Name: Tariff Changes: Actionable Tax & Supply Chain Strategies
Uploaded: 2025-05-28T14:01:11.299Z
Duration: 42 min 5 s
Description: Tariff Changes: Actionable Tax & Supply Chain Strategies

Transcript for "Tariff Changes: Actionable Tax & Supply Chain Strategies": So hello, everybody, and thank you, for joining us today. We have a really exciting, session for you today, because not only are we going to give you a lot of content and be able to share a lot of that, but we have at the end a wonderful surprise for you. So I'm joined today by, my esteemed colleagues from KPMG. You will see that they have a Coupa background in their in their video streams, but they are actually from KPMG. So Johan Smits is a partner for EMEA in supply chain and procurement, and we've come a long way already, Johan. Matthew Baur, thank you very much for also joining as our US Trade And Customs Specialist based in Belgium. Very, very happy to have you with me today. So we are going to cover the following agenda today, quickly going to take you through that. We're going to kick it off with a rather brief group discussion because we have a lot of meat that we want to share with you afterwards. So we're gonna have a very quick discussion, and then Matthew is going to take us through that second bullet point. We are going to talk about the tax implications of the tariff changes in financial planning and reporting. Johan is going to follow that up by talking to us about what actionable steps, practical actionable steps companies can take to adapt their supply chains in order to cater for all these tax implications of these new tariffs. And then I will explain to you briefly how companies are using technology and, specifically, our solution as well as others in order to adapt their supply chains to these uncertainties. And then I'm also going to take you through our tariff planning app and show you a demo thereof. We're gonna end with the discussion, answer any questions that have come through in the chat, and then we are going to present to you a very special offer. So with that, let's kick off and let's just set a little bit of the background and the scene on talking about what we are seeing happening today. So with all the uncertainty that we are facing with all the tariff changes and the potential ones, because we are at the moment a little bit in hiatus and waiting for the final announcements from, The US. Companies are seeing that they have to adapt their accounting practices and their cost accounting methods. We also see that companies are saying that they need to factor in these potential tariff changes when they review their forecast for their revenue, their operations, their costs, as well as, of course, the tax liabilities. And companies really need to proactively assess and adapt their supply chain to cater for all these these uncertainties. So it's about setting up a playbook ahead of time, understanding what the potential alternative scenarios are, but then also being able to operationalize that and making changes to the supply chain to influence that as well as to affect the threat tax strategies. So I wonder, if I can hand over to you, Johan Smits, and ask you what is your experience of what organizations are doing today? We have already seen that companies like Lindt and Springly have taken a decision to move the export from The US to Canada. Now they are going to do it from Europe. We're seeing other organizations, that are not making any decisions because they are too uncertain. What is your experience? Yeah. Good afternoon, everybody. My name is Johan Smits. Thanks, Christine, for the intro and and your question. Generally, what you see in the past few months is that in the boards of many companies, the the the the relative period of stability is suddenly changed to, turbulent, a lot of turbulent. And it it looks like after the period of corona, COVID, every chief supply chain or chief executive officer knows he had the chief supply chain and and the ones needed to show up in the board to make all the trade off decisions in in the COVID period. And now they're back in the board, but they're accompanied by their customs managers. So also in many companies, you see that there's a full understanding that their customs people in the company will really understand on the lowest level of detail how to get product in countries and what is the material impact of that in terms of tax and systems declarations. So that's happening a lot. Then, generally, approaching the elections and, Liberation Day announced by president Trump, you could see that there were companies who prepared for this, but they were guessing. Nobody at the crystal ball of them were guessing what was going to happen and what mitigation actions they could take. But very quickly, that was one off, mainly led by tax teams. And what you see here in the picture as well is that very quickly we realized, and everybody realized, it is not just a tax discussion. So you should have the commercial teams in place as well to look to the impact on losing market share, gaining market share, the right pricing, price points to sustain profitability. Even if you look at the product portfolio, you see that a lot. And then, of course, the supply chain teams who are not only delivering the product from a business point of view, but have to simulate, the impact of alternative good flow next to the