Thank you, Lidya, Lidya. Good morning, good morning, afternoon, afternoon, or evening, to everyone. And I also thanks, Rafael, Rafael, for the excellent information that you just provided to me and also for the excellent information that you just provided to me and also for the whole of the standpoint of the standpoint of the standpoint of a dairy cow operation, right? And then switching gears to the main focus or the main focus or the main goal of this presentation, which is to talk about microbial solutions. What are they? How do we define a microbial solution? What are they? How do we define a microbial solution? And then some key traits or key aspects that we need to ask ourselves when we are choosing or when we are choosing or when we are working with a microbial solution, right? So what is the stability on feed? On feed? committee w our cynical And we talk about the microbial solutions and feed efficiency, right? And specifically on bacillus-based solutions, how this microbial solution can provide benefits to your dairy and cow operation. And then a quick summary and wrap up. So if we look what the science tells, right? There is plenty, and here I'm highlighting only a few of the excellent publications that we have that kind of dissect everything that we can think about on the feed efficiency in dairy operations, right? So how does it correlate to the productive standpoint of the farm? How does it correlate with the genetic of my herd, right? Is there a genetic heritability or a trait that we can select for on feed efficiency in my dairy cows? What can happen on the sustainability side, right? I know this is a hot topic. And as I'm highlighting here, there is excellent publications. I'm showing this one from 2015. But if we look more and more, there's tons of research being done to correlate methane production or methane release with feed efficiency in dairy cows, right? And also very interesting work done on the farm. So I'm not going into the farm. So I'm not going into these details, but I'm encouraging all of you guys that if this is a topic that brings your attention or gets your attention, move forward because there is excellent information that we can easily apply into our different production settings or regions that we are located, right? But what does that mean in the farm? Okay, so here is a quick and dirty example. So here is a quick and dirty example that we did. So basically, if I take my cow 675 has a dry matter intake of 25 kilos and is producing 39 kilos of milk on a daily basis, right? If I divide my milk yield per my dry matter intake, basically, I come up with 1.56 kilos of milk per kilogram of feed that this cow consumed. Okay? But this cow has a neighbor, which is the 576. And basically, this cow is consuming one kilo less of dry matter, but keeps the production at the same 39 kilos of milk than the previous one, right? So basically, my feed efficiency in this case, it's increasing or it's improving by 7 grams. What does that mean? That my second cow is producing 1.63 kilos of milk. So 70 grams more of milk per kilogram of milk, right? So 70 grams more of milk compared to the other one, right? So what is the implication that this simple reduction on one kilo of dry matter intake could have? If we do a simple economical comparison, and I would like to advertise everyone that these were numbers that we took from the internet, okay, and then you can see a little bit on the website that we are following. So that we are focusing on why I'm focusing on why I'm saying that because we know that this price of milk and price of feed is going to change depending on the region that you are, okay? So, but we had to start from somewhere. So we took a trustable source to make all the calculations throughout this presentation, okay? So going through these numbers, basically, if I take that the cost of dry matter here is 24 cents of euro, basically, basically, basically, is giving me or consuming 6 euros per day, okay? Price of milk is the same for two cows, so it's going to be 0.47 cents of euro, and then producing the 39 kilos of milk, I have a revenue of 18.33, sorry. And if we calculate the feed efficiency profit from this cow, I get 73 cents of euro. But then when we switch gears for the second cow, based on my feed efficiency calculation, she is getting 76 cents of euro, or 3 cents more than the previous cow. So, as they are producing 39 kilos, okay, so the quick and dirty math, it's allowing us to say that she is getting 1.17 euros more in data profit compared to the previous cow. I think everybody can associate that on how much it costs to get this profit in your operation, right? So keep these numbers in mind as we move forward. And then the second question could be, what could be, what could be playing a role in this improved feed efficiency, right? Of course, the first one that is important to highlight is the health status of my herd. And then the health status can be going on the step-by-step of the digestive tract of a cow, right? First would be rumen. So ensuring maybe that the rumen is a better stage would, would give you a better function and better nutrient utilization, right? But also the lower GI tract. We know that a lot of things, a lot of actions happen in the lower GI tract, small intestine, large intestine, right? Or we can just say both. Nutrient digestion. If I optimize nutrient digestibility of my cow, or if I support, have a supportive effect on nutrient digestibility of my herd, could this be playing an important role, right? Could this be playing an important role? Or as it could be, both of those, right? So these are points that are likely to be associated with this improved feed efficiency that we will see, and we're going to move forward to see how they might play a role in the real situations. Then switching gears, we're going to talk about direct fed microbials, right? That's per definition. And here we are using a classical definition that is probably used in a lot of places. But basically, direct fed microbials are live microorganisms that when we feed in adequate amounts or in the correct dosage that we recommend, they will confer a health benefit to the host. And I always say that. And I always say that, but this is a definition that I really like. Okay? Because if we look at carefully, we're not talking anything about milk yield. We're not talking about feed efficiency, for example. Then it's just to bring our attention that what this statement says is that in simple terms, that healthier cows, they're going to be more productive. And more profitable. It's not a surprise for, and I hope it's not a surprise for everybody here. But if you are in your dairy farm, if you are looking at your numbers, you know the difference on the production, reproduction, and profitability that a healthier cow brings compared to a cow that is going through an adverse health event, right? And this is also applied, or this also makes sense if we talk about the developing heifer, but also to the pre-weaning dairy calf. Okay? So to be 100% straightforward with you guys, healthier animals, they are more productive. If they're more productive, they are more profitable to your operation. Okay? And then there is a lot of species, strains of bacteria, and the focus here, as you