All right. We're thrilled to have ADM with us today to discuss its strategy to manage through the commodity cycle, simplify its business, and pursue strategic growth opportunities to build its earnings potential over time. ADM is executing against its strategy through cost optimization, portfolio management, and a disciplined approach to capital allocation. And with key drivers on the horizon, ADM could be positioned for an improving earnings trajectory starting the back half of the year. We're joined by Manish Padalawalawa, ADM's CFO, who joined the company under one year ago, just under a year ago. Manish has enhanced ADM's leadership through his keen focus on operations, productivity, and capital discipline in his time in the role. We also have Chris Cuddy, president of Carb Solutions and president of North America, a role in which he is responsible for ADM's sweeteners, starches, ethanol, wheat milling, and biosolutions businesses, and his oversight more broadly over ADM's North America operations. Excited to have you both with us, so thank you very much. I guess I would start, Manish, by asking you this. You've been with ADM for almost a year now. Can you share with us some of your observations from that time? Any surprises? How has it gone? Sounds good.

Listen, first, my first conference, so thanks for having me. It's wonderful to be here. And I'm thrilled to be at ADM, and I want to start by saying just a huge thanks to everyone and it's been so warm to me to welcome me to ADM, ranging from farmers whose farms I visited all the way to see customers. But I would say most importantly, employees at ADM, including people like Chris and Megan, who's in the room, who have never hesitated to walk me through the history of the business, help me learn the business. So a big thank you to all of them. When I was coming into ADM and I was looking at the opportunity, there were a couple of factors, and many factors, but I'll do two. one was a personal one when I think about I grew up in India so poverty and hunger I have seen firsthand and so from a young age for me I've always focused on hunger alleviation and then I come read about ADM and what they do and how they move product from where there's surplus to a product where there's need and so I felt the mission my own personal mission the company's mission were in harmony. So that was my first one factor. The second factor was just looking at value creation. So when I look at my prior experience and strength, I bring a lot of finance functional expertise, strong controllership skills. I drive a lot of operating excellence through lean, tight capital allocation. And I felt that my experience could be helpful to this company as they were going to their next stage of value creation. So those were my two reasons or factors or the main two that I said, okay, it's worth joining ADM. Coming into it, a year into it, I would say the hypothesis that I had has been strengthened even further. The value creation opportunity that I see is fantastic. And you can ask why and what have I seen so far. First, I would just start by saying, as I spent as I spent more time with ADM you think about ADM it's an amazing company it's a large US company that is so critical for global food feed and energy you think about what we do is basically we're bringing farmers and customers customers together and through that consumers we are very very critical to any economy in the world and part of it is because we move product and we move product at scale and very efficiently so that was you know one start then you think about the unbelievable amount of assets that the company has and the locations it has the agility has and then it has the experience like people like Chris have been in this industry for a long time that we can take advantage of any trade flows that exist and and and help add value to it so for so that's you know I saw those strengths coming in I think when you think about so that's one side of it the other side is the operating side of it that the company has over its cycles manage a lot of operational excellence but I think there's more we can do in this space so one of the things one and I announced in January we are going to drive the next wave of cost efficiencies between 500 to 750 over the next three to five years we saw that and we said there's clearly an opportunity that we can drive it we can do it through both SG&A, do it to manufacturing efficiency. So that's an area that I found coming in, that an area that we could continue to drive, and that's what we've been doing. And then the other side is one's cost, the other side is growth. And you think about growth and the opportunities that we have in the world today. And Chris can talk about some of the ones in his area, whether it is biosolutions, carbon capture and sequestration. You think about our ag services business, and we think about emerging markets growth. So again, I grew up in the emerging market, so I clearly know the opportunities there. Whether it's through our destination marketing programs, whether it is through region ag, whether it is through traceability solutions that we offer, is clearly a growth opportunity for us. And then you combine the nutrition business, which is basically taking the ADM pantry, helping customers grow by using a science-based solution, leading with taste and texture and functional ingredients, and you say that's also a very good growth opportunity so then you look at that and say okay but do they have the cash to do it and so then as i think about the strength that we have is we have a strong balance sheet we generate a lot of cash but the opportunity for us is working capital excellence there's a lot more we can do in this area when you think about uh just driving whether it is collecting receivables better having the optimal level of inventory we have so many locations so many factories making sure you have the algorithm that works and then of course driving payables so therefore you've got an opportunity of cash and we continue to deliver good return to our shareholders at the same time making sure that we keep a strong balance sheet because that allows us also to invest organically and then the last piece I believe Andrew is that digital can be a multiplier for ADM you know we are in our ERP journey we are making progress in that ERP journey, but when I think about the amount of data that this company has on its own because of all the trading we do, the markets that we play in, the ability to stitch all that data together quickly and drive anomaly detection faster and then use it to get sustained solutions can be a big win for the company. And we are making progress in that. I would say we have a long journey there. But in summary, I would say I'm just absolutely thrilled to be here. I think this tremendous value creation opportunity here but step number one for us is this year is get the material weakness remediated drive the operational excellence at the same time drive simplification through portfolio and that's what the teams focused on so I'm very very thrilled to be here that that was a great backdrop when I think about building on that one of the market factors I guess that I've been talking about and get more questions about right now than any other, and I wanted to ask you about this, is the RVO and the potential impact that that could have on the industry and on your business.

