Morning everyone, thank you for joining us for this year's Goldman Sachs Global Staples Forum. This year we're doing it virtual rather than live on stage in New York. Nonetheless, I think the event's going to go off without a hitch. Kicking us off this morning is Perrigo. I'm excited to hear the presentation, to hear how their story's evolving. Before we get into all the fun and excitement, I've got a few disclosures I need to get out of the way. First and foremost, this conversation is not intended for the media and is off the record. This call webcast is not for the purpose of sharing or receiving non-public or otherwise confidential information. Attendees are public side market participants who may not receive and should not request non-public or otherwise confidential information about issuers or securities or about the markets for securities.
Bear with me, I'm not quite done just yet. We're required to make certain disclosures and public appearances about Goldman Sachs' relationship with companies that we discuss. The disclosures relate to investment bank relationships, compensation received, and 1% or more ownership. We're prepared to read aloud disclosures for any issuer upon request. These disclosures are available in our most recent reports available to you as clients on our firm portals. Okay. With that out of the way, it's also detailed on slide two if you want to go back and catch all the language, I'm happy to now pivot. We're going to pivot to webcast format. For all of you who are tuned into the webcast, you would and should see on the bottom a Q&A submission option. As we go through, if questions pop in your mind, feel free to post them there.
I'll be able to read them, and I'm going to be more than happy to post them, assuming they're appropriate, up to management as the webcast evolves. Kicking us off this year, as I mentioned, is Perrigo. Perrigo is an interesting company. It's embarked on a transformation from a healthcare business to what it calls a Consumer Self-Care company as a pure play, over-the-counter, consumer packaged goods business. Joining me on this virtual stage to tell the story is Murray Kessler, Perrigo's President and CEO. Many of you may know Murray from his time leading the Lorillard Tobacco Company before this, or UST and Altria before that. Joining Mr. Kessler is Mr. Raymond Silcock, Perrigo's CFO. Mr. Silcock has a long track record of public and private company CFO roles, including CTI Foods, Diamond Foods, and UST.
With that, let me turn the stage over to Murray to give us a little bit of an overview before we jump into Q&A. Murray, the stage is yours.
Thank you, Jason. I'm going to move to our forward-looking statements. I'm not going to go through them in as much detail as you. Encourage everybody to read and understand our forward-looking statement. We'll start on the slide that says Perrigo's a $5.1 billion global self-care leader. For those of you who don't know us, we are focused on transforming into a great consumer self-care strategy. 80% of our net sales, in fact, are consumer packaged goods business. We are the leading self-care provider over the counter in the U.S., as well as in store brands, as well as infant formula and oral care. Internationally, we are branded products primarily. We have a store brand business there and we tend to have a string of pearls. Regional jewels throughout Western Europe is primarily where we do 95% of our international business.
Again, those are focused consumer brands, tend to be number one, number two in each of their individual markets. Then we have 20% of our net sales as an Rx generic pharmaceutical business, which we are the leader in generic extended topical products, which eventually we'll be divesting. As I've said in the past, now is not the right time. Going to the next slide. We adopted a new vision and consumer focus a year ago, and for anybody who knows me, I'm all about leading with vision in every company I've run. We have a vision that every single person in the company can see themselves somewhere in it, to make sure we're all heading in the same direction.
The vision we put in place a year ago is to make lives better by bringing quality, affordable self-care products that consumers trust everywhere they are sold. A year ago, that said healthcare, and it didn't have the rest of it, just quality, affordable healthcare, which was all about treating sickness. The difference between healthcare and self-care is we want the entire spectrum of not just treating sickness, but preventing it and improving wellness. The design of that opened up a myriad of categories and growth opportunities for the company as opposed to being strictly treating disease. The next slide talks about the progress we made, and we slated this as a three-year transformation journey. We'll have to see how COVID-19, if it slows us down a little bit. So far so good. We had a number of steps of reconfiguring the portfolio.
We've done a number of acquisitions and divestitures already. Achieving our base plans, which meant building market share and improving customer service levels, et cetera. Ramping up our internal new product innovation portfolio, which we put a half a billion dollars of new products in our pipeline. Strengthening our organization. We've changed 40% of the leadership team externally as well as promotions internally and building out some of our technology. We need to pay for it all, so we launched a program called Project Momentum, which identified a $100 million cost savings initiative, all on track. As a company, we turn a lot of cash. We tend to convert more than 100% of our profits into cash, and we're sitting with about a half a billion dollars on our balance sheet right now.
