Good afternoon, all. Again, thank you for taking the time to spend a few minutes today. I hope you learn a little bit more, and we'll leave plenty of time at the end for some Q&A. So I'd be remiss if I didn't flash the cautionary forward-looking statements there. My general counsel will not be happy with me, so you've all seen this before, so we won't spend much time on that. All right, so Global Industrial Company, ticker GIC, we are headquartered in Port Washington, New York. It's about 20 miles east of New York City. We are a value-added industrial distributor of product in the United States and Canada. We go to market with primarily a regional distribution model supported by approximately 3,000 dropship vendors. Again, about seven distribution centers in North America, five in the U.S., two in Canada.
We like to call ourselves the experts in the big and bulky. We focus on light capital, durable goods, and we're selling things while we do have a parcel network, of course. We sell things that go through that LTL truckload market, non-conveyable, non-conforming pallets of goods, 12-foot guard rails, bollard covers, all the things that don't fit into a nice little box, can't go in a conveyor belt, can't be automated in the pick solution, but are absolutely necessary for the distribution environment that we serve. Broad market, we have a focus on delivering shareholder value through both dividends as well as capital appreciation. About 50% of our sales of that organic business have been private brand. We'll spend some more time in a few minutes talking about that private brand.
So again, we're going to talk a little bit about how we got to where we are today and how we're going to drive growth going forward. So when we think about our strategy, we tend to focus our strategy and the corporate culture on how do we accelerate the customer experience. We really understand that our customers have options, and we understand that a customer wants as much of a frictionless experience as possible. So when we think about all these different pillars between growth, what we offer to our customers, how we deliver that, how do we deliver that product to our customers, post-sale support, and the overall P&L management, all help us deliver a great experience for our customer and what we're trying to focus on. We're also really understanding how this impacts the culture at Global Industrial Company.
When we put a customer-first focus, it's allowed us to really drive customer satisfaction scores up significantly this time by allowing every person in our organization to understand that they have a role in making a customer's journey that much better. Again, who do we sell to? We are a broad-based, because we sell so many different product categories, we have a broad base of customers. However, the sweet spot where we operate is going to be anything that goes into that distribution warehousing type environment. Biggest vertical would be light manufacturing, followed by retail, wholesale, trade, and then again, a myriad of other customers.
So again, a lot of the products we sell, again, will go into that distribution center, making your processes more efficient, but also anything that that facility's maintenance leaders are going to need across the back office or even outside to really help that outdoor area. Again, we've tended to focus on that SMB customer, small, medium business. Think about that total addressable market of approximately $50 billion. But again, internally, we don't spend a lot of time focusing on the TAM. We realize that there's a lot of white space out there and a fragmented market with over 4,000 competitors in the industrial supplies and industrial distribution space in the U.S. and North America. There's a lot of opportunity to gain share over time. Generally considered, we're ranked somewhere between 15th and 20th largest in revenue by Modern Distribution Management.
They're one of the leading industrial publications in this space. And so again, depending on the year, we're again 15th to 20th largest in this space and a tremendous amount of volume opportunity. And just to highlight, we have very limited customer concentration, broad, fragmented customer base as well. No one customer makes up more than 2% of the business. Again, we talked about some of the categories we're offering: storage and shelving, material handling, janitorial maintenance, things that, again, operate and help you efficiently. But we've also been expanding into new lines. This is an area that we never stop thinking about what we can offer to our customers. Recently, we've been selling more into the Healthcare space, Hospitality space, and actually bringing true vehicles to market. When we think about vehicles, it's stock chasers and things that help you move around in DC.
Every day we look in our distribution environment, our own, and we talk to our customers, "What are you using? What do you need to make your job easier?" Obviously, labor is always a constraint in the market. How can we make that process of pick, pack, ship, storage safer and more efficient for our customer? And that's what we try to bring to market. Again, as we think about this, we'll move into what's one of our best-kept secrets. We talk about it all the time, so it's not really a secret, but we think about our private brand. A lot of the product that we offer is not oriented towards a major national brand out there. When we sell product, we really focus on what we can add some extra chips to the cookie. We borrow the Kirkland motto, "How do you sell more cookies?