So how do you think about the way that that can impact your trajectory? And I know you've talked about it as a back half component, so maybe just walk through kind of the pieces there, please.

Yeah, thanks, Andrew. We've, along with others in the industry and actually even the petroleum industry, we've gone to the government and asked for 15 billion rvos in ethanol d6 gallons and five and a quarter 5.25 billion in biomass biodiesel and we've lobbied that group and asked that basically given the fact that where we think the industry can run and and what it takes to have a sustainable industry and also when we think about energy independence and American dominance and energy and the importance for biofuels in the American economy in the rural economy we think it's extremely important luckily for us we have this value chain that's extremely long we talked Monish mentioned even regen AG so if you think about where we start with it with the farmer all the way through our value chain here in the United States or delivered exports we think we have a big role to play and that 15 billion and the five and a quarter we think is exactly what the industry needs to be sustainable but also really just to have the confidence and and the the the known entity of here's what the rules are going to be going for so certainty matters when you're putting down the kind of capital that our industry puts in and and

certainly is really what we would like to see from the US government is we're going to see the headline number whenever we get that. I don't know what the timing is that you're expecting, maybe you want to share, but what are the other details? You know, is it important that we get some certainty beyond 26? What else should we be looking out for as we interpret kind of the headline numbers?

Well, I do think the length of time is important, particularly as these investments last a long time. So, certainty is the most important thing for us. I, you know, whether it comes in at 15 and 5 and a quarter more or less than that I don't know and I don't know when it will come out we're certainly doing our job to push administration to help us and help the industry there I think the most encouraging piece for for me is the fact that we were aligned with the Petroleum Institute which at least in my time has never happened where we've been this aligned so I'm encouraged because of that alignment on both sides with petroleum and AG and in particular on the 525 that is the industry's assessment of what we can run is there I guess I'm trying to frame that is there a level which is you know to just it's too low too high I guess how do you think about kind of the flex of that number we know we can run at those levels we have run at those levels and that's what our ask is you know today in And biodiesel and renewable diesel running, I don't know, 330-something or 3.3-something. So we know that we can move to that level, and that's what we've asked for.

