Snap-on Incorporated ($SNA)

[Audio Gap] of Snap-on, it is my honor to serve as parliamentarian for today's events. [Operator Instructions]. Today's meeting is being webcast and recorded, and a recording will be available on our website, snapon.com, shortly following. I'd now call the 2026 Annual Meeting of Shareholders to order. We have made the order of business and rules of order available to all attendees, and I've just asked that you please all abide by, it is now 10:03 a.m. on April 30, and the polls are officially open. If anyone has not yet voted and would like to do so, our inspectors of election, Abby Cowart and Fred Papenmeier of Computershare in the back, and they can record your vote. It seems like everybody has already voted. The following members of our Board of Directors are in attendance today and each has been nominated as a candidate for reelection at today's meeting. In addition, Mr. James Holden, a Director since 2007; and our Lead Director, Retired President and Chief Executive Officer of DaimlerChrysler Corporation is also nominated but unfortunately, was not able to join us today. When I say your names, please stand. David Adams, Director since 2017 and Retired Chairman of the Board and Chief Executive Officer of Curtiss-Wright Corporation; Karen Daniel, Director since 2005 and Retired Division President and Chief Financial Officer of Black & Veatch Corporation. Ruth Ann Gillis, Director since 2014 and Retired Executive Vice President and Chief Administrative Officer of Exelon Corporation; Nathan Jones, Director since 2008 and Retired President, Worldwide Commercial and Consumer Equipment Division of Deere & Company; Henry Knueppel Director since 2011 and retired Chairman of the Board and Chief Executive Officer of Regal Beloit Corporation; Dudley Lehman, Director since 2003 and Retired Group President of Kimberly-Clark Corporation. Greg Sherril, Director since 2010 and Retired Chairman of the Board and Chief Executive Officer of Tenneco Inc.; Don Stebbins, Director since 2015 and retired President and Chief Executive Officer, of Superior Industries International, Inc; and Nick Pinchuk, Director since 2007, Chairman and Chief Executive Officer of Snap-on. Nick will present an update on your company's performance at the conclusion of the formal remarks. Also with us today are James Stewart and [ Bryan Donohoe ], representing our auditors, Deloitte & Touche LLP. They will be available to answer any questions following the meeting. We have an affidavit that notice of the meeting was mailed which will be incorporated into our meeting minutes. Since all shareholders have had an opportunity to vote, will the inspectors of election please confirm that all ballots have been counted. Thank you, Abby. It is now 10:05 a.m., and the polls are officially closed. There are 52,057,343 shares of common stock, each having 1 vote at this meeting. I've been advised that we have 89% of all shares outstanding and therefore, we have a quorum. We have 3 items on our agenda today. The first, the election of our directors. The Board has nominated each of the directors I introduced moments ago to serve until the 2027 Annual Meeting. Each director having received 75% or more of the votes have all been elected. Our second item is the ratification of our independent auditors, Deloitte & Touche. Over 87% of the shares represented voted in favor of this proposal, and therefore, the Audit Committee's selection of Deloitte & Touche been ratified. The third and final official piece of business today is the advisory vote to approve the compensation of Snap-on's executive officers as set forth in the proxy statement. Since 95% of shareholders cast vote in support of this non-binding resolution. It has therefore been passed. This completes the official and exciting business of the annual meeting. It is now 10:06 a.m., and the meeting is adjourned. We will now watch a few videos. Please enjoy. [Presentation]