You add more chocolate chips to it, so when we sell more of this product, we try to upskill, over-engineer, or make these products what we call industrial strength to allow this to work in many different applications. Overall, this has been our fastest-growing segment in terms of product sourcing. The overall premium to the company, 15%-20% better gross margin rates, and at the same time, a better total cost of ownership and a better price point for the company. Right now, when we talk about 50% of organic sales, we did complete an acquisition last year, but if we think about the business that goes to market under Global Industrial, approximately half of that business is private brand. This is an area that there's still white space to grow.
This will never go to 80, 90, 100, but we always have projects in the hopper, and we've identified new solutions, and this is an area that will always continue to grow. And when we talk about that extra chip, it's always going to be things such as finding that extra coating, extra gauge steel on a locker to make it more durable in transit or in use, changing out the way a water filter is changed on a bottle filler station. Things that our customers have asked for and said, "Hey, I got a problem with my product in the market." And we look with our product development team that's headquartered in my New York office, as well as my quality control teams around the world, to really think about how do we make these products a little bit better.
That's one thing that we continue to focus on because that private label product has to be high quality. Once that's in our customer's hands, they're going to look at that and say, "If that pallet jack, that handle breaks off, they're going to say, 'Oh, not only am I not going to buy from that distributor again, I'm not going to buy Global Industrial branded goods again.'" So we always want to make sure that we're putting something out there super high quality at a price point that they love as well. Talk about a couple of the new products that we've offered. Again, we talk about lockers a lot. We sell a lot of lockers. Lockers, that typical gray or beige locker that hasn't changed in 25 years that's in your school or in your warehouse for your employees as they come on.
We say, "Well, how can you improve a locker?" One thing that we realized is, listen, there's lockers that are going to be for many different applications. We recently launched a whole line of lockers that have wood laminate. Really look great, more for a corporate environment. If they want to put those in front of a house, for golf clubs, things of that nature. A lot of different kinds of customers could buy that. We've also been adding digital locks and a number of other areas. We think about mobile power stations, really bringing the ability to have a different alternative to a generator as a high battery output and the ability to run mobile workstations.
And on other areas that we're really saying, "How can we bring a new product?" Again, generally, what has our customer asked for, but also what do we have that private label development team, what have they been focusing on? So we're consistently always bringing new products to market that will either make it, again, safer, better, or actually lower cost at times. Overall, if we look at our track record for growth, revenue CAGR has been approximately 7.7% over this time horizon, and the operating margin has expanded. If you look at 2023, we will see that we had a little bit of a pullback in operating margin. That's contributed to one primary factor. As we mentioned a moment ago, we did acquire a business in mid-2023. We bought a business called Indoff. Indoff is a distributor of material handling, commercial interiors, and other related products.
Very similar product set to what we sold, but there was very little customer overlap. We were quite happy with that presentation, but they went to market a little bit differently than Global Industrial. Global Industrial is an e-commerce-first business supported by an inside sales organization. Indoff, no e-commerce, no private brand, and they were 100% feet on the street. They were selling to their customers via product managers, I'm sorry, project managers, and other subject matter experts and sales partners that would go visit that client. That brings a whole new capability to Global Industrial to allow us to help support that business. So again, drove a little bit higher revenue growth in 2023, but they did have a lower margin profile given that they were selling to larger customers. And typically, again, being a dropship supplier, they had a lower gross margin profile.
Our goal is to continue to optimize that margin profile for that Indoff business and for the overall by doing things such as shifting into that private brand even further, especially for that business we acquired because it was starting from a basically zero private brand. I will talk a little bit more about the market. So overall, this has been an evolving marketplace. We have seen things, obviously, that have changed. We believe we're well positioned to satisfy what's happening, what's coming around the corner. Interesting enough, I mean, industrial distribution still is a little bit behind on the e-commerce evolution. I mean, a lot of the small fragmented customers, our competitors that we have out there, the small fragmented suppliers, again, still early on the curve in some of the e-commerce and other digital tools. We understand data analytics are so much more important.
And these are all areas we've been focusing on, and we see that this will help us, this will help position us to win in the future. Again, we think about what sets us apart. We talked a lot about the fragmented market that we operate within. There's going to be the biggest national players out there. We all know their names, the Graingers, the Ulines, the Fastenals, the McMaster-Carrs. And they do a lot of things really well. But I think we set ourselves apart, especially from the long tail of regional small niche distributors out there. We tend to focus on that SMB customer a little bit more than the biggest players out there. That allows us to really have a different pool we're playing in. We really focus on the big and bulky, like we talked about, that private brand offering something we can offer.