Just on math on that, Andrew, for everyone's benefit, when we came out with the earnings a couple of weeks ago, we reaffirmed guidance at 4 to 4.75 at the low end of the range. one of the things we did mention in that was we believe that any clarity on the RVOs will help us will get crush margins up in the second half currently if you look at Q2 crush margins actually running lower than Q1 we also have said that if replacement margins don't move up from where they were a few weeks ago that's a 50 cent headwind so the math equation also we our hope is that as these we get clarity but also on the other side making sure that this clarity comes sooner rather than later because we do put stuff on book now we'll manage all of this as we go through I've already given you where the replacement margins are right now secondly just for people's benefit you know people talk about RVOs and its impact on on crush margins 50% of bean oil is going to food 50% is energy. And if you look at the first quarter, the amount of bean oil that was going to biofuels was down 42% on a year-over-year basis, while things like Yuko, Talo were down 4%. So that is why we believe that once the clarity comes through, there will be more demand and more constructive for bean oil, which should help margin rates to go up. And that's what what we are currently baking into our guide.

You know, it feels like such an anomalous year in some ways because of some of the disruption that some of the lack of policy clarity has created. So what I've been trying to think about is what is the right earnings base for this business in this kind of environment, absent some of that disruption. You mentioned 50 cents on a go forward. If it doesn't improve, is that the right way to think about how much disruption it's created this year, that whatever you do, it should really be 50 cents higher, and that's how we should think about the earnings evolution from here?

So I don't know because I don't see a current perfect correlated math equation because there are so many other variables in play right now. What I would tell you is, and I'll let Chris talk about the carbs business, when I just think about ADM in total, you do know there's overall demand in the world. So whether it is meal demand or oil demand, you can sit and say, okay is it low single digits it's low single digits to mid single digits so I think that's number one we believe that that long term there's a construct of that similarly when you think about nutrition and you think about all the places we play in the growth rate long term that industry is going to grow somewhere between low single digits and maybe settle to make single digits and then I'll let Chris answer his piece but then there's also diversification opportunities for us. And we're going to drive the cost out that we have talked about, and we've got good cash that we can deploy as required for organic growth. So I don't have a perfect here is what the number should look like. I just say I think all the things we are doing with the equation that's being set up sets us up for the long run. And then we have locations in Brazil and Europe and all parts of the world. So even if trade flows move in a certain direction or not, we have capacity that can take advantage of those trade flows but I would say the last few few weeks have been quite constructive in general in this sector and so I think we have we're quite bullish about about the long term and Chris anything you want to add about your business and all the stuff you've been doing well certainly around one of the things we've done you're talking about biofuels from from just an ethanol perspective while we still manufacture a lot a lot of ethanol you know 1.2 to 1.4 billion gallons it's become a smaller piece of our business and and we've looked to build up and

bolster the other more reliable pieces that have more consistent earnings streams which if you look over the last four to five years has really given us the right return in margin structure to continue to reinvest in the business around our wheat milling groups or sweeteners and the starches that we're doing and even some growth that we're seeing around our bio solutions business anchored with things that are coming out of our corn plants even fibers from our wheat mills and one of the cool things that we're doing that this group probably knows some about is the carbon capture sequestration that we've been doing in Decatur Illinois since 2011 we started pumping injecting into the Mount Simon area in Illinois and we will be online at the end of this year kind of call it Q4-ish with our Columbus, Nebraska wet mill and dry mill, we're tying into the trailblazer pipeline going west. So a lot of growth opportunities that we continue to see in our core business in carbohydrate solutions.

One other policy-related question, I'm sure it's your favorite topic to talk about.

The 45Z with the house draft bill and some of the adjustments potentially there, just your interpretation of that and how that relative to what the initial guidance was how that impacts ADM I think what what we've been trying to do around carbon intensity we think is important for the long run no matter who the administration is we think that our stakeholders demand it and and whether it starts with region ag and the farmer all the way through our supply chain including our factories and what we're doing around converting from coal into the gas, sequestering carbon, not only our ethanol, but even in new power generation that we're building. So for us, understanding what that is, and at least having the timeline too, as you suggested earlier, for putting capital in place that will get the proper return. We've been diligent about that so far, and I think we'll continue to be diligent.

