“We plan to be at like 2.5 times debt, which is quite good.”

In context

“m Bryan Spillane with Bank of America. Your line is open. Bryan Spillane: Hey, thanks, operator. Good afternoon, guys. Dirk Van de Put: Hi, Brian. Luca Zaramella: Hi, Brian. Bryan Spillane: Hey, I got two questions, one on the net interest guidance and the second one on Clif. So maybe first one for you, Luca. Net interest expense guidance came down again I think by about $20 million versus where we were coming out of 1Q. And I just want to make sure, I think you paid off a $750 million term loan with the KDP proceeds. So is this just simply a function of half a year interest savings on paying the term loan off? Or is there anything else that drove the lower net interest expense? Luca Zaramella: No, that is it. It is debt coming down. You're going to see a good leverage as we end the year. We plan to be at like 2.5 times debt, which is quite good. And yes, it is as simple as us paying down the term loan. Bryan Spillane: Okay. Thanks. And then, Dirk, in your prepared comments, you talked about Clif pretty encouragingly, right, in terms of the margins approaching, I guess, the segment level and then there's more synergy. And then it sounds like you're also expanding on revenue. So can you just maybe give us a little bit of a progress report on kind of where you stand with Clif today relative to where it was when you acquired it? Is your integration and is the acquisition model kind of running ahead of expectations? And just how we should think about maybe how impactful Clif might be as we look forward? Dirk Van de Put: Yes. So we've seen in the first half, very strong double-digit revenue growth. And the margins, the OI margin versus”