We have committed about $150 million to capacity investments. All of that now with us in the last 6 quarters, since my team and the existing team got together, we've had 6 consecutive quarters of meeting or beating expectations, which was a change than the prior 4 or 5 years. We've also changed up a lot of our ownership base. 30% of Perrigo is now owned by consumer investors as we've restored revenue growth. Going on to the next slide. Year one of the transformation was indeed all about returning the company to revenue growth, and I think the graph speaks for itself. We began the process of launching in Q1 2019. We announced it at our investor conference in May 2019. That's the difference between the orange line and the blue line. Blue line is organic growth.
We did a good size acquisition of Ranir, $750 million, the leading private label oral care brand in the world from a private label standpoint. That gave us some beautiful non-organic revenue growth. You can see what's happened to the organic growth line, too. We'll talk in a second about the impact of COVID, but the revenue growth of Perrigo is not something that just started in the last six weeks. It started over a year ago. Going to the next slide. Having said that, the first quarter of 2020 was remarkably strong, and we all know why. Perrigo consolidated net sales grew 18% with our worldwide consumer business up 21% versus a year ago. Going to the next slide. As I said, organic growth was strong before the COVID-19 demand and then off the charts starting March.
All I did here is just break out so you can see how we were trending in January, February. You can see our revenues were up 8% cumulatively January and February, and that's against what we had established as a 3% organic revenue target. Just to be clear, that doesn't include any of the bolt-on acquisitions. That's pure organic growth in our core business in the U.S., which everybody who follows us and knows us is our profitability engine, was up 8%. In March, with COVID, it was up 28%. The amazing thing, you're seeing the economy starting to start again and manufacturing come up. We've been able to keep 38 facilities running all shifts, all through the crisis, as these were essential products that society needed.
It's due to the amazing efforts and heroic efforts of our employees when they were doing it during the worst and scariest times. Not that we're through this yet, there's a lot more to go, but I'm proud of what they were able to accomplish. From us, you need to know that we focused through this crisis on employee safety, business continuity, appreciating our frontline bonuses, doubling their bonuses in the first quarter, making sure all kinds of safety precautions were in place, and also supporting the communities where we work. We provided and prioritized the products that society needed most. If you were out looking for a TYLENOL, or we make the TYLENOL equivalent with acetaminophen. We're over half the U.S. supply of acetaminophen and make tons of other essential products that you needed in your household, and you have it thanks to our amazing employees.
The other thing that was remarkable during the course of it was kind of three phases that we saw. There was an initial sort of pantry load of consumers, and I'm on the next slide now that says global investment over the past two years in e-commerce are paying off. There was the first phase of it where people went in mass March, all that, loaded their houses. We saw a big period of time when they sort of consolidated. There were some channel shifting within brick and mortar, to what we saw to sort of one-stop shopping, and then as the third phase of it, a real dramatic ramp-up in e-commerce. When I talk e-commerce, I'm not just talking Amazon. I'm talking businesses like Walmart and Target that were building their e-commerce, all of a sudden went off the charts.
That's continued to go that direction. In Q1, we saw a significant bump. We were up 72% in our e-commerce business worldwide. As I said on our earnings call, that's continued on. That was year one. Year one was revenue. We got revenues going. Now we're in year two and year three because we don't just want to deliver that 3% revenue target. We want 357 as our mantra, 3% revenue, 5% OI growth, and 7% EPS growth. In order to do that, we are focused on these four priorities, stabilizing and growing margins. The big issue there is we've had to make some significant investments, from my perspective, to make this company able to sustain its performance over the long term, which included things like finishing the technology upgrades.
We're centralizing finance, upgrading a rollout, giving ourselves a higher level of business intelligence and data analytic capabilities that should have been done years ago. Expanding capacity and strengthening our supply chain. Again, we run 24 hours a day, 7 days a week, and don't have huge surge capacity. That's been tested here reasonably, meaning we weren't able to supply nearly all of the orders that we've been getting over the past couple of months. Then finally, if you follow the Perrigo story, we need to reduce uncertainty around the Irish tax, which is starting with a judicial review that got delayed. Let me go now to the summary, which is, when you look at everything that's going on in the world, we think Perrigo is very well-positioned.
