Good day and welcome to the Altria Group 2026 third quarter earnings conference call. Today's call is scheduled to last about one hour, including remarks by Altria's management and a question and answer session. Representatives of the investment community and media on the call will be able to ask questions following the conclusion of prepared remarks. I would now like to turn the call over to Mac Livingston, Vice President of Investor Relations. Please go ahead, sir.

Thanks, Olivia. Good morning, and thank you for joining us. This morning, Sal Mancuso, Altria's CEO, and Heather Newman, our CFO, will discuss Altria's 2026 third quarter and first nine months business results. Earlier today, we issued a press release providing our results. The release, presentation, and quarterly metrics are all available at altria.com. During our call today, unless otherwise stated, we're comparing results to the same period in 2025. Our remarks contain forward-looking statements, including projections of future results. Please review the forward-looking and cautionary statements section at the end of today's earnings release for various factors that could cause actual results to differ materially from projections. Future dividend payments and share repurchases remain subject to the discretion of our Board of Directors. We report our financial results in accordance with U.S. generally accepted accounting principles. Today's call will contain various operating results on both a reported and adjusted basis. Adjusted results exclude special items that affect comparisons with reported results. Descriptions of these non-GAAP financial measures and reconciliations to the most comparable GAAP financial measures are included in today's earnings release and on our website at altria.com. Finally, all references in today's remarks to nicotine consumers or consumers within a specific nicotine category or segment refer to existing adult nicotine consumers 21 years of age or older. With that, I'll turn the call over to Sal.

Thanks, Mac. Good morning and thank you for joining us. Altria delivered strong financial performance in the third quarter, growing adjusted diluted earnings per share by 4.8% while continuing to invest in our vision and building on our foundation for the future. In smokable products, PMUSA grew operating company's income through its data-driven, total portfolio approach, with Cowboy Cut strengthening Marble's premium position and Basic continuing to gain share and discount. In smoke-free, Helix made meaningful progress by expanding OnPlus 12 mg nationwide, investing in brand-building initiatives, and preparing for its next wave of innovation, which is now underway with the introduction of blueberry mint and mango pineapple flavor extensions at retail. Our highly cash-generative businesses supported significant returns to shareholders through dividends and share repurchases, while we continued to invest in support of our vision. In August, We announced our 61st dividend increase in 57 years, and our board recently authorized a $1 billion expansion of our existing share repurchase program. Our strong performance through the first nine months and confidence in our full-year plan allowed us to raise our earnings guidance for the year. My remarks this morning will focus on third quarter performance from Onn and the evolving regulatory environment. I'll then turn it over to Heather, who will provide further details on our business results and 2026 financial outlook. Let's begin with the nicotine pouch category in our growing Onn portfolio. Nicotine pouches continue to drive volume growth in the oral tobacco category, which we estimate increased 5.5% over the past six months. In the third quarter, the nicotine pouch category grew 5.8 share points and now represents more than 60% of the total oral category. As the category continues to expand, Helix is delivering solid results and strengthening Onn's position in an increasingly competitive marketplace. In the third quarter, Onn reported shipment volume increased 13.3% to 47.8 million cans. Year to date, reported shipment volume increased 7.7%. Onn retail share was 8.3% in the third quarter, up 1 tenth versus the prior year and down 3 tenths sequentially. This performance is encouraging as Onn's retail price continued to move higher and competitive investment remained elevated across the category during the quarter. Higher nicotine strengths and broader