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Good morning, and thank you for joining Beckley's first quarter unaudited financial results call. During this call, you may hear certain forward-looking statements. These statements may relate to our future prospects, developments, and business strategies, and may be identified by our use of terms and phrases such as anticipate, believe, could, estimate, expect, intend, may, plan, predict, project, will, goals, target, strategy, and similar terms and phrases. and may include references to assumptions. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy, and other future conditions. Because forward-looking statements relate to the future by their nature, they are subject to inherit uncertainties, risks, and changes in circumstances that are difficult to predict. Our actual results may differ materially from those in forward-looking statements. For all the foregoing reasons, you are cautioned against relying on such forward-looking statements, when they take no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Before we begin, we would like to remind you that the figures discussed on this call were prepared in accordance with International Financial Reporting Standards, or IFRS, and published on the Mexican Stock Exchange. The information for the first quarter of the 2021 is preliminary and is provided with the understanding that once financial statements are available, updated information will be shared in the appropriate electronic formats. At this time, we would like to remind participants that your lines will be in a listen-only mode until the question and answer session. Now, we would like to welcome Mr. Juan Domingo Beckman, Beckman's Chief Executive Officer. Thank you. You may begin.

Juan Domingo Beckman Good morning. Thank you for joining us today to discuss Beckler's first quarter 2021 results. I hope you and your families are all keeping safe and healthy during these difficult times and starting to enjoy a little more freedom in some regions. I will make some opening comments and then I will ask Proxima President and CEO Michael Keyes, along with the Proxima team, to discuss the performance of our U.S. and Canada businesses Ms. Felix will review our Mexico and LATAM results, and Gordon Jones will discuss our results in the INEA and APAC regions. Our CFO, Fernando Suarez, will then walk you through our financial results. The start of 2021 continued to present challenges in many of our markets as a result of the COVID-19 pandemic and related social distancing measures. However, as in previous quarters, we were able to adapt effectively to the difficult and often changing market conditions and continue to execute our business more effectively. As a result, we posted growth in most of our categories and across geographies where we are present. Price increases and stable agave prices have helped significantly improve our profit margins. In the U.S., we continue to see a good performance in the off-premise channel. It was mainly driven by the RTD and Jose Cuadro mix, which continue to perform strongly with consumer preference for convenience products remaining high. We also ended the quarter with significant growth in our tequila portfolio. Results from Mexico and Latin for the quarter were positive, as restrictions started to ease in Mexico as the quarter got underway. My own premise business began to recover. My tequila portfolio and the Boost energy drink brand grew significantly. I once continued to be in high demand and have been able to gain market share. Evalu, EMEA, and APAC both have shown some positive early signs of recovery from the pandemic, even though most markets in Europe and Asia are still in some form of lockdown. Growth was generated across the portfolio, but was particularly strong in whiskey and tequila, where we saw some forward purchasing also positively contributing to our numbers. Considering everything I just mentioned, BACIO delivered 38% top-line year-on-year growth in the quarter, with all regions passing positive revenue growth. Gross profit increased by double digits and operating profit grew by triple digits for the quarter. This trend results in the difficult times on the part of many decisions and strategies we took and executed over recent years. They also demonstrate the winning track record of our experience management team. As we go forward, I am confident that we will continue to navigate the ever-changing global spirits market successfully and build the foundations for continued growth going forward. While comparing pandemic metrics will be complicated going forward, our business is strongly positioned to adapt and capture the new consumer trends in the spirits industry. Specifically, we're confident that our work over the years to build a portfolio of leading, trusted, and desirable brands focused on high-growth spirits categories and supported by Japan's global distribution network will allow us to keep generating value for our shareholders. Now let me call over my keys to discuss our U.S.