I didn't know this was going to come about a year and a half ago when we laid down the vision. Clearly, in a new normal world, a company that is focused on self-care, less reliance on hospitals and doctors, and staying well is going to be more critical than ever before. A company that sells value products as a primary source of its revenues and profit, is clearly and historically performs well during recessionary periods. A company that has invested dramatically in e-commerce over the past two years in a world that has shifting channels towards e-commerce. Perrigo's got all three, and we think that makes us darn attractive. We'll continue to make investments in bolt-on acquisitions and e-commerce and innovation as they're paying off. You've heard the rest of it. We generate a lot of cash.
We're shareholder-friendly, and we're working as hard as we can to deal with the tax uncertainty. With that, Jason, I tried to be quick. Let's go to Q&A. Back to you.
Awesome. Cool. That was a good summary. As a reminder to everyone in the audience, feel free to submit some questions through the webcast. I'm happy to, assuming they're appropriate, vocalize them to management. We got a couple in there now. Before I jump into those, I just want to take a quick step back on some of the stuff you were just presenting, Murray. I hear you loud and clear on the shift towards self-care and why it's resonant. Can you drill a little bit more in terms of portfolio strategy? I think you've highlighted five key global growth platforms. Can you quickly bullet point what they are and why they are the five in focus?
The process we went through was to identify the areas within our portfolio and the added areas of growth that you could actually quantitatively say gave a significant opportunity. You've got to remember that when I joined the company, we were flat or slightly declining, or up just about 1%, and nobody believed Perrigo could grow again. Then we got the core business growing, and we focused on the areas, but the areas are the ones you would expect. Our core OTC business, our nutrition business, our oral care business, science-based naturals are the other business, and I'm just remembering the fifth one as we're just starting on here now. Give me a second, and I'll get that back to you. Nicotine replacement is the fifth one.
Each one of those, as an example, if you look at nicotine replacement, when I was on the cigarette side, I used to laugh at the nicotine replacement business because it was so tiny and wasn't growing. We've gotten it growing again, but when you look at the nicotine replacements business in the world, it's like a half a share point. Yet, in a multi-trillion-dollar category that is, the smallest increments could double or triple that business. The problem, as an example, is you're not delivering the product in forms smokers who want to stop smoking, which almost all of them want to do and attempt to do, we don't have those solutions. That's a good example. We didn't have oral care when we went to self-care. That allowed us to expand into that category, and we bought that company.
Science-based naturals, most of our branded portfolio or a good portion of our branded portfolio in Europe is those products. Instead of a LIPITOR, we have a natural-based way of reducing cholesterol with a product called Arterin. Bringing some of those products to the U.S. and synergizing these companies more. We have weight loss products, an entire line of science-based natural products with clinical studies, another growth opportunity. You can just go through each one of them. Oral care, we're only a 14% penetration of store brand versus national brand, but our average in OTC is 30%. Each one of those we've diagnosed, which is the strategy, what is the opportunity? It's literally billions of dollars of opportunities, and we've gone after the faster ones, but I'll tell you what, there is no lack of opportunity for growth within this company.
I think one of the terms you've begun to throw out in effort to get that growth, in terms of how you manage that portfolio, has been Consumer 2.0. Can you elaborate on what that means and how it's coming to fruition in terms of how your tactics are changing to go after that growth?
Yeah. Well, the Consumer 2.0 really is the intersection between national brands and store brands. I believe most of the major consumer packaged goods companies are also going to approach this, right? People ask me, "Murray, are you going to go head-to-head with the Procter & Gamble in the world and all that with national brands?" The answer is no, because they're better at what they do, and we can't beat them at that game, and they can't beat us at our game. What this Consumer 2.0 space is a realization that our customers' store brands have gotten so big, and they've gotten good at marketing their brands that they're now evolving themselves. It was sort of white label in the beginning, and then it was considered private label. Then the customer started calling it store brand, and now they call it own brand.
When you look at a brand like Equate, it's the largest OTC brand by threefold or fourfold versus any national brand. They're so big. These major customers are now looking at branded products that they could have exclusively, and exclusively is the key word, at their store, only to be bought at Target. Target is probably a leader in this area. Only to be bought at Walmart. Only to be bought at other major customers. Now then the debate comes, who is best suited to go after that volume? Is it the national brand, or is it a company like Perrigo who customizes all the time? Again, we have to raise our skill in branded products, and that's why I just put Rich Sorota in after Jeff retired as head of our Consumer Americas business, a guy with a branded career in store brand.