flavor variety continue to drive growth in the nicotine pouch category, and Helix is expanding on plus to better meet this consumer demand. In the third quarter, Helix expanded on plus 12 milligram nationally across mint, wintergreen, and tobacco, and this month introduced blueberry mint and mango pineapple. and we're excited to announce that Watermelon Mint will join the portfolio and select retail locations in November with plans for more flavor innovation to come. We believe these additions strengthen the OnPlus portfolio and are supporting it with superior retail execution. Earlier this year, Helix launched a retail trade program that secured premium positioning in stores representing approximately 90% of its volume. In an increasingly competitive category, we believe this positioning provides valuable visibility to support awareness, trial, and conversion. Beyond retail, Helix continues to invest in building the on-brand, and creating distinctive consumer experiences. Earlier this month, Helix hosted the inaugural Onvitational, an invite-only golf tournament in Palm Beach, Florida. The event gave on consumers the chance to compete alongside athletes and golf personalities. Helix highlighted the tournament with digital content designed to extend its adult nicotine consumer reach beyond the event itself. Planned as a multi-year platform, we believe the Onvitational can become a signature brand experience that builds lasting equity and further differentiates on over time. These efforts are grounded in responsibility with safeguards to limit reach to underage audiences and a strong focus on regulatory compliance. We're encouraged by the progress Helix has made so far this year and the foundation it is building for future growth. With a broader OnPlus portfolio, premium retail visibility and growing brand equity, we continue to believe On is well positioned to compete and drive long-term profitable growth in the category. From a regulatory perspective, the FDA's enforcement guidance allowed Helix to move through the regulatory process more efficiently. However, guidance can change. Sustained progress on harm reduction requires a more durable foundation, an efficient and predictable authorization process established through rulemaking. That's why Helix and Enjoy brought legal action against the FDA during the quarter. The complaint asked the court to require the FDA to establish a review process that meets the 180-day timeframe set by Congress and to allow our products with applications pending beyond that timeframe to be in market while the agency puts a new process in place. Following the filing, the FDA announced plans to evaluate changes to the PMTA framework. The agency acknowledged challenges it has faced implementing the 2021 PMTA rule, including the widespread growth of the illicit market and slow pace of new product authorizations, and intends to pursue new rulemaking. We welcome this development and believe the modernized framework that maintains a high bar with rigorous standards for new products and provides greater clarity, predictability, and efficiency is critical to advancing the long-term harm reduction opportunity. A more efficient authorization process must be paired with consistent illicit product enforcement. On that front, We continue to see encouraging progress on illicit evaper enforcement as federal, state, and local policymakers and law enforcement take meaningful steps to close gaps and hold bad actors accountable across the supply chain. These enforcement efforts appear to be impacting evaper category dynamics. At the end of September, We estimate there were approximately 20 million adult vapors, down 1 million versus a year ago, primarily driven by fewer evapor consumers using illicit products. Ultimately, we believe sustained enforcement and a more efficient authorization process are both necessary to establish a level playing field for legal manufacturers and expand access to high-quality smoke-free products for adult nicotine consumers. We remain confident in the opportunities in front of us. The breadth of our portfolio, the passion of our talented employees, our manufacturing capabilities, and the financial flexibility supported by PMUSA's import-export activity position us to deliver strong shareholder returns while investing for the future. With that, I'll turn the call over to Heather to provide additional details on our business and financial results.