the changes to the tax flow. So, generally, those teams need to sit together now and develop well prepared sets of scenarios at board level that they can present in a more repetitive way whenever there's a new trade regulation coming or, for instance, when you have to mitigate the, the risk of China now dumping product in Europe. Yeah. That has another impact for companies on the cost base and the input cost base and their and, finally, their competitiveness. So, yeah, that is what what we learned. And and what you will see also today in the remaining of our presentation for this webinar is that I strongly believe that we move from a one off to a permanent capability. And if it didn't, existing companies to build it, including the technology to support these kind of decision making and trade offs. Thank you. But then From a tech's point of view, of course, my colleague, Matthew. Matthew, how do you see this? Yeah. And and thanks for having us, Coupa Software team. Excited to be here. Yeah. Similar to what Johan was saying, it it's kind of, you know, integrating that customs team into your broader business and organization to ensure that, you know, as you make business decisions, the custom side is also thought of. So as, you know, instances like, you know, the increase in tariffs, become a part of your your business actions. And, with that, I can start diving into specific, customs and how customs fit in fits into the whole supply chain management and, that part of it. One more slide. Perfect. So looking at it kind of from a, kind of framework, and and my colleague, Johan, will kind of dive, further on in this presentation around using this framework from a a broader perspective. And I'll just kind of, drill specifically into the, trade and customs acts aspect of it and the the mitigation of duties. So on the left side, you see triggers and there's a long list of triggers, but as I mentioned, we'll focus specifically on on the trade policy aspect. So the trigger that I will talk about today is, you know, both The US imposition of tariffs and then retaliatory tariffs from, whether, thought about tariffs from the EU, paused tariffs from China, and then implemented tariffs like Canada. So, you know, we have this trigger and this trigger that's impacting your business. So then moving into how does this, trigger impact your business? So in the next, lighter blue section, business implications. So what is what is, impacting the business? It's, you know, tariffs are impacting the commodities and commodity codes, and increasing your duty liability, and, impact. So once you've kind of started understanding how this particular trigger has impacted the supply chain, we move into calculating it. So whether it's, using a tariff modeler to, assess the actual duty impact from a monetary perspective and understand what commodities might have the highest, risk of tariff increase or certain countries of origin that might have the highest tariff, increase. And then moving from there, you know, taking it from your perspective of your business and your business capabilities, what's the best way for your company to react to these tariffs? So starting to understand what strategies, not only are out there and what could be taken advantage of or what what, specific strategies your your own business, has the ability to implement. And now moving, to the lightest blue category on the far right side. Oh, back one slide really quick. Perfect. You see a long list of of potential strategies. And like Johan mentioned before, it's about, finding a set of strategies. Not only trade and customs is the only way to tackle a strategy or, to, help mitigate duties, but it's a whole list of different strategies and working together both in the short term, near term, to the long term that will help you address both, immediate tariff mitigation and long term, supply chain compliance or resiliency. So now we'll hop to the next slide and and dive into some of these specific, customs related strategies that can help to, mitigate duties. And so, kinda like I mentioned before, it's both from the perspective of what your business, has at its fingertips that it can implement and then starting to think of what can we implement now, short term and long term. So I like to bucket, some of these, tariff mitigation strategies into three groups. The first being country of origin. So understanding from a US customs perspective, what country of origin is associated with your products. And by assessing and looking at your supply chain and the different operations that occur in your supply chain, how might you be able to, move, an operation to potentially claim under US, country of origin regulation, a new country of origin. And what that would do for you is, let's say the country of origin was originally China and before the pause with very high tariffs, close to a 40%, if you're able to assess your supply chain and move one of those operations, there's a chance that you might be able to declare a new country of origin and therefore, potentially a different, tariff, increased tariff rate. Second is, tariff classification. So looking at the commodity code assigned to your commodity, and assessing both the finished good and components that go into your good. And by assessing this tariff classification, again under US classification rules, there's a chance that you might be able to assign