and Canada results. Good morning, everyone. We are pleased with our commercial performance in the United States and Canada during the first quarter of 2021. Consumer takeaway in the off-premise channel for our brands in the U.S., as measured by Nielsen, grew over the past three months by 12%, outpacing the total distilled spirits industry, which grew by 6% in the off-premise for the 13 weeks ending March 27, 2021. Proximo's wholesaler depletions were up 17% for the quarter. Our ready-to-drink margarita category performance was very strong, resulting in an organic growth of 38% for the quarter and 44% when we include our new hard seltzer introduction, Plyamar. Our tequila portfolio was up 16% for the quarter, driven by continued strength in our super premium tequilas, and growing over 36% for the quarter. Our whiskey portfolio also grew 18% for the quarter. Proximo strengthened the ready-to-drink or convenience category. Our success with our tequila portfolio and our commitment to our whiskey brand continue to position us well within the industry. Our alcohol-free margarita mix depletions underperformed, declining 16% in the first quarter of 2020, stemming from a supply chain constraint which negatively impacted the depletion volume figures for the quarter. Overall, US and Canada shipments for the first quarter grew 56% over the previous year, and net sales value was up 45% versus last year. We continue to make strong strategic investments in our brands during the first quarter of 2021. The decrease in spend versus prior periods is the result of reduced opportunities to execute local in-store and on-premise programming due to stay at home restrictions. We will likely see more opportunities in the second, third, and fourth quarter as markets and the on-premise continue to open up. We've increased our sponsorship and marketing partnerships and national marketing campaign and remain committed to strong investment in platforms that create enduring connections with our consumers. I will now turn the call over to Luis Felix to discuss Mexico and Latin America results.

Thank you, Mike, and good morning, everyone. The Mexican market remained challenged during the first quarter, with the first two months of the year being particularly impacted due to the strictest level of COVID-19 controls being in place across several states. These controls included restrictions related to the on-premise and wholesaler sales, as a result of the pandemic, as well as ley seca or dry law in different areas across the country. By the end of the quarter, there was a slight recovery in the on-premise channel with businesses reopening as a result of an increase in mobility in the country as COVID-19 cases and illnesses decreased. Despite the challenges of lockdown and other restrictions, volume increased 28% during the quarter. with net sales increasing 16% year-on-year. This represents an improvement compared to the same quarter last year. Volume growth was partially driven by the reformulation and consequential slowdown of boost in 2020. Excluding boost, volume increased by 13%. Tequilas and the rest of the portfolio show positive signs of recovery. There was a significant trade down at the start of the pandemic, but premium and super premium brands are now starting to bounce back. On-premise sales in Mexico are beginning to recover. Customers are starting to feel more confident in going out again. In addition, in some areas of the country, nightclubs are starting to reopen for the drive on-premise consumption. Moving on to LATAM, we saw positive volumes year-on-year. Depletions were up double digits. Brazil, Paraguay, and Uruguay performed well for the quarter. These three countries, together with Chile, played an important role in the first quarter, leading to a good quarter for Latin America. We are optimistic for both regions and expect the gradual reopening of restaurants and bars to begin to drive positive trends toward recovery for the rest of the year. I will now turn the call over to Gordon Brown, Managing Director for our EMEA and APAC regions.

Many thanks, Louis-Felix, and good afternoon from Europe. We saw some early signs of recovery from the pandemic in the EMEA-APAC region during the first quarter, despite many markets in both Europe and Asia still being under some form of lockdown. Overall, there was a mid-team volume increase versus Q1 2020, and value increased significantly more, driven by strong product mix and favorable exchange rates. Growth was generated across the portfolio, but was particularly strong in whiskey and some forward purchasing of tequila. Tequila shipments in the APAC region were particularly strong, but this was partly driven by distributors ordering in advance of a potential reopening of markets and the need to ship early due to the long lead times for the category. Decisions, while very much in line with our phased expectations, were behind last year due to the challenges that persist due to the on-trade closures in key Asian tequila markets. In EMEA, tequila shipments were behind last year, reflecting the higher infantry levels at the end of 2020 caused by the unanticipated second lockdown. Again, depletions in Q1 were in line with expectations, but well behind last year as the first quarter of 2020. Our whisky portfolio reported high double-digit shipment growth, with these brands benefiting from their off-trade bias. Net sales were also growing strongly, posting triple-digit growth driven by volume, positive early-year mix, and favorable exchange rates. Our whisky portfolio is growing across both EMEA and APAC. Other spirits, which traditionally are more even splits between off-trade and on-trade sales, have managed to adapt to a more off-trade bias, and are performing well. This is reflected in shipments being broadly in line with last year, with depletions slightly ahead. In APAC, depletions were slightly behind those seen in Q1 2020. However, we expect to see a recovery as the year progresses. Despite the ongoing pandemic, the results reflect a very positive start to 2021. I will now turn the call over to Fernando Suarez to review the financial results.