And we continue to work with the administration on understanding how we can be part of the solution, whether it be on well particularly around 45 45 c and 45 q got it okay that's that's helpful going back to the outlook for the year you've talked about this kind of first half back half dynamic how does the cost savings plan play into that and you know even from a reliability plant reliability perspective those types of things within the existing asset base i think there's been a sense that there's been some operational challenges. Is that something that you're addressing? Is that a fair concern? I guess, how are you? How does that all wrap together?

Yeah, so I'll start with just talking to total cost, and then I'll have Chris just talk about what he's doing in his business, just to bring it to life. You know, when he talked about cost we said $500 to $750 over three to five years. This year was $200 to $300 million. The cost Most opportunities are going to come from both optimizing SG&A, but also manufacturing efficiencies. The bulk of the savings will definitely come from driving manufacturing efficiencies. And what we mean by manufacturing efficiencies is a reduced downtime or unplanned downtime. It's reducing the number of contractors and third-party sources that we use. It's better sourcing to make sure that we can take advantage of lower pricing. All of that put together. And what we've been trying to do, and we've tried to do that in Q4, we talked about it. You can see it in Q1, too. We have started to see progress. For example, our oil seeds business did have quite a lot of unplanned downtime. Part of it is the assets are older. Part of it is some of the other structural changes that Chris will talk about that we have addressed. And we can see that got much better in Q1. Now, it did get offset by weather, which is very normal in the first quarter. but as that continues to hold you should see the ramp up of the benefits in Q2 to Q4 secondly I'm purposely not touching on carbs as Chris is going to but I'll touch on nutrition again at Q4 earnings we are talked about making sure that we are spending enough time in our factories to get our integration better of some of these acquisitions we have done making sure the product flows better making sure that demand fulfillment is better Q1 you can see the the over performance that we saw in nutrition was largely in the flavors business and that was driven by the fact that the team is spending a lot of time in the factory so my view andrew is i i see green shoots so i'm happy to see the progress there's no way i would say we are done there's a lot more we can do in this space but that's that's how we'll ramp up and then i'll let chris answer specifically for carbs because that's another example of how we have driven margin expansion in his business through using supply chain?

In the processing business, operations are obviously core. And I think if I look back through my 27-year career, we're good operators, in my opinion. But that core is super important for the health of the organization. And if we look to grow, you can't have any deterioration in the core. So for us, making sure that the factories are running at high-capacity utilization, they're efficient, they're effective, they're performing and performing across safety quality you know on time in full and an increased uptime is super important to us i would say during covid we we stubbed our toe a little bit a significant amount of turnover in the plants and we've come out of that better through more more money going into non-discretionary spend into the plants we've also just put more of a focus around people in the plants and what we're doing for management as far as shift work, overtime, all the things that make us more efficient, bigger focus on process safety and quality. So all around, we put more of a focus on it, Andrew, and while we're not as good as we want to be, we continue to get better year over year, and I think that's important for the team to see that success.

Yeah, that's great to hear. um sticking on carb solutions for a minute you talked about seeing some demand softness in the most recent quarter i'm i'm curious kind of how that's manifesting where you're seeing that across end markets geographies even and how you expect that to evolve from here so our uh we've had as i mentioned earlier how we've evolved the portfolio to be more of a robust performer around sweeteners and starches within North America, which is our biggest footprint for carbohydrate solutions.

We did see demand softness some in Q1. I'm not that overall concerned with, I don't feel like the sky is falling by any means. We're still pretty happy with the demand that we have and the demand that's allowing us to run at a high capacity utilization for our plants. because we are running at a higher capacity than we did last year and the year before. But we're cautious. We're paying close attention to the CPG brands that we supply. We're paying close attention to the border issues that we're having between us and Mexico when it came to tariffs in the first quarter. So in some cases, some of our cross-border volumes, people were hesitant to buy as they had possible tariffs come into play. The paper and packaging segment seemed to be slowing down a bit, and so that gave us some pause. But overall, I would call it healthy, and we're cautiously optimistic on volume.