a new classification and potentially take advantage of, of of more favorable tariff, classification when it comes to your duty rate. And lastly is, US customs valuation. So US customs valuation and EU customs customs valuation, while similar, does have some differences. So by assessing, what valuation you're using for your commodity as it's entered in The US, there's a chance that you might be able to unbundle some, value elements from your, total valuation to hopefully decrease the valuation and therefore have a lower, duty liability, from entering your good at a lower valuation. All of which takes some analysis, but has the potential of of saving some duties. And I'll briefly touch, there's a few, programs in The US that you can take advantage of like First Sale for Export, Foreign Trade Zones, and Duty Drawback. So now we're moving from kind of the short term into the long term. And and, Christine, if you could, go to the next slide. We can kind of put this in context of creating a tariff strategy road map. So kind of what I mentioned in the now terms, how can we mitigate duties? So looking at valuation of high risk products or the country of origin of high risk products, and start analyzing, you know, have we done this accurately in terms of The US context, or looking at opportunities to maybe claim a new country of origin. And as you move into the near term, start thinking about, you know, can we change operations or source from a different supplier to maybe take advantage of a a free trade agreement, or the USMCA and ensure that solicitation is oh, I've lost some light here. Apologies. And then start thinking of, you know, the long term. You know, start thinking about, systems and technology or trade automation to start analyzing your duty mitigation and strategizing in the long term in the case of any particular disruption. So your your business is more agile, if, you know, some duty disruption is to occur like it is right now. And with that, I'll pass it on to Johan Smits to start talking about, you know, the broader supply chain considerations and how to leverage technology. Thank you, Matthew. So what we now have heard is, let's say, from a tax point of view, what are the options and what is the optionality to, plan smarter your business and to make smarter decisions, where to take the price and where to, let the profit resonate in your p and l. What is important is, of course, that some of the options that Matthew mentioned have a good flow, material flow, impact, and and a pricing impact in the end because you need to take the consequences of that into your decision making. And what what we've seen is that in the past, discussions that it's quite a puzzle, because, in per sector, it can be different than for for the fashion and fashion retailers who source solely from China, Asia. You you take different considerations than when you're in the car manufacturing business or in the business of premium premium product and high value brands like luxury. So that that is also why, basically, we set out finally, there are a number of options out of the options mentioned by Matthew that have a logistical or production impact, and you need to plot them. And if you plot the options, there's several considerations. And clearly, the balance then is do we have, let's say, no regret type of decisions where there's no additional CapEx involvement or working capital impact and you can sustain your profitability? Are there more tactical decisions we can take? And likewise, a lot of companies ahead of the Liberation Day, they increase their DOH standard days of stock outstanding in The US waiting for the decision, but at least to make sure the product was in the country, so that there's more in the tactical frame to sustain profitability. But you do it at a higher cost because you carry longer the inventory cost. In the in the reserve right to play section, you see examples where and if you have to look for alternative warehousing, alternative logistic route, and it requires investment or swapping of suppliers or locations, then you lose some profitability because it is at a higher cost, but you can still sustain your market share. The real tough decisions are in the irreversible zone, and typically, that is where companies are exposed to, the The us to start producing really in in The US in this case or later in response to what is going to happen in China, Europe. We also need to take those considerations into account to go to near shoring. But my conviction there is, well, that, today, we have to wait how the customer sentiment is picking up, all the threat impact, the tariff impacts in The US, And for these kind of long term decisions to basically decommission production facilities in Europe or Asia and produce in The US, you need long term projection what what the what the economy is going to do. And so there's a full set of options that we, help clients to plot and have the right discussions, and assess them and what is business risk, what's the impact on the organization, on the operating models, what does it do with brand reputation, etcetera. Some some interesting tweaks is there that, unexpectedly, there are companies today in the no regrets zone who take decisions to cut the tail ready of products that were not profitable at all. So this is the moment to cut the tail and to improve overall profitability and for the best