Thank you and good morning everyone. Let me walk you through the first quarter financial results. Last year, the pandemic effects did not materially impact volumes until the second quarter, so the year on year variations reflect this and will need to be considered going forward. During the first quarter, the company reported a 38% increase in consolidated net sales to 7.2 billion pesos. This increase reflects the strong off-premise demand for spirits in general and our products, as well as our ability to adapt quickly to market conditions caused by the COVID-19 pandemic. During the first quarter, gross profit increased 43% to 3.8 billion pesos, and gross margin increased to 53.6% in Q1 2021 from 51.7% for the first quarter of 2020. This was due to year-over-year input cost stability and improved region mix and increased prices across the regions we operate. AMP expenses as a percentage of net sales decreased to 14.3% from 23.9% in the first quarter of 2020. The decrease versus prior periods is a result of reduced opportunities to execute local programming with stay-at-home restrictions in the U.S. and Canada region, as explained earlier by my keys. We expect to catch up on EMP investment in the year to go. Distribution expenses increased 94% to 365 million pesos, mainly driven by an acceleration in sales volume and higher off-premise mix. As a percentage of net sales, distribution increased to 5.1% from 3.6% in 2020. The increase was driven by higher volume and increased logistics costs derived from our third-party warehouse project in the U.S. SG&A expenses increased 1% during the first quarter, representing 10.8% of net sales compared to 14.7% in the first quarter of 2020. This was primarily driven by strong top line growth, coupled with firm cost control measures. Operating income increased threefold, and the operating margin increased to 23.5% from 9.9% in the first quarter of 2020. EBITDA for the first quarter increased 173%, quarter over quarter, to 1.8 billion pesos, with EBITDA margin reaching 26.2%. Net financial results for the quarter were a loss of 15 million pesos, mainly derived from net interest expenses, partially offset by the Mexican peso depreciation, versus the U.S. dollar when compared to the fourth quarter of 2020. First quarter consolidated net income increased 77% to 1.2 billion pesos and the net margin was 17.2% compared to 13.4% in the first quarter of 2020. Earnings per share were 34 peso cents per share for the quarter compared to 19 peso cents for the first quarter of 2020. As of March 31st, 2021, cash and cash equivalents were 10.9 billion pesos and total debt was 13.4 billion pesos. This total debt amount includes the recent borrowing of 3.1 billion pesos from our new term loan facility. We continue to maintain a strong balance sheet with conservative financial leverage and ample liquidity to execute our long-term growth strategy. On the debt rating front, on March 30th, Fitch Ratings affirmed Bechler's investment-grade long-term foreign and local currency ratings of BBB+, with a stable outlook. Regarding theory-borne spirits, On April 23rd of this year, the company completed the exercise of its option to acquire additional equity interests in such entity in a transaction amount of $169 million, reflecting a total aggregate cash investment in EBS of $244 million. Mr. Conor McGregor will remain actively engaged in the promotion of the proper number 12 brand. On the capital allocation front, we will be proposing a dividend payment and share repurchase program extension in our next general shareholders meeting to be held later on today and will inform accordingly. I will now turn the call back to the operator for questions and answers.

At this time, we will be conducting a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, as we call for questions. Our first question comes from the line of Ricardo Alves with Morgan Stanley. Please, suit the question.

Yes, thanks for the call. Very impressive numbers. Two questions, if I may. First one, a very strong 50% volume expansion in the U.S., so I was wondering if you could elaborate a little bit more on that. Particularly on RTD, we saw the the strong numbers at the consolidated level, but if we could talk about RTD specifically in the U.S., that would be great. And also, if you can, you know, help us understand how APRO is performing, you know, if U.S. shipments have performed well so far, so appreciate any call you could give us on the current demand from distributors. The second question, perhaps also for you, Mike, given your background, how do you see the broader spirit industry performing or, you know, reacting to the current super commodity cycle? Specifically, you know, we see much higher prices for wheat, corn, barley. Do you think that, how do you think that the industry is going to be affected by that? Because, you know, should we expect higher prices ahead and that may be benefiting the key players? Because, you know, in our view, interestingly, we think that Agave cycle is going in the opposite direction, meaning lower prices. So I don't know if you could think that, you know, maybe Quedible would be in a better position relative to other beers that are overly indexed to other spirits. If that's the magic. So any thoughts that would be helpful. Appreciate that.