[Audio Gap] I always love coming here. I love to meet old friends and make new ones and see many of the people. I only see once a year, and it's a great thing. So all I can say is, [indiscernible] to quote the inimitable Bill Murray. Look it's my job today, kind of report to you, on the state of the company. And I can report to you that your company, our company, the company, even though it's been challenged, and even though we live in turbulence these days and everybody knows it is and there's tremendous uncertainty, this company is strong. I'm going to tell you a few things. We're going to tell you who we are, reaffirm that and tell you why it's so important to you to us. We're going to tell you what we did last year. We're going to tell you where we're going in the future. We're going to tell you how we're going to do it. We're going to introduce you to some of the people who are going to make that -- have made and will make that happen along the way. I believe by the time we're finished today, you will be convinced that this company is unique and special. It is strong, and it justifies the capability and the energy and the commitment that all of you enlist in our corporation every day. Now before I start on beyond that, I've been -- by the way, I stand up here. Rich Miller is the parliamentarian. I'm very relieved. I didn't know what he did until now. But he forced me to do this. We've got to show something called the cautionary. So the cautionary is here to tell everybody that there's a lot of -- there's some kind of, I guess, speculation or -- when we look to the future, we're talking about where we think things are going, but we -- it's kind of a belief, not a certainty. Okay, that's enough. We don't need to have that. You probably read that already. All right. Now let me start out simply by saying, we're going to talk about a lot of people today, and I want to start by speaking of our Board of Directors. After all they are my bosses, okay, so that's an important thing, but that's not why I'm saying this. The corporation is tremendously enabled by the team we have in our Board of Directors. Their guidance and support is unfailing, and little known, to I think people who aren't associated with all of us, they are a tremendous calling card for us outside, investors and potential hires and customers are impressed when they see our Board of Directors because they see if we have adamant people like this, on our Board, we are a serious company, unique and special. So let's give the Board of Directors another round of applause. For anybody who was tempted to shall I say, lose concentration during this presentation. And I know this has happened. I was once given an honorary degree when I spoke at a graduation master of anesthesiology. Apparently, I sedated the audience and what was then record time, I think I need to drink here. Is there anything? Okay. Thank you. And I think we will start by just talking about the beginning. You see it really did start with a spark and the spark was an idea. And the idea of [indiscernible] the dream and the dream shape lives and it reached across the nation in the world, so it is we could see it, embodied today in the Snap-on company, which was that dream. It was founded by 4 men and one of the great things about our company is we always, we maintain a living link to our founders. And some of them are here tonight. So let me introduce them. First of all, I think in the third row down here, Patsy Callahan and Andy Callahan and his wife Crystal. We have over here, Sara Verbsky and [ Paul Tutskey ] not Sara Verbsky. She works -- she's back in here. [ Sarah Tutskey and Paul Tutskey ] Sarah is the granddaughter of Joe Johnson, Patsy Callahan being the granddaughter of [indiscernible] our funder. And Paul worked for the company 30 years. We all know him last as the Vice President of the Western region. And then next to them are Greg and Kathy Johnson, who are here at every event, grandson and daughter-in-law of Joe Johnson, and their daughter and her husband, Zach and Eliza -- Zach and Lynn, sorry. All right. So I'd like you all to stand up the founder -- our living link to the founders, please stand up. Give them a round of applause. Snap-on is a company that if you go back to the founding, we were founded on a timeless principle. We respect for the dignity of work. And we're enlisted in a cause, making work easier for -- and creating -- making critical tasks easier and moving the world forward. An event, a cause that's as relevant today as it was years ago and such -- 105 years ago. And one of the things we have a campaign around Snap-on, we celebrate the makers and the fixers. And the reason is, is because historians have held that society is advanced, advanced by the number and the quality of their makers and fixers. American historians have said that, America is ascendant among all the nations in the Western hemisphere, at least, because of that. And we try to celebrate that in the video -- the video -- the video. I love it. It starts out, the founder and the haunting piano music, appropriate for something looking back more than 105 years. And then after that, it morphs to the role of the years starting in black and white, faster and faster and on to color, right to this day. And then we're joined by the Snap-on Nation from cities all over this country and from countries all over the world. And then, because we know, and I'm going to say it several times today, you create the way we honored the stars that are in this room and beyond. So we have to the, I guess, Cold Play's Sky Full of Stars, we honor the stars in the room, that's all of you. But the thing I like the most are words. We speak now of the unique and the special. We speak of a company and its people, essential to the serious and respected by the world. Snap-on is that company and you are those people. We are the bringer of the prosperity. We are the bearers of pride. And we are the shapers of lives. We've been so for more than 105 years. These are things that I think makes Snap-on people say, yes, it's true. And it echoes with emotion and it rings with truth to us. And it couldn't have been done by somebody from the outside, we do not engage an outside firm to do this. We have Snap-on people do it, and we have the Snap-on production team here with us, and so over here is Sam Bottom, our Chief Marketing Officer and behind him is Ms. [ Bridget Corea ], the people who are the thinkers, the writers, the directors and the producers of that great video. Please stand up, give them a round of applause. As we look forward we say -- we always pay attention to who we are. And we have this plaque here shown behind me, that is pretty much in every room in Snap-on. And why do we do this? Because when you've been in business as long as I have, you know that when things get tough, and it's turbulent or you go to a new place, it's very important that you remember who you are and what you do, and the characteristics you have. So we talk about the idea that Snap-on provides the most valued productivity solutions in the world, and we have certain beliefs, beliefs in things like safety, quality, customer [indiscernible] innovation and rapid continuous improvement, we have certain standards, and they are things like certain values. There are things like integrity, and truth and respect and teamwork and listening. This is in every major -- every room in Snap-on so that we never forget this because it guides us through the difficult times, good times and bad. Now one of the things -- there are other things that help us through these times and one of them or several of them are what we would call our strengths. We have particular strengths in product and brand and people and product, we have enabling product. I'm going to tell you, okay, you might say, well, how do you know you have an enabling product? Well, because magazines and different people say we have the greatest product line in the world. And so it is -- and [indiscernible] Magazine, for example, recognizes us last year some of the top tools, the professional tools and equipment news P10 name gave us 5 of their Innovation Awards and the People's Choice for Professional Tools and Equipment News, the ones that are voted on the act by the actual users gave us a record, 20 award. So we do have special tools, enabling tools. We also have defining brand. You can see it up here. I think Snap-on brand is the outward sign of the pride and dignity that working men and women take in their profession. It started out that way, way back to the original 5 do the work of 50. When our founders said, boy, I have this device, 5 handles of different dimensions, a T, a cross, [indiscernible] and put them together with 10 sockets of different sizes and said they snap and made them so they snapped on interchangeably. He said 5 do the work of 50 of that and revolutionized tool sets all over the country. He also made them with great quality and Snap-on product is nonpareil in quality, but there's something else he did that was really important. He went into the shop and told us, he [indiscernible] the normal distribution. They used to sell tools through distributors back in 1920. We always said, don't sell through distributors, go right into their shop, lay those 5 handles and 10 sockets out on green felt, as it is, they were as precious as surgeons' knives, implying that if the mechanic used those tools, they would declare to the world, they're doing something special as special as a surgeon. And you can ask, well, why do we think that goes today because it's about tattoos and toddlers and tombstones. I feel like I'm in the Wizard of Oz. Tattoos, toddlers, and tombstones, Oh my. And in reality, these are the things that people do, and they want to identify with our brand. People tattoo, to take tattoos that are Snap-on. One guy in the Midwest said, I want to roam the [indiscernible] for the rest of my life, and he tattooed it all over is forearm. That's phrase. And