The big national players, of course, do the same thing, but a lot of the smaller distributors don't have those capabilities to manage a supply chain end-to-end and bring that product in. We already talked about e-commerce. Again, digital marketing or an asset-light business that allows us to win. And then again, project management expertise is something that we pride ourselves on that really can help us solve problems for customers. We understand our customers look at every time when they talk about customer satisfaction, they love that one-to-one selling experience. They want to have someone that can help them from end-to-end, find the right application, all the way through their project to completion, see their project through to completion. That's something that we do, we believe we do very well. Talk about that customer growth model. So again, we got many different ways that we go to market.
We're trying to build that customer-focused culture. We talked about that, looking at different customer acquisition channels, how we build loyalty, and then ultimately, how do we drive better value to our customers. We'll talk about that a little bit more in this next couple of slides. Again, when we think about our channels, historically, our customer acquisition model started with the digital funnel. So we started with paid search, driving customers to globalindustrial.com, profiling those customers, understanding what their potential is, understanding what those needs are, and then shifting that into our one-to-one sales model, true e-commerce, I'm sorry, true omnichannel opportunity. Outside sales always was a support function to have those feet on the streets. When a sales rep's on the phone, they have an opportunity, but they can't actually walk the floor.
We have teams now that can go out, visit customers to really see not only the project that they are being asked to help on, but look at all the other opportunities. We're walking the floor. We always say if our sales rep doesn't walk the floor and find 10 new opportunities that we can pitch the customer on, we did something wrong because there's so many opportunities, because there's such variability in what these customers are using and what they're buying, so again, we have that one-to-one selling model. We talked about e-commerce first. This is about 70% of our sales were what we call managed sales. Those are going to be customers that have been assigned to an account manager. Once those accounts, again, once that customer comes in the funnel, we assign them to that account manager, and we're doing that.
There's always going to be a selection bias in that process. We're going to assign the best, highest potential customers into that account management channel because that's where we know that if we sell them more product, if we sell them more categories of product, we're going to increase that stickiness. So again, a customer may come in and buy janitorial equipment from us. And again, they may not need to retrofit a commercial bathroom or commercial break room every year. We know that. But we know we offer additional products that they're buying from someone else that next day, that next week, that next month. So again, we always try to say, how do you sell more of that product, more categories? How do we win category share of wallet?
Because we know based upon our data, once we start selling those multiple categories, that customer moves from more than just a customer to really a very valuable, high lifetime value. But we become more of that partner, not just the supplier for those customers. Again, what does that do? That ultimately brings higher returns for the company, better growth, more retention, higher customer satisfaction. And again, at the end of the day, it's great for the P&L. The strong financial profile. So cash flow generation. We are a distributor at heart. We bring products in. About 55% of our revenue comes from stocked items. They come into our five U.S. distribution centers. We stock those products in Las Vegas for the West Coast, DeSoto or Dallas here for the Mid and Central Plains, Atlanta for the Southeast, New Jersey for the Northeast, and Wisconsin for the Midwest.
Bringing that product in allows us to inventory that product. The balance comes through a dropship profile. We think about how that works through the cash flow and the working capital needs. Once we pull that product in, we sell through that product. Very typical. You'll see in 2023, big cash flow generation, a big conversion of cash flow. Again, at that time, as we all remember, 2021, 2022, we all saw a supply chain crisis. We saw product availability plummet. We saw lead time delays at point of origin. We saw lead time delays in every port in the U.S. So we made the choice saying we understood at that time customers were not thinking about price as much. They were thinking about availability. If you had the products, you were going to win. So again, clean balance sheet.
We were able to bring product in advance of that, be ready for the customers, and again, built inventory for that, and then sold it through the next year. As the chain got full again, we were able to sell through that product, converted all that inventory back to cash. Another good piece about our inventory as we think about free cash flow is, again, inventory doesn't go obsolete. The products we sell, and while we add these extra chips to the cookie, again, at the end of the day, the functional specifications of many of the products we sell, again, have very little obsolescence. A pallet jack, if I have too many of them, I'll sell them next week, next month, next quarter. I'm not thinking about write-offs. I'm not thinking about things that are going out of stock or new versions of the product coming out. Excuse me.