way. There are companies who increasing their stocks in, in in The US, because their hope is that they sustain market share or grow market share when the competition is not doing that. So at the end of the period that we get the deals in place and the deals are materialized and stabilized, they hope to have a better position in the market to protect the competitiveness. So that is an interesting option to, evaluate. You see that when, for instance, the country's origin is being discussed, and then it really requires that you understand on on code level or material code level what is the, the tariff increase, but also which percentage of this product these materials in your product. So if it's aluminum or steel, you need to know it. What is then the best country of origin to do the transfer of raw materials to a real product? And and that is in the end, subject to taxation. And then we exclude, like Matthew Baur said, for instance, the the services, the software services on products or, maintenance contracts. So that is where you can embed all it. But, of course, if you change country of a region, that has a huge impact on your current baseline of of your network and setup. So if we go to the next picture. So like I said, there are there are many options, and we can discuss also in the q and a more of those, if you wish. But then, clearly, I also said in the beginning, you see now that from the one off, let's say, Excel based analytics that has been done, that, boards require again a response and again a response because there will be news and upcoming news being populated in the coming months. So that is where we work closely with our techs community to know and assess the impacts and to decode it on the lowest level. But more and more with the technology, providers to have the right tooling in place to quickly work from a baseline and then get into a confidence confidence range of forecasting what happens in the most positive way, what what is the downside risk that we need to manage, and the series of scenarios that help you to translate the impacts I just mentioned to cost, cash, service, investments you need to make, CapEx related or OpEx related, and boom of that into a nicely sealed pack for, for your executive board members who are quite nervous today on, what's going to, to happen in business. And yesterday, I had a conversation with a company, and I cannot mention the name here, but they were seeing that due to lower logistics shipments from China to The US, the tariffs have been dropped dramatically. So shipment companies are trying to reach Europe at a very low level. So their cost rate went down by 90% for certain products so that the Chinese can ship it to Europe below their production and logistic cost. So, basically, for this company, it was cheaper to buy it in China and send it to the customers, then buy raw materials and produce it themselves. So that that is another scenario not on the market side and pricing side, but there's a scenario you need to develop on the input cost side and what's going to happen there and very quickly assess it. And I'm through believer that you can no longer do this in an Excel because it's uploads, downloads, broken data, one off, but you really need to bring this to a consistent scenario management tool. And I think that is, for me, also the the link to, Christine, back to you to lead us through the optionality you have seen. Excellent. Thank you so much, Johan. I found your input really, really valuable, and, yeah, interesting and and scary and very exciting, on the other hand, what is actually happening out there and how companies are reacting. Right? How to keep up with that, and, you know, companies must be sitting and thinking, oh, that's a clever plan. I wish I would know what implication that would have, on my organization, but how to assess that. Right? And this is the role that that we play with technology. So if you just think about what are the challenges that organizations are facing with managing tariffs, We really see it from our side in terms of how technology can support that is that there is a need to evaluate and reevaluate and replan and redesign the entire supply chain. Right? So we're talking about the end to end supply chain here. So everything from the raw materials, as you've just mentioned, you know, where should we buy them, what quantity should we buy them, and which suppliers, what alternatives are there? Do we stop manufacturing? Do we do we, actually contract that out, etcetera? Radical decisions to other decisions about maybe we just move production. We have enough manufacturing capacity, but we need to move production around. Two, on the other hand, the the transport flows, as you've just mentioned. Mode of transport changes is one. We saw that during COVID as well where some organizations switched from air where they were previously flying things around the world to serve their demand. They switched to ocean because there was no need to sell the product because all the markets were closed. So how do you assess all of that? And in a traditional planning tool, it's rather difficult to understand what we see on the right hand side there, the the end to end implication. Planning tools are really, really good at planning and simulating what is going to happen given certain restrictions within that specific plant or within that transportation group that's