I think there's a degree of concern about the demand outlook in the market because of a couple things. You talked about trade with Mexico. You've got the SNAP discussion, and what does that do for CSDs? I guess, how do you weigh those dynamics and the potential impact or maybe your exposures? How should we think about those things? Those are exactly the things that we are thinking about.

So from just from a cross-border piece, we stay super close to not only the current administration here in the United States, but our trading partners as well. And making sure that whether it be tariff or non-tariff barriers, that we can keep those to a minimum. Because we do have an important flow for ADM across North America and even in the Caribbean out of the Gulf that we manage. So it's an important part of our core business, and making sure that those disruptions are minimal are super important. When it comes to SNAP, we're also paying a lot of attention to what happens in that area. Our customers don't seem to be that concerned. So while we're trying to map out what the possibilities could be, if there is any demand destructions because of states or at a federal level, if it ever came to snap restrictions on certain foods or drinks, what that would mean for our business, I would tell you we don't get any feedback from customers today that causes us to panic.

The business, the Carb Solutions business in particular, has evolved a bunch over time. you've got bio solutions in there you've kind of evolved your ethanol exposure a bit as well but if i just look at the margins for that business they've doubled over the last decade the core sweetener and starch margins have been a big contributor i guess can you talk about the durability of that improvement kind of on an underlying sweetener and starch basis is there i guess the risk would be that that business is for some reason over earning so how do you think about the durability of car solutions profitability the it's a healthy

industry and we have good industry structure to start with we've we've done I think a good job in continuing to be agile and opportunistic and flexible and what we do particularly on flex is have an optionality we call it internally fight for the grind so we're always looking for opportunities to to margin up with new products and there's areas that are shrinking in the business so we're always trying to find a way to add to the pipeline so that as things fall off or margin is lowered we have another product to take its place and I would also say that in general these these assets aren't getting any newer and inflation from that perspective it isn't any cheaper to to replace them so there continues to be a pretty tight supply and demand balance around uh the corn wet milling industry and even in the the wheat milling industry that we're involved in with that being said what we have done is i mentioned earlier carbon capture sequestration so that that's a new revenue stream and profit stream that we have coming in now and we have more to come but we've also put a lot of time and energy into what we call our biosolutions business, which is really a purposeful innovation line into green, renewable products, really destined for industry. And so we still have a huge focus on food. It's still core, but as there is some slippage in volumes in some of those, we want to be able to replace it with items in this renewable space. And we've been fairly successful, and that's what keeps us running at a high-capacity utilization.

So shifting gears to the nutrition side of the business, there was also a mention there of some demand softness, I think, largely, or you have seen some demand softness in different areas of the nutrition business. Can you give us an update kind of on how that has progressed and what you're seeing from a consumer perspective there?