We have a lot of opportunity to, while we don't want to overstock, if we do have a high stocking position, we have the ability to sell through that. So again, if we need to buy in front of certain events or projected events, we have the ability to sell through that. So we have a very good cash conversion cycle. Balance sheet, again, super clean. We have no debt in the company. We've managed the company generally without debt. Of course, we maintain a credit line, but we've taken a conservative approach to the balance sheet. We finished the last quarter at roughly $39 million of cash, turned our inventory just over five times. And you can see the DSO and DPO metrics ultimately relate to, again, that higher cash conversion cycle. Again, with all that cash we generate, what do we do with it?
Again, first target internally, we want to manage the company for growth. We want to make sure we're making those right investments that help the business going forward. Again, while we are a capital-light business, we think about our distribution network all the time. Do we need to add more facilities? What tools can we put in? What technologies can we invest in to really help make our sales team more efficient? So again, right now, we're in the process of implementing a brand new CRM, as well as Marketing and Service Cloud to really bring a 360-degree view back to our customer. Those are tools that we've really developed in-house over time in our proprietary ERP platform, but really now starting to put best-in-class tools to make our sales force that much more efficient.
So that's really our first use typically is going to say, how do we invest for our growth? M&A, it's a piece of the business, but it's been a lighter piece. We acquired a business in 2015, and we acquired a business in 2023. So that's eight years between acquisitions for the Global Industrial segment of the business, which is now currently the only segment. That's an area where we look at the business. Our board is eager for us to continue to find those applications, those opportunities. And again, if the right opportunity comes, this is where we're willing to take on debt at a conservative level if it's the right acquisition. It has to be synergistic. It has to drive value. And things that we look for are companies that, again, may be light on e-commerce, things that we think we do really well.
Companies that don't have a private label supply chain, we know we can support their business and supplement their growth by offering those solutions. And again, it's got to be the right value, and it's got to be both a cultural fit and a size fit for what we're looking at, primarily North America. And then finally, of course, we return capital to shareholders. We have a dividend policy that we look for. And again, we have issued special dividends, and a repurchase is authorized, but not used at the current time. Talking about those dividends, again, we started that dividend policy in second quarter of 2015. That was really as the business, if you went back and looked at the history of the business and thought about what was happening, we were going through a process where we were reorganizing what was then called Systemax into Global Industrial.
We had divested about eight different IT distribution businesses to bring to a single segment business, so once we started those divestitures, our financial profile became much better. We began a regular recurring dividend profile, and again, we have increased that for each of the last nine years, and we'd anticipate doing that going forward. A total of $600 million of dividends have been delivered back to our shareholders since 2018. That did include six special dividends. Those special dividends really were timed. Those have been really more in 2018 and 2019. They were timed around those divestitures. We had $300 million of cash on the balance sheet, so we were saying we didn't have an active target to deploy that capital, so at that point, we did return those to shareholders. The current payout ratio is about 52%.
That's a little bit reflective of the current year earnings, but we typically target that payout ratio in the mid- to high-40% range. Like we said, share repurchase is authorized currently. And I've executed on approximately 500,000 shares of repurchase over this authorization period. But again, it has been a couple of years since we last did that. Again, think about the capital float or the float of our business. We are a majority insider-held company. Approximately 66% of the shares are held by the founding family. We're currently the Executive and Vice Chairman of the company. So our public float is fairly low. So a buyback is usually our last choice, depending on the valuation of stock, of course. Again, when we think about why we don't give formal guidance, we really think about what are we trying to accomplish.
Generally, our goal internally is to expand growth about 500 basis points over market. And we think about market as generally this market aligns with GDP generally, that 2%-3% growth. So getting to that mid to single high, mid to single, I'm sorry, mid to high single-digit growth rate, something that we accomplished over the last year. And generally, we see that being accomplished, again, through market share gains and through category penetration within our existing customer base. And again, that market share growth, we usually think about coming from the long tail of consolidation that we see our customers are looking to consolidate spend from many of their multiple small suppliers into one opportunity that we can provide for them. Again, as we think about that, we will drive operating profit. We want to see that. But again, right now, we're really focused on growth initiatives.