then we have people who put our wrenches in the hands that are newborns and yes, we have people who bury their loved ones in our boxes and carve their tombstone in the shape of that loved ones box. The outward sign of pride and dignity that working men and women take in their profession indeed. And our brands define people, that's why they want to have that as part of their body or in their child's hands or on their jacket. It defines them as a special professional who is doing something critical and essential. And we -- it's not just Snap-on. We this year, interesting, not many people know this, but we have -- not many people here, I suppose, know it, but we have a brand in Europe called Bahco. The brand in Bahco was 140 years old this year. It was founded in 1886, and it's founded by a guy named Johan Peter Johansen, one of the great inventors of Sweden, actually, and he founded it with the pipe wrench, but he also went on to design and just, he and his colleagues our successors that went on to design adjustable wrenches. And to this day, in Europe, when somebody says, "Give me the adjustable ranch, they say, "Give me the Bahco". This has a following in its own right. Last year, the Bahco team went to the Rock Sweden. It's a rock concert in Stockholm. And they opened a booth that gave out Bahco tattoos. They tattooed 500 people, turned away 1,200. Okay. So we have a defining brand. We also have differentiating people. You can see pictures of them. But our team is capable and it's committed. It's experienced and battle-tested. I'd like to introduce you to a few of them. First, I'd like to introduce you to Michelle Lang, who's been with us 45 years. She was my first support assistant at Snap-on, stand up Shelly. Hold your applause to the end. I know you want to make applause stand up, Shelly are you there. Okay. All right. Then after her I have Lynn Ernst, who is from something called [indiscernible] here in Kenosha. She's been with us 48 years. And then I have the voice and the face of Snap-on, who all the directors come to see as opposed to seeing me, Ms. Pam [indiscernible], who is the video star, many of you know her here. And then we have Joe Swan who's been with us -- she's been with 48 years. Joe Swan has been with us 49 years. He is the father of the ATC. And the reason why we have this special toolbox all around the world that keeps track the tools is because of him. And then from our IT department, Ms. Lees Pitch, 52 years with Snap-on, 52 years and counting. Let's give them a round of applause. Joe Swan, you missed your mark. I said stand up. It took you 20 seconds. I see. I see. Well, that's good excuse, good excuse. Right. Okay. So we do have a differentiating team, and that is probably what makes the difference in our company. So let's look forward and see how 2025 -- we have -- we are advantaged as we go forward. We say it's time to cover the annual report this year that we're advantaged by strategy and structure. And what this means is that in this time of tariffs and supply chain disruption. We're advantaged because we have factories everywhere. We have 36 factories in the world and 15 in the United States. And we have a policy that says make in the markets where we sell. So 80% of what we sell [indiscernible] in the United States is made right here and a hand tool can be up to 50% labor. How much labor is the television, by the way? 5%. So somehow we make it, by making -- we make tools in America with a high labor content and we do quite well, thank you very much. So let's look at some of the numbers. If you look at the sales last year. Now these these -- I want to start by saying that there's been some headwinds. I think we have a headwind slide here. I forgot about that, how can I forget about the headwinds. Headwinds are particularly difficult. I don't even, you have to enumerate them to you, but you've got tariffs and you have wars and you have uncertainty all over the country. And in fact, it weighs on the working men and women of the United States. And so our sales are still pretty good, in that aspect. Last year, our sales were $4.71 billion, and this year, it's $4.74 billion. So a nice increase in the sales. We feel pretty good about this. That's something you want to feel good about. But then with the tariffs and the material costs, [Audio Gap] the next year was $3.06 billion and $3.28 billion than $3.35 billion than $3.43 billion than $3.69 billion than point then $3.73 billion. Then there was the pandemic. It went down to $3.59 billion. Then it came back to $4.250 billion, and then it came to $4.49 billion and then it was $4.73 billion $4.71 billion and the aforementioned $4.73 billion. And this is a great trend. I really -- most companies would love to have this trend, and we -- we're proud of this trend, but we're unsatisfied. But we have benefited from great people and also from some great leadership. And we have some of that -- those leaders here and some of the relations. So the first one I want to talk about is the seventh President of Snap-on, Mr. Norm Woods, who was the first -- I think he was President in the late '70s. He brought Snap-on on to the public stock exchange and to the New York Stock Exchange. And we have here his -- I think his daughter and her husband, [ Susan Lutz Kenon ] and [ Bill Kennon ] up here from [ Libreville ], stand up. Let's give them a round of a applause. And then next to them, we have somebody who is once known as the first lady of Snap-on, and she was Ms. Fay Gregory, the life of the tenth President of Snap-on, Marianne Gregory. Fay welcome back. Stand up. And then a man who needs no introduction, a man who gave us so much, rapid continuous improvement and taught us how to remember who we are and what we would do. And of course, I'm talking about my former boss, current counselor, an ongoing friend. Mr. Jack Duane Micheal, stand up, Jack. You're looking good, Jack. You keep looking younger. I look older. What's the problem? You're a kind guy not to answer that. Look, okay. So that's the trend in what we would call operating numbers. Let's look at the EPS. So the EPS last year was $19.51 and this year, it's $19.19. But I mean, 2025, it was $19.19. Now this looks like it's down, but actually it was up slightly, because there was a huge pension charge, and we love our pension. Anybody out here who is there, in fact, many retirees, don't worry about your pension. But it costs us a little more at the bottom line in terms of expense. In fact, I think it was $0.36. So actually, this year, adjusted for pension would have been last year would have been a little bit better. And the trend is fairly nice for us. But first, before I go through the trend, go back one. I want to introduce the team that authored all of this, our management team down here. They're, I guess, sitting along here. Right? But Rich is up here, Rich Miller, you've met already, the parliamentarian of Snap-on. Anything else? No. Okay. All right, down here in the front. Hold your -- I think we can applaud them one by one because, okay, from Scranton, Pennsylvania. The second most famous son of Scranton, Mr. Aldo Pagliari, our CFO. From South Jersey, the Senior Vice President and President of our Repair Systems Information Group, Mr. Tom Ward. Our Chief Development Officer, having been promoted on this day in this 1 year ago, Ms Marry [indiscernible] from Kenosha. And then from parts unknown, otherwise referred to as Iowa, we have Tim Chambers, the President of our Tools Group. From the [indiscernible] country, the President of our Commercial Group, Mr. Jesus [indiscernible]. And I apologize for this next item because I'm introducing a man who I believe, holds the world's record for being in quarantine during the COVID. He missed two of these meetings because he was in quarantine. So I'm happy to say that today, he has not missed the meeting, so I can say, introducing live Mr. [ James Zung ], the President of Asia Pacific operation, and then John Wolf, the President of our Repair Systems operation, right? Former market basketball player. Do you have to be in the game to be a player on the team? Or is sitting a bench okay, right? Did they call you splinters in college? Right. That's right. Okay. Let's see. All right. Next to him, I'm going to introduce these other people because our Chief Marketing Officer, heretofore mentioned Mr. Sam Bottom, Sam was so shocked and he didn't know whether to stand up or not. June [indiscernible], our Chief Information Officer, June, and the quarter back of a response to the COVID and our Vice President of ESG and disruption Mr. Raul [indiscernible] stand up senior. Okay. We got a great team. So let's go on to the trend here. And I think it starts in 2011 of $4.71 and then $5.20 and $5.93. And I guess, after that, it jumps to $7.14, $8.10, $9.54, $11.87. It's going up there. It's kind of gotten a great improvement, $12.41 and then COVID hit. $11.44 then it snapped back and made it to $14, $14.92 and then $16.82 and then $18.76 and after that, a $19.51 and we just showed you the $19.19. But I told you already, that's carrying 36% of our pension difficulties. All right. So we have this. And if you look at that trend, you can say somebody had to make it so. And we have here with us -- some of those people have gone on, they've left our corporation and are retired. So I have some retirees over here, that I'd like to introduce you just retired, our former Director of Internal Audit, Ms. Rachel Nyberg, after her, Rachel, can you stand up? Where are you -- over here. Okay. Rachel. I think if we give everybody applause at once we'll be here forever. So okay, well, will stand up and then after him, just retired also the Chief Financial Officer of our credit company, out of Liberty, Mr. [ Andy Trester ], he's been with us 26 years. Give him a round of applause. And then our RCI effect, our RCI leader in Milwaukee plant Ann Whitey also kind of just retired just a few years ago, stand up Anne. And then Gary Henning, Gary Henning, who