Thanks, Sal, and good morning, everyone. Altria's operating companies effectively executed their strategies and delivered impressive third quarter and first nine months financial performance. Adjusted diluted earnings per share increased 4.8% in the third quarter and by 5.1% for the first nine months. We delivered these results in an environment of continued economic pressure on adult smokers. The overall cost of goods and services has risen roughly 30% since 2021, putting sustained pressure on household budgets, while more recent increases in gas prices have further constrained discretionary income. Against this backdrop, the smokable product segment remained the key contributor to earnings growth. Our smokable strategy is to maximize profitability over the long term while balancing investments in Marlboro and funding the growth of smoke-free products. PMUSA's portfolio approach supports this strategy by offering options across brands and price points while driving strong financial results. Adjusted operating companies' income grew by 3.9% to $3.1 billion in the third quarter, and by 4.1% to $8.8 billion for the first nine months. Adjusted OCI margins expanded to 64.5% for the third quarter and 64.8% for the first nine months, up 0.1 percentage point and 0.4 percentage points respectively. Price realization was 4.4% for the quarter, reflecting the mixed impact of both Marlboro Cowboy Cut and Basics volume growth. Smokable volumes declined remained moderate. Reported domestic cigarette volumes declined by 2.9% in the third quarter and 2.8% for the first nine months. When adjusted for trade inventory movements, we estimate domestic cigarette volumes for the third quarter and for the first nine months declined by 4%, slightly below an estimated 5% decline for the industry. Within the highly profitable premium segment, Marlboro strengthened its longstanding leadership position. The introduction of Cowboy Cut provided price-sensitive Marlboro smokers with a premium option in a challenging economic environment, contributing to Marlboro's share performance in the third quarter. Marlboro expanded its share premium segment to 60%, up 0.3% versus the prior year and 0.4% sequentially. Marlboro's overall retail share was unchanged sequentially and down one share point versus the year ago period, as economic pressures continue to drive discount segment growth. In the third quarter, discount retail share grew by two share points and is now 34.1% of the categories. BASIC continues to support PMUSA's RGM strategy by providing a competitive offering in stores where discount brands are most relevant. During the quarter, BASIC's retail share expanded by three-tenths sequentially and 1.8 share points year over year. The combined performance of Marlboro and BASIC reflects the effectiveness of PMUSA's total portfolio approach. Total PMUSA retail share expanded two-tenths of a share point sequentially and three-tenths versus a year ago. In cigars for the third quarter and first nine months, reported shipment volume increased 0.9% and 2% respectively, as Middleton continued to significantly outperform in a declining large mass cigar industry. Let's now turn to the oral tobacco product segment. Financial results reflect continued investment behind OnPlus and the impact of lower MST volumes. Adjusted OCI decreased by 3.7% to $443 million in the third quarter and by 4% to $1.3 billion for the first nine months. Adjusted OCI margins remained strong at 66.4% for the third quarter and 66.8% for the first nine months. Total segment reported shipment volume decreased 4.3% for the third quarter and 5.4% for the first nine months, as growth and on was more than offset by the lower MST volumes. When adjusted for trade inventory movements, we estimate third quarter and first nine months oral tobacco product segment volumes both declined by an estimated 5%. Oral tobacco products segment retail share was 27.9% for the third quarter and 28.6% for the first nine months. In the highly profitable moist smokeless tobacco segment, Copenhagen maintained its longstanding premium leadership. Turning to ABI's financial results, we recorded $191 million of adjusted equity earnings in the third quarter, up 21.7% versus the prior year. We continue to view our ABI stake as a financial investment, and our goal remains to maximize the long-term value of the investment for our shareholders. Our strong financial performance for the first nine months enabled us to return over $6 billion to our shareholders, including $5.3 billion in dividends and $735 million in share repurchases. We remain committed to providing significant cash returns to our shareholders as demonstrated by our recent dividend increase. In August, our Board increased our quarterly dividend by 4.7% to $1.11 per share, our 61st increase in 57 years, and consistent with our progressive dividend goal of mid-single-digit annual growth. and today we announced that our board authorized a billion dollar expansion of our existing share repurchase program, which now expires on December 31st, 2027. In addition, our balance sheet remains strong. Our debt to EBITDA ratio as of September 30th was 1.9 times in line with our target of approximately two times. Finally, let's turn to our financial outlook. Our businesses performed extremely well in a dynamic environment during the first nine months of the year, and we maintained the strength of our core tobacco businesses while investing towards our vision. As a result, we raised our earnings guidance and now expect to deliver adjusted diluted EPS in a range of $5.66 to $5.74, representing a growth rate of 4.5% to 6% from a base of $5.42 in 2025. With that, we'll wrap up and Sal and I will be happy to take your questions. While the calls are being compiled, I'll remind you today's earnings release and our non-GAAP reconciliations are available on Altria.com. We've also posted our quarterly metrics, which include pricing, inventory, and other items. Operator, let's open the question and answer period.