Then have all the capabilities with it. That's versus those big national brand companies having to be able to customize at the level that we do, which they're just not built for. We will and are developing custom brands, and we will do that with an obsession for meeting our customer needs and just as Perrigo can do.
Well, let's dwell on that point for a minute, the custom brands, because I think we could probably carry an entire hour just on that topic alone. Many of us in CPG world are familiar with companies who participate on private brands. Some of them have done so with good success, others have not. Where we've seen companies get into trouble, it's been where there's been a plethora of other suppliers in the market, so an abundance of other manufacturers who retailers are turning against, and where those manufacturers have focused on trying to drive margins. Often that's been where they've gotten tripped up. There are some exceptions. I'll highlight Edgewell, which has sort of an IP stack, which gives them a bit more of a moat, or McCormick with a complexity and scale supply chain that gives them a bit more moat.
Is there a moat in your industry? Is there a pathway that allows you to have healthy or maybe even growing margins on that business while still participating on the revenue growth side of it?
On the Consumer 2.0 or in private label and store brand in general? There's huge moats around our business.
The latter. Private label, store brand in general.
Yeah. Listen, we're probably 16%, 17% operating income margin business, when we're operating correctly and I'm not investing like crazy. There's huge moats around the business in terms of supply side, the types of products we make, the breadth of product. We make 14,000 products. We have a huge advantage that I think is becoming a new moat that in the U.S., we have 24 manufacturing facilities in the U.S. when Congress is screaming for products to be made in the U.S. The only area we get on pressure on margins is price competition when foreign Indian companies, et cetera, try to come in and cherry-pick a particular item or two and compete purely on price. I hope this period of time has let us show what the Perrigo advantage is because we've been able to keep running. We've got the API supply.
We have the wherewithal and the manufacturing scale like no other to keep our products going and the regulatory capacity. Yeah, we have regulatory capacity. We have our ability to file first. We have manufacturing scale. We sell more ibuprofen than ibuprofen. We sell more acetaminophen than TYLENOL. The big issue is with our customers and why I'm so passionate right now about getting our service levels at a higher level than they've been over the last year, couple years actually, and differentiating. We want to combat price with national brand better, we call it. We used to be a national brand equivalent company. Now we want to be national brand better. Part of the Consumer 2.0 focus, differentiated. A provider of Consumer 2.0. Customer obsession. Perfect customer service. When all those things happen, the moats are giant. Yeah, we're a strong margin business.
We expect those margins to grow. We have good cost savings initiatives. Right now, keep the revenues going, keep the margins going, get the costs out with Project Momentum, and I think that we're certainly in the right place at the right time with our business model.
Okay. I want to go to the audience for one question and kind of merge it with something else you said earlier. The question coming from the audience hearkens back to what you initially had said about margin expectations for 2020. Which earlier last year, I think you were expecting continued growth. In 4Q, you ratcheted that back, and you touched on it in the slides earlier in terms of the investment that you're making to ensure that the transformation has durability of success. Is that the primary reason for the slightly more protracted trend bend in margins? Is it the investment? If so, where do you see yourself on that investment spectrum? Do you think that after the investment this year, you're going to be at a solid, steady state run rate?
Would you expect you're going to have to layer on investment upon investment as we go throughout 2021 as well?
Well, two parts to the question. I don't agree that we're far behind where we expected to be in margins. I mean, you've got a lot of mixed things at play. We have put pressure on to grow and focus. Pressure's probably not the word we're at. Focus to grow our U.S. store brand business. That's at a lower gross margin than international. Our store brand business in the U.K. is growing like a weed. It's growing very rapidly. It's a lower margin business. We bought a huge business for us in Ranir that is a store brand business, so you added all of that in at lower gross margins. Each one of those sort of have a lower gross margin. They all have the same or equal operating margin. We have stabilized operating margins after I made that initial round of investments.