was retired recently and was with us 51 years. As the thinker, behind all our metallurgy. And there is a special treat. Special treat, all the way from Australia, know how long it takes to get here from Australia. We have Mr. Ajit [indiscernible] who was the General Manager of Australia and he's brought with him his wife [ Dammi ]. So please stand up. Both of you. Give them a special round of applause. Thanks so much for all you've done for the company. . All right. Thank you. Thank you. Now this trend as -- if you're an investor, you're kind of saying, "Great, I'm glad the stock price went up and all but what about the dividends? And the dividends have been pretty good. You have dividends of $1.30 way back in 2011. $1.40, $1.58, $1.85, $2.20, and then it jumps all the way -- I don't want to read them all or recite them all, jumps all the way to last year, it was $8.86 and one of the people who contributed to that is sitting out here in the audience, I want his retirees. He was retired 21 years, my friend, my colleague, and my brother. Mr. [ Anuk Banerji ] stand up and up. Welcome back. Okay. And the good thing about our dividends is we started paying them in 1939. We've paid one every quarter since then, and we have never reduced it. So that's the longest stretch probably the longest stretch of uninterrupted, unreduced dividends in the New York Stock Exchange, which says how strong and capable and resilient our company is. So that's where we've been. Now let's think about where we're going. I said we've advanced. We're advantaged by strategy and structure, and I explained that to you. But it's funny when when you prepare for one of these things you think about it. We obviously don't prepare that much, is that you think that there are many people involved, many constituencies. And one of the constituents is the community. We don't go very far without the support of our community and Kenosha right here is our home. And I'd just like to mention, not ask to stand but mention, some of the community leaders, David Bogala who's like [indiscernible] who was the mayor, Samantha Kirkland, who is the County Executive; Brian Ulbrich, who is the Former President of Gateway Community College, one of our partners. Matt Jansen, the current Vice President of that college. Gina Madriano [indiscernible], who is the Chair of the Board of Trustees of Carthage College. Lynn [indiscernible], who is the President of Parkside College and back in there somewhere is my old friend, community leader and rumored, to be former Green Bay running back Mr. Mahon, everybody knows it. All right. Let's give those people a round of applause. Okay. So that's where we're going. And you can see our first step is we kind of say we have runways. When we look forward, we said we have runways for improvement and runways for growth. So let's talk about the runways for improvement. They're actually offer who we are. Remember, I said we had certain beliefs, and we believed in safety and quality. Well, these are our runways for growth. They are -- we call them Snap-on value creation, processes. We work every day to make our business better. First is safety. The purview of Mr. [indiscernible] down here and safety, look at the record in terms of accidents. Last year, in fact, 98 of our 103 facilities had no lost time accidents. And a Snap-on associate, is 6x less likely to have an accident today than they were 20 years ago, some work of [ Mr. Cologne ] and the teams throughout the organization. So we feel pretty good about that. And sometimes investors will ask me, well, do you talk about safety. Well, the problem is -- we talk about it because it affects us. And we make tools for working men and women. We want them to be safe using our tools. What does it say about us if we can't keep our own people safe. And then you talk about quality. I talked about the idea that 5 do the work of 50, those 5 handles and and 10 sockets were made at the highest quality of steel and it so it remains today. And we measure a lot of things about quality. But one of the things we do is to ask customers, what do you think. And you ask them a bunch of different questions, like what tool is most innovative. What tool has the highest quality, what tool are you proud of stuff? What tool makes you think that it will get the job done and what tools do you want to have? And in each of these cases, Snap-on is above 60% of the people saying that's our name. And #2 is just at 10%, and #2 varies. So we have quality. Let me talk about customer connection. This is an important feature of Snap-on. You see we don't survey customers. We go to the -- and build our tools on that basis. We go to the actual work site, observe the work and then turn that insight into a tool, which will move the world forward by solving a particular problem. We say, some on the video said, we summon the new out of the now and that's out of the now. And that's what it means. We go into [ garage ]. That's now we see a new tool in those insights. We have 85,000 SKUs, and we've built a number of them. But one of the reasons why we're able to do that is we have a lot of places where we see work. We have 3,700 franchisees. We have who call on 1 million technicians. The 3,700 franchisees call on 1 million technicians every week, almost no one else does this. We have a number of direct sales forces. We are in 700,000 garages in the United States and Europe. We have databases of 3 billion repair records and 600 billion repair data points. We call on 3,700 schools -- community schools to equip them with Snap-on product and see how the students use them, making the student Snap-on customers for life and then this very building has had 4,000 customers visit for special interaction. So customer attention is very important to us. And it generates innovation. Innovation is the way in which we take these insights and we develop a product. And this is the -- the people who do this are our engineers. So I've got a bunch of our engineers back here. I'd like to introduce some of them. And each of them has something to do with one of these tools. You see the ratchet -- you see the hand tools up there, the little ratchet, the little ratchet. That's the smallest ratchet on the market, and we have -- we have [ Dave Gross ] in the back, who's one of our manufacturing engineers, came to us from -- he's a [ indiscernible]. He came to us from Southern Illinois. Stayed up, Dave. Okay. Let's give him around of applause. Okay. I'm going to ask the rest of you just to stand and give them applause at the end. Okay, your hands must be getting tired. So right -- keep standing, Dave. And then [ Dave Seversky ] who is a power tool engineer, came to us from Southern Illinois -- not Southern Illinois, Northern Illinois and he helped design this long neck ratchet here. It's 13 inches. It allows you to reach in and get anything you need, get to places where other rachets can't match, can't reach. And it's 30% longer. It's a great seller. Stand up. Just stay, David -- both David stand up. Okay. Now all right. Next to him, I've got from Algona, you see this box out here. This is a 1776 box. We made it just for the semi quincentennial And it was helped -- this young lady help design it and produce it. [ indiscernible ], who has only been with us 3 years. She came to us from the North Dakota -- South Dakota School of Mines in University of Nebraska. Stand up [ indiscernible ], she's up. And then [ James Pango ] who's been with us, by the way, 38 years and he's an electrical engineer and he worked on the new TRITON. And I think on the new Apollo was just launched last night, which is a diagnostic unit. You can see it up here. This is a TRITON unit. Then [ indiscernible ] who is from -- came to us from [ indiscernible] who's from -- who's in our challenger lift facility in Louisville and helped design this this 12,000K -- 12,000 pound lift that's particularly adjustable is brownbreaking on the market. And then finally, Pat Mancini from California who designed -- designed this control tech state-of-the-art torque range for industrial use and Pat is from unbelievably, he's in California, but he's from [indiscernible], he went to Alford and then RIT, I believe. Our engineers, the innovators, give them a round of employ Okay. So our runways for improvement. Snap-on Value Creation. Safety, quality, customer management, innovation and rapid continuous improvement. Rapid continuous improvement is how people get up every day and figure out how to make their job better. You heard a lot about AI. And AI is important, but an equally tremendous force is harnessing the force of your people who know the work and can figure out how to make it simpler and better step by step by step by step by step. We have RCI coordinators in every place -- we have an RCI conference where we celebrate the best RCI events in the world in our world and the winner gets $15,000, traveling token and $15,000 for a party in its own facility. And you can see the results of this. You see the numbers for OI, the OI margin that I just talked about. And what this adds up to since 2005 is 1,560 basis points of improvement. This is 80 basis points per year. Anybody who's in business and here's that number, knows it is a wow -- is a wow. This is a place where people kill for 10 basis points. And so rapid continuous improvement. It's -- so that's -- those are our run rates for growth, safety, quality, customer connection, innovation and rapid tines improvement, and they drive our way forward. We don't go anywhere unless we keep improving. Mr. Jack Michaels taught us this. And then, though, we -- when we step back and we think about growth -- you have to think of it in this way. And I think this is important to share with all of you because it was a watershed event in the United States -- in our business. We looked at our business and we were saying, we're a great business. We make wrenches. We sell them through franchise vans, to automotive technicians. And we did, and we