Thank you. At this time if you would like to ask a question please click on the raise hand button which can be found on the black bar at the bottom of your screen. When it is your turn you will receive a message on your screen from the host allowing you to talk and then you will hear your name called. Please accept, unmute your audio and ask your question. Investors, analysts and media representatives are now invited to participate in the question and answer session. We will take questions from the investment community first. The first question is from Farm Beg at UBS. Please unmute yourself and begin with your question.

Good morning, Sal. Hey, Heather, how are you? A couple of questions from me, please. Firstly, on industry cigarette volumes and then on Marlborough Cowboy Cut. So on the industry, the volumes have remained pretty resilient this year, and it looks like The sequential growth in the discount segment moderated somewhat this quarter despite the higher gasoline prices. Are there any particular factors you would call out behind the resilience? And more broadly, are you seeing any evidence that the pressure on the smoker is beginning to ease? And then secondly, on Cowboy Cubs, Can you maybe help us understand where you see the sub-brands positioning within the broader Marlborough portfolio? I know initially it was launched at a discount to Marlborough Black but we're now seeing it priced above Black in some states while in other states it's sort of yet to be introduced. How should we think about the positioning and the intended role of Cowboy Cut longer term? Thank you.

Yeah, terrific. And thanks for your questions. Two really good questions. So let's start with the industry volume. You know, the consumer continues to be under economic pressure, no doubt. The inflation, which has been in place for multiple years, continues to put pressure on their everyday goods. I would say, though, that nicotine historically has been a little bit more resilient than other CPG categories for sure. But when you look at the moderation of the decline rates that you're seeing in the cigarette category, that's primarily being driven by the lower cross-category movement from the illicit e-vapor category. And I would say probably two factors are driving that. One is these products have been in the market for multiple years now, so consumers that were interested in it have moved. And then the second factor is, as we talked about earlier, the focus on enforcement for illicit products. We think that is having some impact. Now, we need those efforts to be sustained and to continue, but it's definitely having an impact on supply chain in our minds. As far as cowboy cut, let's start with the smokable strategy, which is to maximize profitability over the long term and balance investments in Marlboro with investments in our long term vision. Cowboy Cut provides a premium Marlboro option at the right price to retain value sensitive smokers within that franchise. It delivers a classic Marlboro experience and is supported by brand equity that draws on its American heritage and complements the nation's 250th celebration. It's pretty widely distributed. It's in about 100,000 stores, which is about 75% of the cigarette volume. And it's a strategy we've deployed before. You know, you've seen it with Marlboro Special Select, you've seen it with Marlboro Black, where you have introductory pricing, and then you will see PMUSA take pricing or margin up those SKUs over time. Obviously, you know, you talked about different states and different Pricing, well, that's reflective of the data analytics and RGM tools that PMUSA has been able to deploy. So we're really, really pleased with the impact on Marlboro. You saw Marlboro's share of premium has reached about 60%. It's up three-tenths year over year. So feel really good about the overall performance of our smokable segment and the cigarette category in particular.

Thank you.

The next question is from Matt Smith at Stifel. Please unmute yourself and begin with your question.

Hi, good morning. Just wanted to come back to the raise of the full year guidance for EPS. Can you talk about where you're seeing strength relative to your previous expectations? And have you stepped up your investment levels behind some of the initiatives, whether it's behind the smoke-free vision investments or incombustible and leaned into the volume opportunity that becomes the future pricing opportunity over time? Thank you.

Hey, Matt. Thanks for the question. Just as a reminder, in the beginning of the year, we did have our guidance range 2.5% to 5%. As we performed really strongly through the first nine months, it's given us confidence to not only narrow but raise the guidance to the four and a half to six. I will say that's inclusive of investments that we tend to invest in our smoke-free vision, really around on plus, and you're starting to see that play out in the marketplace with the 12 milligram product as well as our flavored line extensions. The other thing that we're mindful of is that we continue to be challenged by a pretty difficult macroeconomic environment for the consumer. We feel great about our RGM capabilities to manage through that environment as they remain under pressure. Gas prices are still elevated. Sal's already talked about inflation. But this new guidance range of the 4.5% to 6%, we feel really confident that we can deliver throughout the rest of the year.

Appreciate that, Heather. And a follow-up on the quarter. Duty drawback, I think, was $124 million revenue benefit. Previously, you talked about it being pretty equally phased in the second half of the year. Is the third quarter level a reasonable amount for the fourth quarter? I know there's some catch-up timing in there. I'll pass it on after that. Thank you.

Yeah, I appreciate it. Our expectations have not changed. We did have some slight benefit in Q2 from a timing of the FET credit that we benefited from in Q3, but our expectations for the second half of the year in terms of stepping up and being balanced between the quarters has not changed.

The next question is from Bonnie Herzog at Goldman Sachs please unmute yourself and begin with your question

Thank you. Good morning, everyone. I had a quick follow-up on what you just touched on, Heather. In terms of the double-duty drawback benefit, you did export 10% of your SIG volume in Q3, so I guess I was hoping to hear a little more color on how we should think about your ability to ramp this further next year, especially given your contract manufacturing agreement with Philip Morris will kick in. So if you could talk about that also, that would be appreciated.

Yeah, thank you, Bonnie. Good morning. So in the first half of the year, we were really establishing the contract manufacturing arrangements and then we communicated that step-up balanced approach through the second half of the year without getting too far ahead in terms of expectations for 2027. You are right to call out that that PMI agreement does not start until 2027. And so that benefit will certainly kick in. What we're working against and where you see the increase from Q2 to Q3 is our current CMA arrangements. And again, without getting too far ahead, we expect to be pretty balanced across the Q3 and Q4 here.