It's kind of right on track. There were some investments. There was a little more technology investments and capacity investments. That was probably my biggest surprise joining the company, to get it where it needs to do to grow and sustain. They're not crazy. It was about $50 million, about $30 million last year and about $50 million in total this year. I expect, though, as we go forward, that once we get in SAP, we're not repeating that investment. Centralizing finance, what we call our CFIN project, we're not repeating that investment. Our business intelligence and the investment to get that in, we're not repeating the investment. The only level of investments that should sustain are the ones on long-term innovation. The good news is, as we get into next year, we start launching some of those bigger products, the revenues go with it.
It shouldn't ever have to go incremental to this year. I mean, I shouldn't ever say never, but in general, the amount of money that we have there should be sufficient that going forward, you just get the leverage through the P&L. That combined with our cost savings initiatives. If you look at the first quarter when you had a surge in volume, you really saw the leverage in the P&L and the increase in operating income margins.
That's helpful.
The bottom line we're going to grow. We will stabilize and grow margins, but we are most focused on I'm not saying we're not focused on gross margin, we are. Especially once we lap Ranir. In the end of the day, it's operating income margins. It's 3% revenue, 5% operating income, 7% EPS against whatever's a normal year, because this is kind of an interesting one in the middle here.
Yeah. Let's jump to that, what's so interesting, this sort of anomaly. Before I do, I just want to close the momentum you had before we hit into COVID-19, because 8% organic sales growth in January, February is exceptional. What were the drivers of that strength?
Well, let's call it October to February, because the three months, the fourth quarter, if you recall, were similar levels. I think the organic growth might have even been 11% in the fourth quarter. It was a sustained period. There were just a number of things that all came together, and I can just start flipping through them. Strategically, it was the investment in e-commerce. Our e-commerce business started accelerating and becoming a bigger piece of the business. Amazon became a bigger piece of the business. That was one piece. Market share and new products hand in hand. I don't like giving the new product number the way Perrigo used to, because it's all about incrementality and new products.
We had segments and new products that came in areas that we were weak, and we were able to gain significant market share during the fourth quarter, which has then become sustainable in the business in filling those white space opportunities. In Europe, we launched a myriad of new products and freshened up and synergized across the line. In nicotine, you had a surge. One, we had some national brand, better products, better flavors. We won a big distribution in a product that we had lost a year ago on a big customer, that the business fell off once they switched away from us because we have a product that's preferred 2 to 1. They switched back. That got going. You had the entire issue that was around vaping and death and increase in quitting, which has actually accelerated through the COVID-19 crisis.
It's not a good time to be smoking. All of that has benefited the nicotine business. In infant formula, we had launched a major product at a major new customer, which is helping to supplement that growth. On top of that, you had a strong cough cold season. It was a number of factors. The cough cold season will have to go up against these numbers and COVID numbers next year. As a broad group, all of the increases in structure on e-commerce and market share and white space, add the benefit of value products in a recession, I feel real good about it. It's not just a couple of months, it's six months of strong organic growth. I'm still promising the 3%, Jason.
3% over a longer duration or 3% this year?
3%. We are trying to benchmark against our consumer packaged goods peers, if we're going to justify a multiple like those companies, which means it has to be long-term and sustainable. I guess if the whole CPG industry changed their numbers, we might modify. We benchmark 357 as sort of the higher performing CPG peers. That's our long-term sustainable target. We did better than that last year. That both benefited from bolt-ons and we'll continue to do bolt-ons. 357 is the goal each year.
Well, that is generally a good reflection of sort of the median of CPG targets. Unfortunately, the reality is less than half of them achieved it over the last decade. For you to actually get there, even though it may be the median of where the targets are, just getting there puts you well above average. Coming back to the near term, I ask the question of 3% this year, kind of a bit to just back into where we are right now. You've come out of the gates swinging on strong COVID-19 demand. I think last time you reported earnings, it was a bit unclear how much of this was pantry load, how much of this was elevated consumption. We're a few weeks further in, a few weeks of a bit more data. Any other indications?
How are you seeing demand trend now that we leg a bit further into this?
Yeah, I gave a little more transparency than I normally do on the earnings call on looking forward based on my interpretation of SEC guidance. The first quarter, you certainly had that surge during March. I said on the call that, and remember, I did the call in the last couple of days of April, so I had the benefit of knowing our numbers. April was a continuation of very strong sales. Now, remember, I'm prioritizing products that society needs, not necessarily prioritizing Well, I'm not prioritizing profitability. I wasn't going to ask my folks to come, and what they perceived as risking their lives to come to work to make minoxidil. We were making acetaminophen and cough medicines and albuterol inhalers and electrolytes and oral electrolyte solutions, et cetera, that people needed most. In general, demand for us remains strong, especially e-commerce. We're still behind in manufacturing.