did it great. No one did it better. But it was a narrow description of what we really do. What we really do is what I told you just a minute ago, we get in a workplace. We observe the work. We figure out what are the stickiest and most difficult tasks. We summon the new out of that now, to provide a new product. So Snap-on is a company that observes work and takes those observations and creates it to make it easier, and you can make it easier, not necessarily just with a wrench but you can make it with a piece of software or a number of other things. And you don't have to sell it through the vans. -- although the vans do a great job, we can sell it other ways because other people buy from other types of distribution. And then finally, we don't have to sell the auto mechanics. We sell it to anybody, anybody who works on critical tasks because Snap-on like all the way back to the greenfield, a Snap-on tools like a jewel. And so people who are doing something where the penalty for failure is high, want a Snap-on level tool. And so that's what we focus on. Now as we look forward, there's one other thing in our way. There's a couple of other things in our way, headwinds. Okay. Everybody talks about headwinds, but there's a lot of uncertainty out there shouldn't there be. We have things like people talking about Greenland. We have problems with China. I think the relationship with China has never been worse. We have a war in Iran or some kind of action in Iran, we have a war in the Ukraine. We have tariffs. We have government shutdowns. And I'm not playing -- this is not a political statement. I'm not commenting on what -- but these things, if you think about it, create a fog of uncertainty, just tariffs. You look at tariffs. I mean tariffs, you can have a different opinion about tariffs, okay. But what you can't have, what you probably don't have if you were in our place and say, wait a minute, what tariffs are we going to use? Tariffs from April. China is 150%, 170% in April. Tariffs from a later on in July 55%, later on 45%, you can see the same thing in Taiwan, and the thing is written across all the tariffs. So one of the things that creates headwinds, and I am not -- it's way up my pay grade to say whether this is a good thing or a bad thing in terms of national policy, but it doesn't help business. You can't plan anything. And so that's another headwind we have. So I think we have some things, though, that will offset the headwinds. I believe. Go ahead. We call them points of light. How do you like to know this new coloration. We have a bunch of different colors that come out of our new building out here. I think one of the few people to build a building in the boundaries of the city here in a while because we're -- Kenosha is the wellspring of our past, and we're going to be here, we think, for another 105 years. So we want to build here. So go ahead. This points of light. This is the box. We introduced [indiscernible], and she was one of the people who worked on this box. And you can see it up here. You can see the outline of the American flag and then the top part, the iconic events like the iconic American scenes, like the Statue of Liberty and the raising of the flag at [indiscernible] and Mount Rushmore and the landing on the moon. And took a lot of effort to create the stars, we had to cut out the stars and have the white background in there and make sure they got painted white and we built these and everybody loved them. But -- we didn't sell that many. You know how many we sold 1,776. We built 1,776 of the boxes. So I think everybody -- the franchisees talk about, I got one of the boxes. It's one of our points of light. It helped us grow in the situation. Now here, we got another one and you look at the power tools. And I'm going to talk about Verizon, the Triton. The Triton is a handheld diagnostic. Now a lot of people here who i suppose don't know what a handheld diagnostic. But what it is, is it's a laptop for a car. You go in and you contact the car. By the way, this does it wirelessly. You contact the car, reads the code. It says the car says this, I'm sick because of this. But that isn't definitive. There are a lot of possibilities, and this will put you in touch with one of our proprietary databases of 3 billion records and allow you to diagnose the car with great speed. No one else has this database. No one. Ford and General Motors and [indiscernible] are blind to it, because it happens -- the warranty. So it's a great advantage for us. It's one of the great things, Snap-on Wheels and it will be especially more powerful now that AI is becoming more provident and can bring more patterns out of such data. And then finally, we have the Nanopower tool. And Nanopower tools. It's a small tool. It fits in your pocket and everybody loves it because there's a lot of work under the dash or in different places that don't take a lot of power, but you need to get in there. Today's cars, geometry and access is a big factor. And these things, our Nanos have been a point of light. We also have -- go ahead. I want to talk for a moment about this box, 1,776 of them. You know that this is the Semiquincentennial of America. I remember the Bisesquicentennial. So I'm kind of bumped out about this a little bit, but I'll be celebrating at all. And it's worthwhile thinking about America. How is it we are, where we are? Well, one of the reasons is from all through America, all through our history, men and women have been willing to leave their homes and go into harm's way for the good of our nation. This happened in the sows of Valley Forge, the [indiscernible] of New Orleans, the fields of Gettysburg the Hill at San Juan, the forest at Arden beaches at Normandy, the clips of Sipan, the [indiscernible] slopes of [indiscernible] the Black Virgin Mountain, the ridge at [indiscernible] and places all around Canada, and it continues today, people leaving their homes and willing to sacrifice for us, if nothing else just to put their lives on hold. It's one of the very core of America. And Snap-on people have been central to this in many different ways, not always to leave their home, but to work on behalf of the nation and one of our great [indiscernible] out here in the in the garage is a -- not in a garage in the museum -- is a telegram. And the telegram is addressed to the people of Snap-on tools. And it says, it's dated November 25, 1942. And it says, "Thank God for the people of industry, labor and management in America that have given us the supplies we need to pursue this Noble campaign. Thank you all and God bless. And it's from Allied headquarters, in Europe, and it signed [indiscernible], Dwight D. Lieutenant General commanding. This is [indiscernible] we treasure because it shows how important Snap-on was and how all the people who work here went went to bat for America working on working for our country. That's particularly meaningful in [indiscernible]. There's another story I want to tell you about Warner [indiscernible] he's passed away. But this was an American. He worked for Snap-on for 44 years in our press shop. And this guy leaves here, trains with the tenth Mountain division, fights in a famous and bloody battle in Italy called River Ridge. He tells me that he carried a 50-caliber machine gun up the river edge and used it, and they won that battle, which was pivotal in our taking of Italy. And he went on to other battles throughout the war. Then in the full -- and by the way, anybody has been the army and after the 50-caliber machine knows it ain't so easy lift. Anyway, this guy did all this, and he comes back. He's about to come home. So he comes on a boat, he gets to New York City. He gets on a train. The train takes -- a couple of changes to Kenosha, he gets off the train. This is, he's describing. Gets off the train and his father, only his fathered. They shake hands. He goes home, his mother makes him in his own words, his favorite dish [indiscernible] and meat balls. And so after fighting all these battles, coming over on a boat, getting on a train coming here, going home and having [indiscernible], the next day got up and came to work at Snap-on. This was an American. And we have other people here who have sacrificed for us in the military. So I'd like to ask some of them to stand. Save your applause and first, we have Rich Boucher, who's back here and he was with us 26 years, a machinist and he was the army, the Vietnam, and he's very active in supporting Vietnam veterans. I think when they come back, and then we have Jim Singer, who's here with -- and he's with his wife, Roseanne, who everybody knows because she used to work here. And then we have Dave Singer, who is here with his wife, Susan, and he was in the army, and I believe he was a member of the story, the Big Red One, the first [indiscernible] Division. We have Peter Steve, who worked for us for 38 years, was [indiscernible] and he's here with his wife, Carol. He was in the Army during Vietnam. And then Vietnam era Navy Vectren, Mr. James Gamble, who's here with his wife with Stella and his daughter Kunita. He was a single man in the Navy, leaving in their homes, going into harm away and sacrifice for America, these are Americans, give them a round of applause. Okay. Let's go ahead. All right. So we have some things in our favor though. I said that we're going forward and there's a lot of headwinds, but we have our principal value creating mechanism which is pretty strong. I described it to you already, and it's simply customer connection, go into the garage seeing what works what's needed, what tools can move the world forward and turning those insights into an actual tool. By the way, this principal value-creating mechanism doesn't tie us to any industry, any distribution any technology. It works for all of that. It's why Snap-on has such a great future. So okay, the other thing we have, as I told you about advantage by strategy and structure is our factories. Our factories are terrific places -- and we have 36 of them, 36 factories and 15 right here in the United States. So these things allow us to pursue our 4 runways for growth. Enhance the van channel. The vans we have the franchise vans channel, we want to enhance it. We want to expand and they sell just to technicians. We want to expand to repair shop owners and managers. They are people who like Snap-on and stand right next to the technicians, but they buy differently through direct and through distributors, extend to critical industries, role as Snap-on brand out of the garage where people want the effect of Snap-on tools in places like aerospace and the military and mining and oil and gas in education. And then build in emerging markets because no matter how our situation is with some of the emerging markets now, there are opportunities for us going forward. So let's talk about enhanced van channel. Enhancing the van channel takes making sure that you have great franchisees and leveraging their capability. And I've asked several of our franchisees to come here today. I want to introduce them to you so you can recognize them. When you see them afterwards. Mr. [ Lyle Yannis ], right? From Estevan, Saskatchewan, stand up. Can you move to the left a little bit, let them be seen here. I think he's been with us 8 years. Next to him, somebody has been with us 26 years, Mr. Paul the #1 franchisee in the United States -- you're standing. And then we have from Water Lou, Iowa, was 6 years with us Helen Woods, who is a video star for us since she was one of them. And then I have a retired franchise here, Mr. Brian Neil, who was with us who had a route in [indiscernible], Iowa and [indiscernible], Illinois actually. And the reason why I've asked him to comments he worked for us, he was a franchisee for 38 years. But more than that, he had one of the great quotes that we ever heard out of the franchise system. We had him on camera and he said, "I feel like I shape lives. I change lives every day, wouldn't you want to be in a company that was able to give somebody something that was their most prized possession. And so it is. He's here with his wife Natalie. Let's give them all a round of applause. Brian, thank you. All right. Thank you. Thank you. So enhance the van channel, expand with repair shop owners and managers. This is basically taking what was our inherent understanding about order repair. And you have like -- there are 600 people in building, 300 fancy themselves the auto repair people and you take that and you move it to help the shop owners and managers. Part of that help is from things like the diagnostic unit that allows repairs to go much faster. And that business run by Mr. Tom Ward, and Mr. John Wolf has done pretty well for us. And then extend to critical industries. A lot of people didn't think this was likely, but extended critical industries is just rolling a Snap-on brand out of the garage. To me, people who actually want our tools. I once met an an airline mechanic. He said to me, "I love Snap-on tools, but I can't buy them. There's nobody that calls on us. I feel like the only way to get Snap-on on tool is to throw myself in front of a Snap-on truck, and then they'll be able to now we call a people directly. A lot of them direct and people like Boeing and the other places. And we're in the F-35 jet. The building and the maintenancing of the F-35 jet, the ARTEMIS II use Snap-on tools to build it. These are places where the penalty for failure is high and the need for Snap-on product is necessary is really wanted, and we extend to critical industry to do that. And then build in emerging markets. We have about 1,000 people in emerging or 1,500 people in emerging markets, Mr. [ James Zong ] in charge of a big piece of it in Asia Pacific. And we have 5 factories there. And we don't have them to support the United States. We have them to take the advantage of all the billions and billions of people who want to buy our products. And that's -- so our runways for growth, enhance the van channel, build and enhance van channel, expand with repair sooner and managers, extending the critical industries to build in emerging markets. And you could say, okay, in the future, how do things look -- they look good or bad. Well, we think we have a lot of strengths, but the markets we play in, particularly the auto repair market looks pretty good. Look at this data. If you look at cars. I think you're going to need more repairs well cars are getting older every year, now 12.8 years old, to just keep getting older every year, it's the math. And so therefore, there's more business for us. And the car park keeps getting larger in the United States. It's now up to 290 million cars, which means there's almost 1 car for every man women and child in the United States. This is a great market. And the other thing about it is, it is a place where the cars keep getting more complex. To repair a car today, you feel like you need a PhD in electronics and mechanical engineering combined. Because it's a very difficult thing. Here's a fact, interesting fact. You know many doctors that are in the United States, 1 million. Do you know how many car mechanics there are 1 million. So a doctor is no more rare than a car mechanic. So people need car mechanics. And we see this. We see the aging of the car park and the rising complexity because as the cars get more complex and the mechanics need more help, we can put them right on target with products like our Nano and our Triton and the new Apollo that we launched last night. And so you can look at Bureau of Labor Data. And the Bureau of Labor Data just simply says the number of technicians is growing. The number of hours are working is growing. Their wages is growing very fast. And -- the amount of money Americans are spending merit household spends and car repair have grown high single digits. This is a good market, and we plan to take advantage. This is one of the reasons why you should be confident, why we proceed with comments even though this has been a challenging year and the challenges remain, we proceed with confidence. But let's look at -- oh, I want to say something about this logo here. 105 plus logo, why we have 100-plus logo because we decided we're 106 years old, don't want to start talking about 106. So we're greater than 105. That's the idea. We're going to keep the -- saves us marketing -- running to keep changing. But then you looked at, okay, that was the last year, old news, as Aldo would say, old news, Jethro he'd call me Jethro, living in the past. Those of you that's an in joke for most people here. okay? But I remember that album. All right. So our numbers in Q1 were like this, they're pretty good, $1.207 billion, up 5.8% in sales, up 5.8% and as reported. And then if you take out currency, which is a financial contract, 3.4% growth, which is, I think, fairly good, and the $1.207 billion was the highest first quarter ever for Snap-on and the second highest of all quarters ever, which means we did pretty well in a difficult environment. And the OI margin, the gross margins, which are an indication of how bad material pricing and tariffs are hitting you and it held up pretty well, 15.4%, down 30 basis points. but that was mostly due to currency. The currency didn't change. That would have been rock solid. It's quite a feat when the world is spinning all around you with tariffs and increases. And then the OI margin, 20.8% versus 22.1% versus 22.7% last year, down 60 basis points, but again, it's currency and spending on things like AI -- but it was a good quarter. The Street was pleased and so were we. Now remember, I always say we look at these things, and we were proud of them, but we are unsatisfied. We're proud of these results. They're terrific. It shows how strong and resilient your company is in the storm, but we always think we could do better and we will. So that's my story. It's sort of like this is that these are challenging times, and your company is still strong and resilient and powerful -- and we are proud of our results, but we're unsatisfied. But when we look forward, we see the opportunities in our markets and other things we have. So we are proceeding with confidence -- and the principal reason why we proceed with confidence is we know of our strengths in product. Snap-on products really do make work easier. They really are the basis of summing the new out of the now. They do make work easier and they move the world forward and everybody knows it. And motor magazine and professional tools and equipment news with their innovation awards and professional tools and equipment news and our People's Choice Awards, say it so. Snap-on brand, is our tools are enabling. Snap-on brand is defining. We really are the outward sign of pride and dignity that working men and women taking their professions and tattoos and toddlers and tombstones say it's so every day. And then we do have differentiating of people. That was the big -- one of the big purposes of this, to convince you of that and show you that we do have people, capable, energetic, committed, battle tested, not accepting less than strength. And you saw it in the longevity from 45 years to 52 years. We saw in our retirees, we're proud to be with us here. You saw it in the tie to the founders. You saw it in the innovation people, the engineers who delivered all this. You see it in the franchisees who are enlisted in our company, all of those say it so. So I hope that when you heard this, you have a couple of more things to say, but I hope you hear this. You leave here convinced that this company is special, that we really do have strength in the fog. And this company is worthy and it justifies the commitment and energy and capability that you enlist in it's success. And that's true because the final message of today is this is a strong company with an extraordinary past an exciting now and a promising future and all of you make the way. Now we'll take some questions. Okay. Questions from the audience.