Yeah, thank you, Ricardo. There's a lot there, so I'll try to – break it in chunks here, but one, with regard to RTDs, our RTD business is, as you heard, doing very, very well, as is the RTD business in total. But specifically for us, as the pandemic hit, in particular in the second, third quarters of last year, our volumes across all of our brands grew significantly. And we actually – purposely, in particular on margarita mix, which we talked about a little bit in the opening comments, but in our RTD business, we cut back our SKUs significantly just so that we could continue to produce and supply some of our more high-profit products just because demand was greater than we could supply for a period of time. We're basically through that, or we're working our way through it. We're almost all the way through it. So you'll see our RTD numbers On two fronts, doing incredibly well. One is just because the business is incredibly strong, and two is because we're back to producing all the SKUs that were restricted last year. And the other thing I'd say is our tequila business, as you heard, is also particularly strong. I don't know that I'm allowed to talk about April because I don't know what's been published. But with regard to your, and I'll take guidance from the finance team on that, but with regard to your question, with regard to, I'll call it ingredients and those kinds of things, I'll let Fernando speak about agave. But like everybody in the industry, this pandemic, and Juan talked about it in his opening comments, It's not business as usual. It's very difficult to measure, you know, because of the ups and downs of the pandemic and the cycle. But with regard, we, as everybody else is, are struggling through periodic logistic issues or supply issues and even, you know, freight issues. And we're working through that, and our production team has done a great job. But there have been bumps in the road.

And following up on Mike's answer regarding April guidance, we unfortunately are not giving guidance given the uncertainty in the current environment. And as to your second question on commodities super cycle, The only thing that we can comment at this stage is regarding agave, that we have continued to see stable agave pricing that you also saw in our scripted remarks in the press release. That's what we would care to answer. Ricardo, thank you for the questions.

Absolutely. Thank you for your time. Thanks, Fernando. Thanks, Mike. Thank you.

Our next question comes in the line of Ben Thura with Barclays. Please start with your question.

Good morning, everyone, and congrats on those strong results. I just wanted to, I mean, obviously the quarter was very strong from a volume perspective, and I guess there were a couple of surprises here if we consider the strength, particularly in the ever-spirits category as well as over tequilas in the U.S. Now, could you tell do us all a favor and elaborate a little bit on what you've been seeing in terms of the differences between shipments and depletion within the U.S. market in particular, because it didn't seem like that we're going to end up with that close to 50% growth. And just to understand of how much of that could be potentially in anticipation of a reopening in food service to then ultimately pick up demand on that particular segment for the next coming quarter. Thank you.

Yeah, this is Mike again. And I also have Victor Chavez on the line, who is our commercial finance expert in the United States. So if I don't answer this to the level that you need to, Victor can help us. I think with regard to shipments and depletions, if you think about last year, you know, we were – we, like a lot of companies, were having a very difficult time, as I said earlier, with supply keeping up with demand. And so our inventories, in particular, I think during the second and third quarters, were less than historical numbers. We are largely over that hump with regard to being constrained. We have, you know, again, like I said, some blips in the system like everybody does with regard to, as we just discussed on the last question, with regard to surprises with freight or surprises with packaging or things like that that have come during the pandemic. but we're largely returning to historical inventory levels. And, Vic, I don't know if you have anything you want to add to that.

Yeah, I would just say targetly that we are seeing a normalization of our inventories, and they are increasing relative to 2020. A lot of that is a result of us optimizing the availability of our products across all the channels, and hence that's improving our position in most of our distributor warehousing, and we continue to work with them in optimizing inventory Obviously, all of our availabilities across the, you know, the high demand and limited supply chain issues that we've encountered, that's generally what I would say is the direction of our, you know, of our depletion and our shipment kind of phasing and distributed inventory over the last three to 12-month period as you discussed the relativity.

Okay. Perfect. And then second question, just in regards to your commentary on the question from Ricardo, you said over the course of the last year, and now it's getting more into balance, but still, supply can barely keep up with the demand. How do you think about pricing as a result of that in the respective categories, and in very particular within the ready-to-drink categories, which have been growing at a rate above anything else, just to understand how we should think about pricing here and what you could potentially do to further boost sales here by just increasing prices.