I would say, listen, overall, what we said about nutrition was it all depends on what consumer demand turns out to be and how much inflation is there in the economy. So that's what we are watching. But I would say overall, demand has been pretty good. If I think about our flavors business, first quarter, we saw pretty good growth both in North America and EMEA. So beverage demand continued to be strong. Customers continued to ask for innovative solutions, which our teams were able to deliver. You think about health and wellness, we continue to see good demand for biotics and fibers. Our specialty ingredients business, which is our protein business, was lower. but that's partly driven by the fact that we had our Decatur East plant down. The Decatur East plant now has come online. We expect that by the end of 2Q, we should be back at full ramp, so that should allow us. Then when you think about animal nutrition business, we have continued to see demand for specialty premixes. But at the same time, that team is also working on driving its profitability up. And you can see that progress that the company, that they have made over the last few quarters. In PET, the demand was strong. We found in certain of our customers in North America a slightly lower demand in PET. But again, it wasn't overall across the industry. But that's another area we're also seeing there's a move to private label, which has been the trend in that industry from a pricing perspective, so we're watching that. but I would say in general we haven't similar to what Chris said in the nutrition business they're being very cautious to being very watchful and making sure that that they are there when the demand is there we've been on a bit of a journey with that business recovery journey with the nutrition business and you already mentioned it the guidance for the first quarter was one thing and you came in materially better than that I guess what was so much better than you anticipated where are we still lagging and do you feel like we're kind of this is the inflection are we back on track or or is there more work that we need to do to say that from a more consistent perspective yeah so I would start by saying you know I see the green shoots so we are happy to see the progress is there more to do absolutely and that's across the company and we would you know Juan and I would say there's always more we can do across any of our business units. When I just go back to your question on nutrition, what drove the upside in Q1 was the flavors execution and flavors demand. So that was a positive. As we go through the remaining three quarters, we are watching demand, but our goal is continue to drive the execution in North America and EMEA, making sure that we can flow the product better, which we started seeing in Q1 and continue that in Q2 to Q4 in SI or our specialty ingredients business the key comes down to making sure that we can do a full ramp up of our Decatur East facility making sure that as that comes online the margin starts expanding there in health and wellness it's all about demand fulfillment in biotics and fibers but also making sure that the factory can put the output out that it needs to when the volume comes in when you go to our pet business it's a lot about demand fulfillment and making sure we've had some integration issues in our in our pet business again it's the grand scheme of ADM it's not the largest of our businesses but that's an area that showed as the second half comes in we should see improvement there and then the animal nutrition business expect is all about making sure that we are managing mix we are managing customers and managing profitability across geographies and which the team is doing. When you overall put nutrition, Ian's team is focused, one, on driving growth, but two, is making sure that some of these operational execution issues, integration issues get settled, as well as driving optimization of SG&A. And that's why I would say, you know, you'll see a cadence of us moving up. When we gave you all guidance for the year, Originally, we said nutrition will be higher on a year-over-year basis. In the guidance that we just affirmed a few weeks ago, we have continued to see that nutrition will be higher on a year-over-year basis.

How do you think about the nutrition portfolio? Has the thinking on where it makes sense for ADM to play or not play evolved?

You've been making changes more broadly in the portfolio with some closures and other things as well, so if you wanted to expand that to the rest of the portfolio as well. yeah so you know listen I've been here less than a year so I'll give you what I'm seeing in nutrition I don't have all the history that many people will have on the business and I look at some of the trends that you're seeing in the world and you talk about first I'll just talk about beverages and in general there's more and more demand about innovation and beverages whether it is a different flavor whether it is using natural colors and flavors so there's a lot of innovation there the team that we have that does that in our flavors business is world-class so my view is they're going to continue playing in that innovative space their growth is going to come from geographic expansion as you think about the India's and the Africa's of the world while making sure that they're also building platforms as their customers want if I then go to a plant-based protein business that's a business that has grown below what food has grown over the last few years part of it I would say is also what happened was the inflation where people backed away from plant-based proteins part of it was our own execution issues in Decatur East and the problem we had there my view is once that comes back online making sure that we can get the demand back and the customers that we have lost make sure we get them back make sure we can flow the product but at the same time I think as the world evolves and there's more and more desire for plant-based proteins in our foods. We are seeing it in areas like breads, et cetera, that you hadn't seen before. I also think when you think about all the brands and all the work that people are doing as they get stronger, demand will come back. And then if inflation is lower, I think you're going to see more demand in plant-based proteins. So long term, we think that sector is somewhere in the mid-single digits in the long term. Then you talk about our health and wellness business, I'll just say supplements, biotics, fibers. You know that's the trend right now where it's good for you, it's better. I think we're seeing more and more articles being published about it, more and more research papers around it, so that should definitely help. And then the last one is what's the place of artificial foods and dyes in our diet, and that's an area as regulation plays itself out. We've got, I think, one of the largest natural portfolio of colors and flavors that we can partner. There's a lot of demand already from customers to reformulate and figure out how they can play in that space. So we'll see how that industry plays itself out. But I would say right now, Andrew, in my view is we've bought what we've bought. We've got to make sure that we're going to execute that, get the return. as Juan and I have said it's going to be an opportunistic M&A plane if there's something great that comes about we'll definitely look at it at the same time as we are thinking about simplification of portfolio there are smaller businesses and all three businesses that we have that we are making sure that teams actually believe we have a market and a right to win and that's part of that journey so I would say right now for the nutrition business is execute and basically deliver the value that was there when we bought these companies, and that's what the team's trying to do.