being planned. But the overall effect and being able to understand the impact of making a sourcing decision change on the overall supply chain, on the profitability, on the tax implications, on the operations, on the labor resources required, etcetera, is rather impossible to understand without a robust scenario planning tool. So what do we bring to the market then is that we want are able to include, if you just move on. Thanks, Sophie. If we we we want to include all of these factors that organizations are thinking about. You know? What impact is this gonna have on my total cost of ownership? You know? Should I still have a single sourcing policy or not? Should I start looking at near shoring or not? Should I actually go and invest in The US in a manufacturing facility or not? Some of these these decisions are short term, and some of these decisions are obviously longer term. We're not gonna build another plant, very quickly. And if we do, you know, there's capital investment cost to be taken into account. There's a return on investment. And as Johan was also saying, we need to think about whether it's profitable and whether it's worth our while to go and sell sell these products in those markets. So how do you actually put all of that together and go and present that to the board? And for that, one obviously needs an advanced solution where we we can actually go and analyze hundreds and thousands of different permutations and combinations in scientifically based, scenarios and be able to mathematically optimize that using also, the advanced analytics through our AI agents. And this is where with our Coupa tool, we are striving to help organizations to very quickly assess the impact of potential tariff changes so that they can have a quick overview at a relatively high level of what impact this will have as a guideline to be able to initially understand what can I do? Should I change my operations? Should I invest, etcetera? What are the costs? What are the profitability impacts, etcetera? And for that, we have actually developed a tool which it is going to be my pleasure to demo to you. So if I can maybe just switch over and take over the presentation. Right. Let's do that, and let's just see if you can see my screen. Could somebody maybe just verbally confirm that they can see my screen? Anyone? I am going to assume that you can. Yeah. We can, Christine. It looks great. Okay. Thank you very much. Just gone blind all of a sudden. Right. So let me take you through the tool that we have developed here. This tool gives us the ability to go and understand, at a baseline level, what does the company currently do, how do they operate, and which products, or which taxes are currently paid, etcetera, makes sense of what it currently looks at. So we can create a baseline view. This is obviously a rather simple example of an organization that is selling its product into The US. And if we look here, we have basically represented it as two distribution centers in The US and then various manufacturing facilities. We can see that these are in Mexico and in China and Malaysia. We have a number of plants in there. What we really want to go and look at is what are the duty rates that we are assuming in our baseline. Now we know that this is changing regularly. So for purposes of the demo, we've assumed 20% from each of these countries into The United States. We are also including the cost of goods sold as well as the unit price because we want to understand the impact on the profitability if we make any changes. In our flows, we can also go and zoom in and understand where our different plants are and how product flows from these various plants. Right. So here we have two manufacturing sites in China. We have three over in Malaysia, and then we have also some over in Mexico. And these are serving up to aggregated customer bases in The United States. When we look at our production at the moment, we can immediately see that the largest majority is produced in China, which is what many organizations are facing at the moment, And then the next site that produces large volume is Sanloui in Mexico, but then, of course, we also have additional sites in there. Now let's go and look at what does this actually mean in terms of the current situation. When we look at our baseline, we can see our revenue cost and our profit sitting at 331. We can see our total production cost, transportation cost, and the current duty costs under that initial assumption. We can also see the profitability is a 15 per unit and then also the cost per unit. Now when we go and look at the production once again, very clear to see that the largest majority of the volume is produced in China, and then we have Mexico secondly. And then after that, we have this plant in Malaysia that also produces a large volume. When we look at our flows, we can see how the product flows from those different manufacturing sites into our two aggregated distribution centers. And when we go and look at our duties, we can also understand the duties that are currently being paid. Largest duties on the home theater product and then secondly on the 40 inch LED television. Duties paid by the customers look as follows. Now remember, one of the questions that organizations are struggling with is, do they pass on these tariff increases to their customers? Do they reduce their profitability? And that is