeing. So we've got no preconceived ideas of what has to be done.
We're not going at this like, "Damn the torpedoes. We're going to make this thing work." We've owned it for a year and a week now, and now through this year, we've taken our time to really understand the business, what's working, what's not working, what's not working that could work, and what's not working that's not going to work. We're creating this menu that you would expect us to create. As we go forward, we'll give you more details as we make some final decisions.
I would add one other thing. You mentioned, or you asked, the first question was sort of is Foot Locker a distraction for DICK'S? I would say absolutely not. On top of that, I think actually it's helpful to the DICK'S business that we're going to our core brand partners together, getting access to product, knowledge that we have, allocations. I think it's actually been a positive to the DICK'S business.
Maybe, Kate, I'll build on that. If you think even from a P&L intensity perspective, we have talked about $100 million-$125 million of synergy, and that's a collective company synergy. Similar to what Lauren was saying, you're now able to go and negotiate, as a DICK'S Sporting Goods, Inc. The benefit of that is not only on the DICK'S side, but also on the Foot Locker side. So that's where the one plus one definitely is accretive. Like I said, it's going to take a little bit of time, and we are working through those scenarios.
Great. Navdeep, maybe I can keep it with you for a minute just on the DICK'S core and SG&A. I do think that the flow through has not been awesome, great.
Well, thank you for putting it that way.
You can say it.
I could have scripted it better.
Awesome.
There's not been a lot of flow through.
That's okay.
We wondered if you could maybe talk to us about some of the building blocks within SGA that has resulted in that, and then how you think about the flow through the rest of the year.
Yeah. So it's a great question. I think maybe the way to contextualize this is, and I've said this to a lot of investors, that you can't look at SGA in isolation. Because in our case, for example, DICK'S Media Network, GameChanger. If you look at the 80 basis points of gross margin expansion that was driven here in second quarter, was driven by DICK'S Media Network and GameChanger. And those are the capabilities that the investment for those shows up in SGA. So it's a little bit of a geography shift that when you invest in GameChanger, the intensity shows up in SGA, where the benefit sits in margin, in comp sales, as well as in the gross margin. So that's one aspect of it.
The second aspect of that is there are. We talked to certain investors earlier in the day, and we talked about it's about prioritization. When you think about the opportunities that we have, whether it is building these assets that we talked about or some of the investments that we are making in technology platform enhancements. So it's about prioritization of those investments. Having said that point that you made that it's been running hot for some time now, it's not lost on us, and we are consciously focused on that. And this is where the last point that I made in the prior question, the SGA intensity will also get benefited from the negotiations that we are having from a synergy perspective.
I wanted to just ask about the different units. If we stick with core DICK'S, just House of Sport. If you could maybe just talk again to where you are in the rollout of that, meaning not so much like number of doors, but how happy you are with that. Is it still providing the vendor relationships, the comp lift that you've been seeing, and how do we think about that versus the traditional DICK'S locations?
Yes. If anyone hasn't been to a House of Sport store, it is usually about 100,000 to 125,000 sq ft experiential. It's got a climbing wall field, and just an unbelievable experience, both a retail experience and just an athlete experience. We have been thrilled with the performance of House of Sport. We're now in a few stores. We're in our fourth year, and what we've been able to share is that the margins there, ROI, is quite good, as is the comp. Even in year two, year three, or four, we're comping the comp. That's really important. But the other benefit to House of Sport, it's also the inspiration for our new 50,000 sq ft model, which is our real core, and we called it Fieldhouse internally.
It's leading the way in terms of how we want to have products come to life and experience and service and all of that. It's brought in a number of different brand partners. House of Sport is a really safe way for new brand partners, and you look at HOKA came in through House of Sport. On came in originally through Public Lands and House of Sport. FP Movement came in. We have Gymshark just coming in through House of Sport. Vuori just coming in. It's a way that in a very controlled environment, we can bring a brand to life like nobody else. Head to toe, these little collab spaces that we have are absolutely amazing, and that infiltrates through the entire DICK'S banner eventually once people get comfortable. So it's just been a win-win-win.
Yeah. Kate, maybe I'll go ahead.
No, go ahead.
The other thing I'll build on is two things on the Fieldhouse. The Fieldhouse are doing fantastic as well. We talked about the economic returns on the Fieldhouses is great. The way DICK'S Sporting Goods will continue to come to fruition from the way how you see that experience will be either through a House of Sport or a Fieldhouse. The other aspect of House of Sport that is really great is we are able to test and learn the new concepts. Think of DICK'S Media Network. We tested that out in House of Sport, and now we are rolling that. The Collectors Clubhouse is another, like the trading cards destination that we have created. We started out in House of Sport.
We are able to go and test these capabilities in House of Sport, how well they do, then we are able to quickly move into the Fieldhouse concept, and that's a great testing ground for us to test and then evolve that into a Fieldhouse concept.