Then finally, we should optimize our performance. Once you kind of collaborate or combine both the revenue growth as well as you get more operating efficiency, we will be able to maximize that TSR for our shareholders. Again, like I said, we are our shareholders, our company is absolutely aligned with the shareholder community. Insiders hold about 67% of the shares, and they are there long only. The public company went public in 1995 and really investing in the business for continued long-term growth, not for any individual quarter. So those are the prepared remarks today. I'm happy to take any question that's out there in the field today. Please.
What's your rough sense of the inventory terms for private label versus manufactured?
Thank you. Just in case I didn't hear on the line, the question was about inventory terms on private brand versus national brand. So as you can imagine, our private brand supply chain primarily comes from Asia, and you're going to have longer lead times and typically higher minimum order quantities. So it's going to turn slower. So there's a little bit more working capital investment, but that's where that margin differential really supports that. And that's an analysis we do each time we do convert a product from that national brand to a private brand good as we're building that. That's absolutely something that we look at. How does our working capital investment make compared to the profitability of that product? So it's absolutely slow returns, but something that we'll continue to manage through. Please, yes.
The private brand, are you taking delivery of stuff and then putting your own spin on it and your own modifications, or do you have an end to it? And we'll keep taking that here.
Absolutely. So this is generally contract manufacturing. So some of these are built to our specification primarily, where we're owning the molds and the dies at our contract manufacturer. So we're specifying the product. We hold some patents on some of the products. But generally, it's something that, again, these manufacturers that we're about working with aren't selling direct into the market, and it's relationship-based. So again, could another supplier go into our factories if they find out how we're making our product and where we're making it? I guess theoretically, that's a risk. It's not something that we've seen actively in the marketplace, though. Please.
You talked about market fragmentation, and I'm curious about the SME customers and the mom-and-pop distributors. Is there some heavy relationship component to this? I'm trying to understand why the industry is still so fragmented given the technological shifts over the past decade.
Yeah, there's absolutely. I mean, the fragmentation is one. It seems like this would be an industry ripe for consolidation and ripe for roll-ups. And we see a little bit of it in certain spaces, pack and ship categories, JanS an, a few of those where there's a couple of big PE players out there that are really rolling up. But overall, again, fairly limited deals. I think that's, again, I hate to say it. I think this is because of those mom-and-pop owners of the small medium business that they're still making a lot of cash. They're saying, "Hey, if we can pull $5-$6 million a year, why sell now?" A lot of times when we see the sales in these markets and the deal flow, it's all about timing.
It is when that owner that might not have a second or third generation that's looking to take over, and now it's time for them to create that liquidity event. So that's an area that hasn't changed. I've been in my role for eight years, been at the company 17 years, and that's something that's been prevalent through most of my time here. It's really trying to find that right buyer, the right opportunity. I'm sorry, what was the first part of your question? Yeah, I think you pretty much answered it. Just why the industry remains so fragmented. Yeah. And I think on the customer side, though, we do see more appetite to consolidate towards a supplier that can do more. Again, rather than, again, I know just even in our business, why would I buy from five suppliers if I could buy from one or two?
And while we all want diversification in our supply chain, we do see that that's where customer share is gain is usually happening because, again, you're going to take and you can consolidate those couple of suppliers into one buying relationship and at the same time offer them that full end-to-end suite that they may not be getting today, which, again, everything from subject matter expertise, broad product offering of both national and private brand alternatives, and then, again, that full suite of e-commerce functionality that will help them with their internal workflowing, overall spend profiles, total cost of ownership analysis to really show them where we can help them save money through choosing our products. Please.
Yeah, I guess just kind of hearing you about the potential tariffs that you have in. But 2017, 2018, 2019, are you?
Yeah, great question. I think we were at Stephens on Tuesday and then here at IDEAS today at about 20 meetings. I think we're 20 for 20. Now we're 21 for 21 on that question. So again, tariffs are out there. We understand them. 2019 really opened our eyes. We came into a product. We've been doing this private brand work for over 40 years. Country of origin, as you can imagine, was heavily weighted towards China. So when we learned in 2019 that the tariffs came through, really had to say it really made us do two things. One, from an enterprise risk perspective, we said we need to diversify our supply chain. We've been actively over the last five years working to diversify that into other countries of origin.
China still, again, is over 50%, but it's an area that has come down as we've worked with both our factories that we work with. They're also working to diversify. Factories are opening up facilities in other countries. It's an area that we learned. The other piece that we learned was so now when you can have your cost increase so substantially based upon trade policies, which hadn't really changed in quite some time, getting that much better on pricing and pricing analytics, understanding where you are in the market.