Okay, so sticking on kind of the capital allocation, and this will be probably the last topic before we close, and I think I have all of this right. Your ROIC right now is below your cost of capital. Your capex is the highest in 15 years. I understand there's inflation in there. Buybacks aren't really a particular focus right now. it doesn't seem like, coming off, obviously, a big repurchase cycle. So how are you weighing those capital deployment options on a go-forward basis? And, you know, if your earnings trajectory does improve, how does that evolve?

Yeah, so, you know, I'll just start by saying one of the hallmarks of ADM has been cash generation. And as I mentioned at my first question you had for me, I think there's more opportunity we can do with working capital. So step number one, we always try to make sure we have a strong balance sheet. Coming into the year, we said we believe EBITDA to leverage ratio is somewhere in that two-ish range. We still feel that's good. The benefit of a strong balance sheet does two things. One, it allows us to invest organically, but two is also return capital to shareholders. So for us, that's equally important that we return capital, but we also grow the business for the long-term value creation. When I think about where we get the best return, when we invest money organically, we get the best return. So that we are going to continue doing because we believe that's the best return. To answer your question on CapEx, and I've studied this again in my eight, ten months that I've been here, there are two pieces, I would say, on the increase in CapEx. Number one is inflation, that when you compare over a decade ago what inflation was today that eats a lot of chunk of the capex increase the second is we have bought businesses so that also has intensity of capex but the third is as these plants are getting older what the team is doing that's what we are trying to do here from the that i've been here is making sure that we are investing capex where we're getting a return and the return doesn't always have to be, you know, like a growth return, but maintenance capital that at ADM we call NDE basically is saying, can I improve the downtime? While I'm improving the downtime, I'm also modernizing. So simple thing, I'm replacing an old motor with a new motor. You are going to get the efficiency. Not as large as growth capital, but you're going to get that. So our goal is we're going to keep investing in those areas where we believe we can get the volume throughput, because that gives us pretty good leverage but at the same time modernizing our facilities with better control infrastructure so we can get more use more data and data analytics to cycle these plans better so that you know in my view is is where we will go with capex we'll definitely have growth investments where the returns are good and the roic for those growth investments are going to be higher than the cost of capital otherwise why do these so we've got the teams on a stage gate process where we are being very thoughtful about how much money that we are putting in but that's an area that we believe that putting in more around maintenance capital and also growth is a good balance to have versus just one or the other and then you know from a shareholder return perspective the company had done a good amount of share buyback last year this year we have gone had an increased dividend 2% 51 cents you can annualize that 204 so and we paid dividend for what over then over 90 years now and 50 years of increasing dividends so clearly that's also front and center for us is giving shareholder return and then in general I would add with that is we will make sure from an M&A perspective we are very opportunistic we are not currently in the market for big acquisitions we have a portfolio that we have identified of assets worth 2 billion of value that we could monetize but we are not in fire sale mode either so we're going to do it at the right amount right time and we'll do it the right way but I would say in general I feel really good about the company in total some of the announcements that have come out from the administration the last few weeks have been very helpful for us the teams are focused on driving execution, remediating the material weakness, making sure that we are setting up ADM for the long term, and I feel very confident that we'll do that. So that's how I'd love to end, and thank you for having me.

Yeah, for your first conference, you landed that right at the buzzer, so that was very well done. I appreciate it. Thank you both. Thank you. Thank you, Andrew.