something that we will also want to evaluate. So what we've done in order to evaluate that is we have created a number of alternative scenarios. You can see the list in here. One of the things we've done is to purely go and say what happens if China increases the duty rates to 30%. So if I just go and open that scenario and just look at what have we included in here, we can see that basically we have in this, model, we have three alternative factors that we can change or scenario items. We can, in here, go and choose what we want to test, which one of these duty changes we want to test. We can also decide whether we want to increase the manufacturing capacity in Mexico or not, but we're not. We're just looking at our baseline, and we're assuming the current cost. We're not adding a fixed cost as yet. So when we go and run the scenario, then let's go and look at the output first of that. And so here, we are going to choose this first scenario. Now before this, in our model, we ran a scenario where we did not optimize the supply chain. We purely looked at what impact it will have if we do nothing, if we change nothing in our model, but we purely have this increased duty cost, and that actually went up to $39,000,000. But because we are now already optimizing the supply chain and there are changes implied, our duty cost has now only gone up from the previous 33 to 34.4, but our profitability has come down from 15 to 13. If we look at what has happened in manufacturing, then there's a marked change. Right? Before, we were producing a very large volume in China, but now we can see that this has moved, and we are producing an even larger volume in Mexico in Sundui, and we are also producing in Reynosa in Mexico. So the the distribution of the production has immediately changed. That obviously also has an impact on how the product flows from the various manufacturing sites to our various customers. Obviously, also, there's a big duty implication, and we can see that that has changed considerably. So now what we want to do is let's start comparing and looking at what the deltas are between these two scenarios. So if I just drill into these scenarios, in a nutshell, when we look at the scenario to increase the tax by 30%, then we see a marked increase in our production cost because we know that we're now manufacturing in Mexico where the production cost is higher, and we also have a total cost increase. Very interesting, of course, is the fact that our transportation cost has decreased because we are now producing closer to our customer base. Our duty cost has gone up quite a little bit, but more than what we had before, and we're not investing anything. So this is an interesting scenario that we've looked at. So this is basically saying, let's just increase the tariffs and let the optimization engine decide how we need to repurpose our current supply chain. We are going to run another scenario, which is an interesting scenario, which is the one here where we are increasing the China rate to even 60% or 70% in this case. And let's just go and look at what we've done in that case. So in here, we are increasing our capacity in Mexico as well. So we are going to increase the capacity in Mexico by one and a half, and we are adding a fixed cost to that manufacturing site in Mexico. Right? And we are applying it to the three manufacturing sites that we had in Mexico. If we now go and look at a comparison of these scenarios, I'm going to take my baseline, this scenario, and the last one, we can now see some interesting things. In here, our total cost has gone up quite considerably in this last scenario, but partly it's due to the expansion cost that we have now included. The wonderful news is that the duty cost has reduced quite considerably. Now we like this from a cost point of view clearly. On the other hand, there are other factors to be taken into account. For example, what is the risk associated with this new supply chain? That we can certainly bring in as well. But let's first look at the cost differences that we see. So here we can clearly see that we now have an expansion cost and that our duty cost is reduced, but our manufacturing cost has gone up quite considerably. We can also focus on, for example, into our customers, we can go and look at the individual contribution of each product to those duty costs and start thinking about asking these questions about do we really want to sell these products in those markets still. Does it still make sense or not? When we look at production, we can clearly see here the differences. Now let's look at what's happened in this one site in China, for example. In our baseline, we were producing the home theater product as well as the sound bar in China. In our scenario where the tariffs increased by 30%, we were still producing but a lot less. And in this last scenario, we were allowing additional manufacturing capacity in Mexico. We are not producing that there at all. If we look at our San Luis plant, this is the one where we know that we have now added capacity, then we can also see how the allocation of the capacity to the various products has changed quite significantly. And, of course, we can do the same with our Shanghai site, which was also producing a massive volume before and that has changed. Same impact we can see on our various customer sites and analyze whether these duty costs need