That's something that we spent a lot of time on and said, "We really need to invest in this because if there are these risks, this volatility on the cost side, we have to be ready to really understand in real time what's happening in that marketplace, who's moving when, and what prices are." We do start with an e-commerce pricing model, which has generally been a very transparent pricing model. So we've never been the high list price, high discount model for our customers. While our sales team has room to discount and really win those deals, again, we've always started with that list price approach. So that gives us more flexibility to do a list minus discount. So if we need to change prices, we have that ability to that isn't hindered necessarily by customer contracts.
But it's an area that, again, we don't take raising prices for granted. We want to make sure we're following the market at times. We don't want to be the first mover. We don't want to be the last mover. But we have to continue to understand where can we work to find more efficiencies because those costs will come through. The only other thing I'll add to that is, obviously, the tariffs really in 2019 were a big deal. We also got a lot more kind of experience learning through the inflation of the container costs. We saw ocean container rates in 2021, 2022, global levels that really dwarfed the impact of that first round of tariffs. So again, we were able to manage costs up and costs down.
If you look at the gross margin profile over the last five years, you'll notice that it's fairly steady without a lot of peaks and valleys. So again, you can usually make a little bit of money on the way up. It's always a little challenging on the way down if you're managing excess higher cost inventory, but again, it's a team that is not going to be caught off guard, and we'll continue to wait to see what the change in trade policy is, and it's an area that I don't think we'll be caught flat-footed. We'll do our best to manage them with our vendors, with our suppliers, and again, diversify where possible. Please.
I got another one just following up on the roll-up side, so you mentioned private equity being involved. Could you describe the amount of money that's involved in the space, any trends you're seeing there, and also acquisition multiples?
Yeah, so this is an area that it does say, obviously, this is an industry that trades at decent multiples. But we've seen on the acquisition side, I mean, when PE is involved, especially in some of these pristine categories, there's significant multiples out there. Now, again, especially when you have some of these smaller distributors that are going, those are in certain categories. Generally, I'd say that multiples today are more reasonable than they were pre-COVID. Almost during that kind of pandemic era and through the supply chain, there was a little bit of freezing. We all know in the kind of acquisition market, it slowed down. There were a lot of people asking for really high valuations. But we've seen valuation multiples come down.
That's an area, given kind of the ownership structure of our business, we're not going to be the first company that's going to pay that premium multiple. We're going to be looking for something that is going to be accretive on a trailing 12-month basis on a non-synergy adjusted basis. So what we're going to pay is going to be something that's not. We're not going to pay that 12-13 times multiple, which, again, certain markets in this space still may be looking for. But I think that kind of single digit, high single digit, that 7-9 is more realistic today than it was a few years ago. Please.
Any observations just general high-level on the current state of inventory, whether it's pulled forward on supply and getting in front of the port strikes that existed and you have too much for the supply side, but you're going for gradually demand or certain segments where it might be a little bit less demand to the product today?
Yeah, I mean, we definitely, if we go back two years, we definitely saw inventory pull forward. I mean, during when the availability, basically, people were taking whatever they could get and saying, "We'll stock that even if it's too much," just because I don't know how long this volatility is going to continue. In terms of the port strike, I mean, again, obviously, the fact that we know there's still an important date coming up in mid-January, but given that it only lasted three days, there was a lot of notice.
We did not see a lot of changed behavior. I mean, obviously, as a company, we were monitoring that. We had a task force looking at that every day, speculating what's going to happen. Obviously, I think we all dodged a bullet as a country with that only. I think it was two and a half days or three days of closure of the East Coast ports. But it's obviously it would be disruptive. I think a lot of people did start thinking about how do we reroute shipments to the West Coast. That could also get some things out of balance. We know whenever you have an unnatural port positioning, that can cause trouble for a long time in getting those containers and those assets realigned.
Again, we don't own the assets, of course, but we're just a consumer of those goods, but absolutely something that we're watching January 15th, I think it is, with keen eyes to hope that they ultimately ratify that deal. All right. There's no further questions. Again, I thank you all for joining us today. I know it was at the end of a long couple of days. So again, thank you all very much. And again, safe travels for all that are going back home.