The last thing I'd say about House of Sport too is House of Sport is really one of the most unique retail experiences out there, and I think a lot of people would agree with that. The mall developers love House of Sport. They want a House of Sport in their mall, whether it's taking the place of replacing a vacant Sears department store, JCPenney department store, some other department stores that have exited the place. What the traffic that's brought in there, the different consumer that comes in there has been phenomenal. What House of Sport's done for the mall to increase the sales and the GLA of the mall.
That is why now we have access to real estate that five years ago we would have never had access to, whether it is building a House of Sport in Palm Beach Gardens Mall in Florida or Barton Creek in Austin or Cerritos in L.A., Tysons in Washington, D.C. It is access to real estate that we would have never had access to before. When we have gotten into these better malls and the traffic that we have built off the mall in these A malls, the sales have been phenomenal. House of Sport is just doing great. We are going to continue and invest in this and that is a big opportunity.
Great. Thank you for that. I just wanted to be sure to ask about the Fastbreak stores, too, which is on the Foot Locker side of the house. Are the Fastbreak stores that we would see today considered the final prototype of what you think Foot Locker should look like longer term?
Well, in retail and the way we have done things at DICK'S, we are never in the final stage. We are constantly trying to innovate and move things forward. It is a pretty good representation right now. I think one of the things we talked about is that we thought we could take 30% of the SKUs out and what Foot Locker always was, we characterized as was merely a run-on sentence of shoes, and we wanted to scale that down and edit that. What we have determined is that there is more editing to be done. There are still too many. If we take a look at, and I am not saying this is the exact number, but just directionally, the 80/20 rule that is out there, that 80% of your business come from 20% of the SKUs, et cetera.
When you take a look at the 20% of the sales, there are still too many SKUs in that 20%. It is too broad. We can take those dollars, reinvest those in colors of franchises that are working or deeper in sizes so that we are in stock better. There is still some more editing to be done. What you see from a Foot Locker standpoint right now from Fastbreak is pretty close, but we are still editing that a bit further. I think that there is a bit more apparel that we can put in there. We are trying some additional fixtures and some additional apparel, which is, we get that right, will help drive the margin rate.
Okay, great. Just in these last couple of minutes, we do have four questions we are asking everyone today. First, you do have a slightly higher income consumer that shops at DICK'S, but maybe not as high-end consumer that shops at Foot Locker. Could you maybe talk about the different income cohorts and what your expectation is for the environment in the second half of 2026 versus what you saw in the first half?
Yeah, I will start and then pass it to Navdeep. The consumer is clearly, across the country, is under pressure, and we have heard the same in EMEA. But the DICK'S consumer is holding up very well, and that has been for some time. That is due to the prioritization of sport and outside health and wellness. I mean, everything, the trends are just sport and culture have come together unbelievably never before. You saw it in World Cup, and we will continue to see it as the years go on. So DICK'S consumer is doing well. We saw that we did not see trade down from best to better or better to good. We saw growth across all income demographics. I think the Foot Locker consumer may be a little bit more under pressure.
However, when there is newness and innovation that is resonating across the DICK'S consumer or the Foot Locker consumer, they absolutely are prioritizing it, and it is resonating.
Yeah, and maybe the only thing that I will add to that is EMEA has a different cadence to that, although the pressure is definitely much more in the EMEA segment compared to the U.S. So that has been contemplated into our guidance as we gave for the full year.
Great. And then pricing, do you expect your prices to be higher, lower, the same in the second half of this year versus the first half of this year?
I think it'll be similar to the second quarter.
Yeah.
I wouldn't look at it half to half. I would look at it quarter to quarter. I think the balance of the year will be similar to the second quarter.
And then our third question's on margins. Do you see more margin headwinds or tailwinds in 2027 versus 2026?
So.
Go ahead, Navdeep.
No, we haven't provided the guidance for 2027, but I would say, couple of things to keep in mind. The balance would be making the right long-term investment because that is really important to us. Ed talked about the House of Sport. We'll be very conscious about the key areas of investment that are performing well, continue to lean into it. The second is there is a clear focus and collective work that is being done across the organization on productivity. Then we'll monitor the promotions and the pricing environment for next year.
Okay, great. Our last question is on AI. Do you expect a significant increase in efficiency as a result of AI in 2027 versus 2026? What part of your business would change the most?
I'll start. We are leaning into AI in a number of different ways. I would say the way to think about it is there's efficiencies for our teammates, so we're taking work that's been formerly full of friction away from them. For our athletes, we view it as tremendous opportunity, and we're really leaning into our core differentiation. When we think about what makes DICK'S special, speaking mostly on the DICK'S side now, but we think about what we call the power of our opinion, and that's all the first-party consumer data we have through our ScoreCard program. It's the knowledge that our teammates have on all aspects of sport, what products are coming out, launches, all of that, we are now starting to bring to life through a consumer-facing app called Coach by DICK'S, which is now embedded into the DICK'S mobile app.
I think that is where we are going to see the biggest input for next year. Removing friction, trying to delight athletes, and really bring our experience to life. At this point, AI is still requiring investment, and we will continue to monitor. But we are not doing tech for tech's sake. We are doing where we think we can really amplify the strategies.
Great. All right. With that, thank you for joining us today.
Okay. Thank you very much.
Thank you, everybody. Thank you.