OK, and then maybe if I could just switch gears a bit and I have a question on vapor, which you touched on. But, you know, just in terms of Enjoy Ace, I believe you've addressed the patent infringement issues and you're able to bring the product back to the market. So curious if you're planning on doing this, you know, maybe soon and how you're thinking about what role vapor can ultimately play in your smoke free portfolio. and then if or when you bring it back to the market, I guess I'm trying to understand how you're going to manage it. I mean, would you manage it differently or run the business differently than what you had done before? Because I'm thinking about the substantial operating losses you used to have on the brand. Thank you.

Good morning, Bonnie. So you are correct to point out that we have worked around the patent issues that that forced us to pull Enjoy Ace out of the market. We have not announced when we're going back in the market, but we do plan on being back in the evapor market. You're also right to point out that our approach is going to be, I would say, I would characterize it as very disciplined. The market, while we've seen some improvement, is still predominantly driven by the illicit category. And we want to compete in the market, but we want to do it in a disciplined way and in a profitable way over time. So for us, we continue to engage with stakeholders, to drive enforcement activity to maintain or sustain it over time. We also recognize that it's important for the FDA to authorize products more quickly. We also recognize that there are certain attributes related to the illicit Thank you. I'll pass it on.

The next question is from Andre Andon at Jefferies. Please unmute yourself and begin with your question.

Hi, good morning, Sal, Heather, and Mac. Thank you very much for taking my questions. Two from me, please. Firstly, following up to Bonnie's question on vapes, we've already seen a legal competitor launch flavored vapes in August, September this year. Where do you see such products, legal flavored vapes, potentially getting share? Are they more likely to be a pressure point on cigarettes or rather on illicit vapes? and then secondly it's encouraging to see ON grow year-on-year in Q3 but I believe the volumes have still declined relative to the previous quarter to Q2 26. What are your expectations for volume growth for ON into next quarter and into next year and what would underpin this? Thank you.

Yeah so let me start with your vapor question and it's a good one. Look Evapor is a far lower risk proposition for smokers and exposes those smokers to lower levels of smoking. So we believe Evapor continues to play an important role in long-term harm reduction. We also recognize that flavors is something that attracts smokers to a less harmful product. So we do think it plays a role. But as we said, the category itself is upside down. The risk of consumers using illicit vapors, which have not been through the regulatory process, threatens the long-term tobacco harm reduction opportunity. And so we continue to engage with our stakeholders, as I said earlier, to drive the illicit enforcement. And we have seen Definitely a stepped up level of enforcement. So over the long term, we believe vapor does play an important role and we will participate in that. Your question on growth of the nicotine pouch, look, the volume decline you're seeing is primarily driven actually by the MST category as consumers move from MST We're really excited about On Plus. We believe that the nickel silk technology for the pouch is a differentiator. We also recognize that higher levels of nicotine and flavors drive a lot of the consumer growth. So we're excited that we've got 12 milligrams just went into the market recently. So you haven't really seen the impact of that on retail share yet. And then we are entering the retail space with flavors, mango, pineapple and blueberry mint. We announced Watermelon Mint coming in November in select stores. And we plan on having future innovation through flavor deliveries in the future. So we're excited about the pipeline. We're excited about the tobacco harm reduction opportunity that Nicotine Pouch provides the adult nicotine consumers. We look forward to On Plus and On Classic continuing to play a role in that.

Understood. Thank you very much.

You're welcome.

Just a reminder, if you would like to ask a question, please click on the raise hand button, which can be found on the black bar at the bottom of your screen. The next question is from Pallav Mittal at Barclays. Please unmute yourself and begin with your question.

Hi, good morning. So just to follow up on on see volumes are up 13% while we're in the third quarter. But when I look at scanner data, it is down mid teens or something like that. So is there a significant inventory as you roll out 12 mg or is it something else?

You know, I wouldn't say significant, but I would say, you know, there's obviously some pipeline inventory as we launched a 12 milligram across mint, wintergreen and tobacco. And then you've got the flavor introductions that we talked about earlier. You know, there's some differences on how you read Scanadator where they look at pouches versus cans. So there's a little bit of noise in that. But Nothing significant, but within a quarter, you're going to have some pipeline movement, not just for us. You have other brands introducing new SKUs as well. So I think you've got to look at that over a longer period of time.