I think we have our first one right here in the center.

Nick, Stephen [indiscernible] with Legal. I'm wondering with all the tariffs and the...

Are you also a parliamentarian.

Not today. No.

Can you tell me what Rich Miller does?

A lot. Everything.

This is the section of the presentation where you're supposed to tell the truth. Okay. Go ahead.

So with all the tariffs and the ongoing conflict with Iran, I'm wondering what are the company's key priorities to maintain growth and profitability going forward?

That's a pretty big question. Our key priorities are just what I showed you is we want to nurture our Snap-on -- first of all, we want to nurture our Snap-on value creation process. Keep working on safety, quality, customer management and innovation and rapid continuous improvement, because this creates the substrate on which we leap forward. And then you could even add AI fits in this. Everybody is worried about AI. Well, okay. But we have a strategy around AI. We reviewed it with the Board yesterday, but it is just part of that value creation. We engage our people to create the way. We're going to keep doing that. So that will give us a great substrate. Then we have great opportunities in repairs in the vans because the -- just as I said here, vehicle repair just gets more complex. We can sell more product because it's harder for the mechanic to do it based on the [indiscernible] or pants. Although I understand somebody tried to fix one of the Board members cars just by getting a description of the noise in the car last night. But I don't think it generally cuts it today. We're going to try to expand with repair shop owners and managers. And all that means is getting more product to sell to them because they love Snap-on product. We just don't have enough of it. We haven't been building that product line as long as the ones we built for the technicians. But we're doing things like expanding in diagnostics and equipment and software, both software and hardware. Then we're going to extend the critical industries because this is our biggest opportunity because we haven't really penetrated this. And those people love our product. So right back here, why did we add this building to give us more capacity to access the Boeings of the world and the Space Xs and just the places that are building, even general factories, so access aerospace and the military and mining and oil and gas and natural resources and general industry and heavy-duty equipment. And then finally, we don't want to forget about emerging markets. They're a little off the bubble now, but we like to be everywhere. You saw in the beginning where we said we had the Snap-on nation from cities all over this country and from countries all over the world, we want to keep that strength up. So that's what we're going to do. Okay. Next.

Nick, right over here.

Kathy Parker from the Tools Group. You've been a strong advocate for up-selling the American workforce. I'm curious to know how you think AI might impact the skilled workers in our customer base?