Yeah, I mean, I would say versus most competition, you know, we look at pricing as a consumer-led pricing strategy. We'll continue to support our brands, build their equity up with our consumers. We'll monitor opportunities to take price, and we'll take price where we see the opportunities. And we did that in 2020, and we'll continue to do that in 2021. And, you know, I believe we will see opportunities to take price. With regard to the specific segments, I don't think we're – ready to talk about specific segments. But I would say the RTD category and segment in particular remains particularly competitive and, you know, with lots of new entrants. And even the fact that, you know, we had a hard time keeping up last year brought new entrants into the market. So that will remain a very competitive category.

That makes sense. And then Fernando, can you just repeat? I think I didn't catch it, but you said on AMP, you expect to catch up during the rest of the year to get to what your initial guidance was, right? Just to confirm.

That is correct. We expect to catch up in the year to go on AMP.

Perfect. Thank you. I'll leave it here. Congrats again.

Thank you. Our next question comes from Leonard Fernando Aldera with Bank of America. Please, see what your question is.

Hey, good morning, everyone, and thanks for taking my questions. My first question is related to the U.S. Now that the vaccine is rolled out and the on-premise begins to gain traction, as you mentioned, how do you expect, on the other side, consumption to behave at home? That's the first one. And the second one is related to Mexico. I mean, given the changes in outsourcing, what impact do you expect? Thank you.

yeah so uh off this is mike again i'll hand her handle the u.s question and then i'll uh let luis felix uh handle uh your question with regard to mexico i think um you know as again as juan said in the opening comments i think we're just in unprecedented uh waters and as we begin to have more and more vaccinations and as both, literally both the on-premise and the off-premise go through changes that maybe return us to whatever the new normal is going to be. I think that two things could happen, and this is just my opinion on it because I don't think any of us are an expert. We'll see how human behavior reacts. But I think you'll see some, I think it'll be a gradual reopening, but it will come with peaks and valleys. I keep reading about the roaring 20s and people, and we've seen that in some of the markets, in particular urban markets with a high proportion of upwardly mobile young adults. We've seen that roaring 20s as on-premise markets have gone from zero to 100. But I also believe that there's been a reawakening trend with regard to entertaining at home, cooking at home. And I believe there's going to be just as many people who are going to behave in ways that are more like the last year than pre-pandemic, meaning that people will entertain at home. They will enjoy ready-to-drink products. They will entertain at home more than they did pre-pandemic. So I think it's a little bit of a mixed bag. But I always look at it like this. You know, I think that two things, and maybe they are even contradictory. The first thing would be people talk to me and they act like it's going to be a light switch. When everyone's vaccinated, everybody's going to go out and return to life just the way it was pre-pandemic. I actually believe some people will behave like that, but a lot of people won't. So I think it's more not a light switch. It's more a dimmer switch. where there'll be a gradual, and that's what we've seen so far. I mean, it'll be a gradual return to whatever the new normal will be. I also believe in the Roaring 20 scenario that, you know, pendulum shift and just by nature, a pendulum generally over shifts and over corrects and then finds an equilibrium. And we're just going to all have to wait to see what that new equilibrium is and whatever this new normal is going to be. But we've seen, you know, we've seen, roughly half of the on-premise return at this point. And there are examples of roaring 20s, and there are examples of a gradual return. So I think it's somewhere in between.

Great. Thank you, Michael.

And, Fernando, as to your labor reform question in Mexico, we are implementing and executing all of the necessary changes and adapting to it. and will be complying in full. We do not expect at this stage any material impact.

Okay, great. Thanks, Fernando.

And our final question comes from the line of Andrea Teixeira with JP Morgan. Please start with your question.

Thank you for adding me in. So, Mike, I have a question on inventories and the trade in the U.S. So understanding the Tories were low as you entered the quarter, the first quarter, do you think there was some pull forward into the second quarter volumes? And how are you planning to lap, obviously, the strong volumes that you had in the second quarter? I think you had 33% growth in the U.S. last year, in the second quarter last year, and then 60% in the third quarter. And then I have a follow-up on the RTDs. What is the ACV that you have right now, and then what are you planning to have for or where you think you can get the RTVs to be reaching? And also like more of a housekeeping question, I understand that probably at this point in the price level that you have, like the full package of bugs, you probably have a higher margin on RTD. So you had some benefits on margins from a mixed perspective in the quarter. So if you can help us on that front as well. Thank you.