Sure. And if I can then ask on your cigarette business, Okay, and if I exclude the WT drawback for a moment, then the EBIT on your core cigarette business is flat, despite cigarette volumes being much better than what anyone of us would have thought at start of the year. So how should we think about that? And how do you plan to grow your cigarette profits, especially as cigarette volumes start lapping tougher comps over the next few months?

Yeah, I think it's... and many more. pricing, cost management, duty drawback is part of it. We feel really good about our ability to grow income within the cigarette category. We've had strong OCI performance for the first nine months. You've seen Marlboro perform really well in the highly profitable premium segment, PMUSA's overall share has grown through the total portfolio approach. And so we feel really good about the smokable segment in general. And as Heather stated earlier, that confidence and that performance through the first nine months Allowed us to raise guidance and we were happy to provide that as well. So feel really good about the business overall. But thanks for the question.

Sure. And if I can just squeeze one more in on duty drawback. You are exiting the year at around 500 million annual benefit from duty drawback based on the current run rate. And then as I think about next year, you will probably ramp up the current program and then the PM contract agreement will also kick in. So can you give us a broad range? I mean, from 500 million, can it go to a billion or are we looking at something around 700, 800 million for next year?

No, we're not providing that range. I understand the question. I'll remind you, as Heather said earlier, you are not seeing the impact of the contract manufacturing agreement with PMI yet. That'll happen next year. So we talked about that this volume does build over time. I think Heather laid it out really well. in earlier questions and in her remarks. But we won't provide any further guidance on that.

Sure, thank you. You're welcome.

And the final question is from Eric Sirota at Morgan Stanley. Please unmute yourself and begin with your question.

Great. Thanks for taking the questions. A couple of things. First, Sal, can I get your perspective a little bit in terms of nicotine pouch category growth over the shorter term and then over the mid to long term? I've seen an incredible amount of innovation from both Altria Helix, and your competitors over the past four or five months as the regulatory environment has changed. At the same time, the category growth rate hasn't really materially accelerated. Coming up, you're going to have the leader in the category effectively lowering the price per pouch. How do you see this all playing out in terms of Category, volume, and revenue growth over the short term, and then any change to your thinking about how big this category can be over the mid to long term?

Yeah, look, it's a really good question. The nicotine pouch category has seen tremendous growth. Much of it driven by MST consumers that move into nicotine pouch. There are a number of reasons for that, including social friction. If you think about, you know, there's no spitting as an example with nicotine pouch. You've also seen some growth from cigarette consumers that are seeking a reduced harm way of enjoying nicotine, if you will. The rate of acceleration, as the numbers get bigger, like any category, you would see that the percentage change might not be as high. So that's something to consider. But, you know, we see the category as a tremendous tobacco harm reduction opportunity. It's still predominantly male. I think if you look overseas, you have seen women and other demographics adopt the product. So we think that continues to be an opportunity. And you're right to point out, it is a highly competitive industry. and many more. on and on plus is a premium proposition. We continue to invest in the pipeline of innovation. We continue to invest in the brand. We were really excited to see the invitational take place. So we feel really good about the category and the potential it has for long term harm reduction in the U.S. market.

Great, and then a quick follow-up. Just turning to your slide on the industry volume decomposition for cigarettes, the price elasticity impact ticked down about 20 basis points over the past quarter. What do you think is driving that? And then additionally, the macro cross category and other continues to tip lower. I know you called out cross category at less than 50 basis points versus about 50 basis points. So maybe there's just some rounding here, but Just wondering what's driving the reductions on both of those lines.

Yeah, the cigarette price elasticity coefficient hasn't changed. It's still negative 0.35. So the impact you're seeing is just a year-over-year price change across the category, if you will. And it's just multiplication, really. As far as the macro... and cross-category movement. It's really the cross-category movement and the moderation of that that is lowering that number over time. Macroeconomics still continue to be headwinds, if you will, for the consumer. It continues to put and many more. and the employees there as well as Helix and UST continue to use these tools very effectively and we feel good about our ability to continue to manage through that.

Great, thanks for the questions. I'll pass it on. Sure, you're welcome.

There appears to be no further questions at this time. I would like to turn the call back over to Mac Livingston for any closing remarks.

Thanks everyone for joining us today. If you have further questions, please feel free to reach out to the IR team. Thanks.

This concludes today's call. Thank you for your participation. You may disconnect at any time.