The IRI numbers that you guys see and are published show that the categories have come back to normal, but on a cumulative basis, they're still up there. There's a couple SKUs that are still in high demand. acetaminophen is still in extremely high demand. famotidine now, based on some stories on CNN, et cetera, is in demand. In general, we thought of the plan here. We well balanced, us running.
Hey, Murray, can you hear me? I think your line started to fade a bit there.
Okay, yeah.
I checked with some other folks. Looks like it wasn't just mine, which is Okay, you're back. I got you. Are you back?
All right, can you hear me?
I can hear you now, yeah.
Okay. Well, I'm not sure where I cut off or not, so just you ask the next question or if it's okay to proceed.
Well, I think we got the message. The question is, what have you seen since then? Your answer was, "Hey, demand's still strong, and we're still having a hard time keeping up with that demand, in part because we prioritize real essential goods." Is that a fair summation if I distill it down into a couple seconds?
That's on our major products, and I just said, we do have some products that are softer, and so we'll play through all the mix. In general, I think we're in much better shape than a good deal of companies in America right now, and we're ahead of our plan by a pretty good margin.
Despite being ahead of your plan, I think you chose not to raise guidance. I appreciate it's early in the year. What are some of the risk factors you're watching that kind of keeps you from pushing guidance a little bit higher right now?
Well, I think the big unknown for everybody, and we have gotten a lot more experience at this, Jason, but the big unknown for everybody is as the country reopens, our challenge multiplies. In the first two months, people sheltered at home, if they were following the rules, and our team, I believe, all followed the rules. They would come to the plant where we could do all the proper social distancing and temperature checks they get in the plant, restrictions and disinfecting and sanitizing, and then they went home again. They came back to the plant. Even with that, we had a number of, not huge numbers, but we had a number of cases, and because we were doing all the proper steps, we could isolate and keep everything running.
You got a whole new complexity when the people aren't just going to the plant and sheltering in place, that they're starting to go to restaurants and to the beach and to retail stores. If this thing spikes again, that's the part that makes me nervous. Again, each day that goes by, I'm less nervous because our team is very experienced and our systems are very strong. Our team needs to keep these major facilities running, and that's the part that keeps me up at night, API supply and everything else. Knock on wood, everything's been good so far. It's all about business right now.
Awesome. We are almost out of time. We're literally into the last 60 seconds now. Just want to close with two sort of rapid questions for you. Flash forward 12 months from now, in the categories you compete in, is store brand share a lot higher than it is today? Secondly, as we come out of COVID-19, nobody has a crystal ball, but would love your best guess at how you think consumer behavior has changed in the wake of all this.
Well, they always say for consumers it takes 30 days to form a habit. I think big habits are being formed on e-commerce. I think big habits are being formed with teledoctors, self-care. Value, we'll see. Through a recessionary period, that has its cycles. That's not permanent. I think the trend in acceleration, I think we advanced years on e-commerce, and I think we advanced years on our plans on self-care and wellness, which was already the number one Google Search term. Bottom line, those are the big ones. More online shopping, et cetera. That's just here to stay. I think people over the next year or so will get back to restaurants and things, but they'll be careful. We'll operate different as a business. There'll be more work from home, there'll be less flying.
Our business model won't change a lot, but it'll evolve. Fortunately, it didn't force a strategy change. I think Perrigo is a good investment, and if you're listening, buy Perrigo stock.
Private label share higher in 12 months, lower in 12 months?
Yeah. It depends on the category. In some areas, our private label share in nicotine is over 60, and that's on revenues. In other places oral care is 14. I think it's all about gaining share for us and penetration. Yes, I believe it'll continue to grow because that is the focus of all of our efforts. In our biggest core business, we're about a 30 share, which is high. I think we demonstrate when we focus on it, we can grow market share.
Good stuff. This has been great. I really appreciate your time. We could probably keep this conversation going for another two hours because it really has the potential to be that engaging. Alas, we have to cut it off now. Thank you so much for being gracious with your time and participating, and I hope the rest of your day goes great.
Thank you, Jason, and everyone. Be safe, be vigilant. It's not over yet. Bye