Yeah. Andrea, again, if I don't get exactly to the answer you're looking for, I'll bring Victor in. But if I look at it at 50,000 feet, again, I think that in general, our inventory levels at the distributor are returning to – they're not there yet, but they're returning to normal – what we'd consider normal levels. I think for some of these brands that have been very fast-turning brands and some of the brands that have shown particular success during the pandemic, more so than they did pre-pandemic, in particular, are – mixed product, which we actually had to restrain shipments and actually our RTDs, where again, we cut our SKUs significantly, but now we're back with both products. I think that there's going to be probably a couple months until we return to what I consider normal inventory levels through the entire supply chain. So I think that we're getting there with our distributors, but they in turn are turning around very quickly and filling the retail channel. And so then, you know, they're demanding more product right away. And we haven't gotten to the level where in particular, like I said, with the RTDs that we've gotten to what I would say, yet a normal flow of inventory through the system. And Andrea, remind me what else, I'm sorry.

Oh yeah, no, thank you. That's super helpful. So I was just saying like, R2Ds I understand, but how about tequila? Like you still have a ramp up on the second quarter of last year. You're still kind of pushing to your point as to use on R2Ds, so I get that. But from, you know, the regular tequila portfolio, are you expecting to be able to lap and still grow on top of the 33 plus the 50% in the third quarter in the U.S.? And then I have a question on the mix, on the ICVs.

Okay, so with regard to tequila, we're not giving out guidance. I'm not going to give you a number. But we did have a very strong second and third quarter. But our numbers, like all tequila, both on our Jose Cuervo Especial and on our Premium Plus Super Premium tequilas, have been very, very good. And in particular, our Super Premium tequilas, we put a lot of time and energy into – marketing and programming to grow the equity of those brands. And I do believe that category is going to remain very vibrant. And, you know, I think like I always say on these calls, we outperformed the category pre-pandemic or at least the total distilled spirits category for sure. pre-pandemic and during the pandemic. And, you know, everybody, second and third quarters are very good. We'll see how they all shake out. But we will, I believe, continue to be a winner. And I define winning by outperforming the total distilled spirit category.

No, absolutely. I mean, I'm not taking away from this performance. And congrats again. I'm just trying to understand kind of what we should be prepared for. And then the ACV on R2D, so help us understand, of course, like through the last year, as you correctly pointed out, you had a lot of, I mean, everyone in the industry in Mexico had some disruptions in order to ship products, and I think globally, obviously. Okay. Can you help us understand at the trade, what is your view on ACVs and where do you expect the RTDs to be at right now and where you think you could get?

Victor, I don't know if you have anything. Yeah, Victor, do you have anything that you would add on that?

No, Mike, I think you hit all the points there specifically that I was going to address.

Yeah.

But specifically on ICVs, I think we don't know where, you know, if there's additional distribution that you can get or you think it's just the breadth of, you know, of the shelf, basically getting the stock out resolved.

Yeah, without giving a specific number, I do believe there is opportunity because I believe that, again, at least for us, right? So in general, there were a lot of new RTD brands that came into the system that as a result of the inability for us and others to keep up with demand. And so one of the things that, you know, that we're going to concentrate on as we have gotten back to, you know, full production and full supply across our SKUs is to do our best and work our hardest to reclaim some of that lost shelf space and some of that lost opportunity. And so, you know, it even gets back to the comment with regard to the local investment that was down. We're going to look at the second and third quarters, and we see those from a local standpoint in both the off-premise and the on-premise as a real opportunity to work hard against these large, large numbers to win at the point of purchase. We are working right now to win back that shelf space Our numbers are great, but there was some opportunity lost that we need to get back. I don't have a specific number, but we are working, like I said, to get those products in full distribution from retail through distributor.

That's super helpful. Thank you again, and congrats, Mike. Thank you. And the team.

And with that, This reaches our end of our question and answer session, and I would like to turn the call back over to Mr. Juan Domingo for closing remarks.

I would like to thank you again for your continued interest in Beckley. We remain extremely confident in our family of brands and our prospects for long-term growth. Have a great day.

This concludes today's teleconference. You may now disconnect your lines at this time. Thank you for your participation, and have a wonderful day.