It's going to be an impact, but look, I think people adjust. Our view is AI is enabler, armed with AI, our capable people, our differentiating team will become more powerful, generate more products. So one of the things about our company is we don't make a lot of common products. We go into the shop. We observed the work. It's a smaller group of people, smaller tasks we're trying to fix and we build a product for that. And that's pretty costly when you do it in low volume. And so AI will allow that cost to go down. But it also will enable us to do more of that. The real value of AI is to develop stronger products not to do things more efficiently, although doing it more efficiently is something to do that. I think -- look, and the other thing, if you look at our customer base, the economists, I'm going to say this later, the economist said that the people who work, mechanics are among the most AI proof of professions, and I believe that to be true. Next?

We got one over here.

Yes. Nick, Steve Bartels, retiree.

Steve Bartles? Okay. Did you work here?

I did for a few years.

I see -- very few. Okay. If you count only working years. Okay. Go ahead, Steve.

The Tools Group had a great start to the year and a strong first quarter. I was wondering what you're going to do to keep that momentum going?

Well, one of the reasons why we had a good start. I mean there are a lot of reasons, our franchisees and so on. But the technicians today because of what I talked about, all those headwinds and tariffs and other things, or the wars, it's pretty uncertain. If you think about it, we haven't been in such an uncertain time in a long period. And so what we know is the technicians, the everyday people, the grassroots people. They still have work. The technicians that I showed you, the technicians their wages are going up, the hours are going up, everything is going up. So they're cash rich, but they're somewhat confidence poor. So they're not investing in as many boxes as we used to sell because they -- it requires that box is pretty expensive. It requires them to pay it off for an extended period of time. We're able to help them with our credit company, but they still have to -- they're still tied to a payment for a long period. They are less likely to do that. So if you're Snap-on, we have 85,000 SKU product line, 40,000 for the Tools Group, you just shift to try to build more of those quick payback items to take advantage of their preferences, and that's what worked in the first quarter. We're going to keep doing it. And what I mean by that, fewer boxes, more power tools and hand tools. All right. Anything else?

One more right over here, Nick.

Nick Chris Mason with IT here. You talked about rolling the brand out of the garage. Do you see any opportunities in the data center boom?

Actually. We just did a deal for doing data centers to help construct it. I'm not sure what will happen when the data centers are running, we'll have to see that. But the construction is going to give us some pretty big opportunities because, a lot of it has to do with the construction and isn't all bytes and bits. There's a lot of mechanicals and holding some of the items to cooling the space, and we have opportunities to address all of that. We've got air conditioning units that do this. We have torque product that will allow them to build the racks that are necessary to hold the data, the data devices. So we see that as being pretty good for us. Any other questions? That's it. Okay. Look bear with me one more minute. I like -- when I stand here, thinking about it, I guess, I could say we've done what we said we would do. We have spoken of the unique and the special. We have spoken of a company and its people, essential to the serious and respected by the world. We are a company that is the bringers of prosperity. We are the bearers of pride and dignity, and we are the shapers of lives. And we spoke about that all here today. And we spoke about the resilience and the capability of the company going forward. And this is -- I've been in big companies and great companies, but this is a special one. It is unique and special. And one of the things I want you to realize when you go here, it is all of us who do this. You see, Snap-on cannot do what it does. It cannot proceed with confidence if it -- it doesn't have the confidence of our investors. We can't go forward if we don't have the conviction of our franchisees, the commitment of our associates, the faith of our customers, the support of our communities. And of course, we wouldn't be where we are if we didn't have the legacy of our retirees. To the extent we strive to go forward, we stand on your shoulders. And it's true. See, these are interesting times. I mean whatever side of the political spectrum you are, you've got to recognize, I think you'd have to recognize that things are going like this. Every day you get up, and you can read something new now. I'm not making any comment on a political basis, I'm simply saying this does create a kind of version of difficulties. So as you move forward, it's a challenging time. Our technicians are uncertain. But you see the clouds we see, the threats we meet, the wars we wage, the fears we hold they are formidable and they create a fog when we look forward, ask yourself that that's not true. It is true. But shining through that fog shining through that fog are the resilience and the power and the importance of work, and we are the people of work, and say, okay, it's just a -- it's mechanics and other things. But if you think about what I said, about makers and fixers historians have held that America and any other society that goes forward does so because they have people who can accomplish things. Can make and fix things. America was ascended because it is, and you don't have to have any greater evidence than to look at the telegram. In the -- and we see them. You see America won World War II because we had great leaders and brave people like our heroes that we talked about here. But most people recognize this, they also were aided by the people in the factories, the people in the laboratories who created the industrial substrate, that in World War II allowed us to win the one war we could not afford to lose. And okay, you can say that's ancient history. But recently, in the pandemic, we saw that, well, 1/3 of America was sheltering in place, the people of work were at their posts ensuring and keep ensuring that life went on and that society would not disintegrate. And we were all witnesses. And you know it's true. And Snap-on as a company, and all of us are people who, one way or another are involved in that work which does by virtual resilience and [indiscernible] being essential, shines through that. Just that's the story about the economist saying that, boy, the professions that are immune from disintermediation from AI are the professions of work. I believe it's true. And Snap-on is a part of that. and dedicated to it. You can hear it in the video in terms of people and the litany of work. We speak now as a unique and special, we speak of a company and its people, essential to the serious and respected by the world. We are Snap-on, and we are those people. We are Snap-on, and we are in progress. We are pride, we are prosperity, and we shape lives. And we have for 105 years, we are Snap-on, and we make a difference now, now, now, now, now and for many years to come. Why is it we have resilience, why is it we're confident going forward because of that? Because we know that without what we do, vehicles don't roll, cities don't rise, lights don't shine, planes don't fly, dreams aren't made. And yes, in this [indiscernible] doesn't rain and all of that is created by you. I hope that's the message you take here that you're all involved in this. For us, I just want to end by saying for all the -- we talked about the history. You saw those trends. And people in this audience has their fingerprints all over these trends. And they had -- we think the first quarter of this year was a success. And we thought last year was success in the turbulence. And for the progress you have created, all of you have created in this most challenging of times, you have my congratulations. For the capability and energy and special understanding and commitment, you bring to our company every day, you have my admiration. And for allowing me to visit personal and for allowing me to be among you, people are respect, people that I can depend on and people that I can count on as friends, this allows me to shape my life and fulfill my dream for that and for many other things, I thank you all, see you back next year.