“So the answer is certainly we can strive for more than $4 billion on an ongoing basis.”

In context

“. We will have a couple of one-timers in the second part of the year and that is really what drives the $3.5 billion. But both last year where we had to pay some taxes related to coffee, and this year where we have a potential one-timer that we will be paying most likely off in August, I would say, if you strip those out that are clearly one-time impacts, I mean, our cash flow is running at $4 billion plus. So we feel quite good about it. Cash conversion cycle continues to be top notch. We continue to improve days outstanding and one of the reasons why we believe SAP and o9, which is the other platform around supply and demand planning that we are implementing with this ERP program is going to be beneficial to us is around inventory, which is an area that has material opportunities in it. So the answer is certainly we can strive for more than $4 billion on an ongoing basis. Alexia Howard: Great. Thank you very much. I'll pass it on. Luca Zaramella: Thank you, Alexia. Operator: We'll take our next question from Michael Lavery of Piper Sandler. Michael Lavery: Thank you. Good evening. I just wanted to come back to cocoa for a second. That slide you laid out is really helpful at the end of the presentation. I was wondering if you could give us a sense of how much you might be placing a bet on prices rolling over in September. Put a little differently, have you been securing for ‘25 kind of as normal, which I would roughly maybe put you at about half or a little bit more covered at this time of year? Or are you trying to position for a move that you see it sounds like you might expect to come a little bit later in the year? Luca Zaramella: Yes, look, we believe”