to be passed on to our customers. In this case, we would most probably not make that decision. And when we finally go and look at the output of that last scenario, then what we are going to see is the impact on our profitability at a high level, and our profitability has reduced by another 3, dollars per unit. Right? Is that significant? This is exactly the trade off type of analysis that organizations can now take with the solution that we have where we can go and draw into detail and understand what impact this has. I hope this gives you a good impression of the impact that one can assess at a very high level and rather quickly and how many scenarios one can actually start creating in this tool that we have available in here. And with that, I'm going to try and stop sharing and go back to this here. Right. Good. Thank you very much. I wonder if I could welcome back my two colleagues. Thank you, Matthew. Thank you, Johan. Any questions that you have on this or anything that you want to add? From my point of view, it's a lovely demonstration of how all the impacts can be transferred to real numbers and real volumes and impacts. So it confirms to me that the puzzle is on the lowest level. You need to see what are the components of products from the design point of view and then production and then location point of view as the baseline clear. And like you demonstrated, look to the alternatives and the impact on cost, cash, service, volumes, whatever, to make sure that you can, bring that, in a consistent manner. And then later when something else happens, then quickly you can respond again. And that is, I think, what everybody is for is to become resilient and stay resilient in the in the response better. What I also see is that this is this is beyond normal planning, yeah, because normal planning goes very much on the existing network, existing systems. This is really about the changes and adaptations from a network and design point of view of them has to happen. And, yeah, that that delivers in the end the long term profitability in this dominant world for me. Absolutely. Matthew, maybe just from your side, I see one of the questions we got is, companies and countries like China are getting rather clever on HS codes. Do you think this is a trend that we're going to see happening more and more? Yeah. And, looking at the question, it looks like it has to do with some, impact for first or second source rules. Yeah. So thinking from the country of origin perspective for US rules, it to use the language they use in the relations is substantial transformation. So substantial transformation, meaning, kind of where does that product undergo, a key manufacturing operation to gain its country of origin. So as so in terms of importing your goods to The US and assigning them a country of origin code, that's kind of the main indicator of of, you know, how you determine the the country of origin of that product. Great. Thank you so much. Good. We will certainly get back to answering, some of the other questions that we got, and and there are a couple of interesting ones. However, our time is running out, and we really do want to focus on a fantastic offer that we have for you. So as a group, KPMG and Coupa, we've come together and we've decided to have a limited offer for the first five interested parties companies that write to Sophie Warwick. You can see the email address at the bottom. We have a wonderful offer for you. So this will be an offer for us to conduct an analysis of your organization in terms of the tax supply chain and regulatory insights and give you some advice on how your organization actually face these tariff changes. So we're going to look at first at how we could get that data together from your organization. We will have a workshop with yourselves and understand what is currently happening in your organization and gather the relevant data for that. Then we will do an analysis of the tax implications of that and how you could start mitigating some of the risks associated with that. And on the supply chain side, how you could potentially start changing and adapting your supply chains, the operations to cater for this. And at the same time, we will offer that we will use our tool to actually do this high level analysis for you based on three scenarios that we will workshop with you. I don't know whether you you have seen the highlight there. This comes at a wonderful price. I sounds I sound like a salesperson because I am one, but it comes at a wonderful price of 90,000 doll euros. Sorry. I keep on thinking in dollars. Euros that we want to offer. So the first five entries that we get, the first five emails, we will love to hear from you, and we would be very, very keen and eager to help you to find direction and to start thinking about how you could potentially benefit from this. And with that, I think our time is nearly up. I want to thank my colleagues. Matthew Baur, Johan Smits, thank you so very much for your insight today. Really liked your contribution. And just a last call out, our Inspire world tours are happening. Next week, we're in Frankfurt. We're going to be in London on the June 17, and then out in the rest of the world later. Very, very, excited to see you there. KPMG will be there with us as well. Yep. These are exciting times for supply chain dealers and tech people. Thanks. Thanks, everyone. Thank you.