guys have just seen, we're talking about bacteria. Okay? So it is important to say that different bacteria species and strains have been fed to ruminants over the decades, right? And here we are just highlighting a few examples. You have Lactobacillus, Enterococcus, Propionibacterium, and the last one. The last one is Bacillus. But as Rafael highlighted for silage, when he highlighted that the strains are selected, we need to understand what our bacteria, in this case, apply to the silage or offer to the herd. They have key traits or they have advantages compared to others. So we need to understand which these different advantages or properties are in order to make sure that we are offering the same solution to your herd. So we need to understand which we are offering. And here we are offering the same solution to our own. And here we are showing that Lactobacillus and Enterococcus. There are other bacteria that consume this lactate. One example is Propionibacterium. And then you have some that can produce enzymes to support feed utilization in the rumen or in the lower GI tract, like the bacillus. And some that even can tolerate challenging situations during the feed preparation. And some of these preparation include high temperatures as we're going to go through next, which also are Bacillus. So that's why, again, we need to understand which product, which bacteria, what is the composition of my direct feed microbial that I'm offering to my herd in order to achieve the desired and supportive effects on health and performance of my herd. So in order to bring the health benefits, as we just said, one key thing that we need and immediately should come to our attention is that the bacteria or the microbial solution must remain viable and stable during the feed preparation process, which can be really challenging. Okay. And immediately we can say that the pelleting or the production of the pellet could be such a challenge, right? Because, for example, in this trial that we did, we basically prepared three pellets under the temperatures of 75, 85, and 95. And then we applied a bacillus-based direct fed microbial on this pelleted feed. And basically we had a target, which is this dashed line. And as we can see, regardless if I prepared the pellet under 75, 85, or 95 degrees Celsius, we didn't see a loss of the bacillus on the pellet. Okay. Showing us that a bacteria like the bacillus, they are thermostable in such challenging situation, which is the pelleted feed. But another important thing to highlight is that this stability is also observed over time. Okay. So it is, we found basically that after six months of the preparation of the pellet, the same amount of the bacteria was still there compared to the time zero. And here you have the p-value for the comparisons on the different temperatures that the pellets were prepared. Okay. So it was stable as we prepared. Okay. So it was stable as we prepared the pellet, but it also remained stable over six months. So the first check is there. It remains feasible. So if it is a DFM, we should see health benefits, right? Per definition, as we just showed you. So basically what we did here, we fed a bacillus-based direct fed microbial, so pre-weaning dairy caps for 11 weeks. And we mixed the bacillus-based, and we mixed the bacillus-based direct fed microbial in the milk that was offered to these animals on a daily basis. Okay. And then, of course, we were looking at the health status of these animals over the entire study. And basically what we observed is that the proportion or the occurrence of gastrointestinal adverse health events, they tended to be lower for the bacillus -based direct fed microbial compared to the control. So basically the animals that did not receive such microbial solution. And also when we look at the respiratory adverse events, we did see a significant effect on the reduction of the occurrence of this adverse health event by feeding the direct fed microbial. Okay. So second check, it is giving me or us this health benefit as we expect from a direct fed microbial, right? But now there is a plus to everything that we are saying because it has been reported by different authors, different industries that the bacillus, they can produce enzymes. And of course, we that are working with dairy cows, immediately we think on enzymes that could support the degradation or the utilization of dry matter, fiber, protein, lipids, and lipids, etc. Like starch. Okay. So, and that's what we have been doing in these last years. So here's just an example. When we take four basid substrates and we inoculate with or without the bacillus-based direct fed microbial, we have been constantly seeing and repeatedly seeing that using such technology has improved the degradation of the neutral detergent fiber, basically one of the fiber fiber, basically one important portion of your diet, but also in dairy TMRs. Okay. So we have been reporting that this enzymatic ability applies to four basid substrates. So if I take a grass from your farm, this is what we are seeing. But also if you are feeding a total mixed duration, bacillus-based direct fed microbial have also been reported to to improve the in vitro NDF decredibility. So how about feed efficiency now, right? We have been doing a lot of trials all over the globe with a simple and clear hypothesis. Feeding a bacillus-based microbial solution would improve the feed efficiency in early to mid-lactating dairy cows, right? That's why we're going to be presenting here three, basically, studies. that use the same design, but basically one was done in Sweden and two were done in Spain. And of course, there is a key difference on the region and therefore the diets were also different, but representative to the region or the country where they study was being conducted. But what is key here is that the addition or the dose used of the bacillus-based DFM was exactly the same. In this case, we use it. In this case, we use it three grams per head per day. Just as an overview, if we see the Swedish trial, basically, we didn't see an effect on dry matter intake, but we improved milk yield. So therefore, we improved feed efficiency by 40 grams of milk per kilogram of feed or 2.7%. If we go to the first Spanish trial, no effect on dry matter intake, no effect on milk yield, but we did see a positive effect on feed efficiency in this case in the order of 3.2%. And then the last one, also done in Spain, basically showing that we did see an effect on dry matter intake, no effect on milk yield, but with that feed efficiency increased by 9.7%. So showing that repeatedly or consistently, this microbial or bacillus-based direct fed microbial positively impacted the feed efficiency of my dairy cows. Next, what we did, so we just switched a little bit the way to calculate the return on investment or the income of these productive results, right? And here we are using the economic trade, right? And here we are using the economical trade called income over feed cost, which as defined by Alex Baugh in 2023 is basically the observed milk yield times the milk price minus the dry matter intake and the cost of the diet. Okay, so just as a simple exercise, if I take the Swedish trial that we did, so we had a return on the milk of almost not done with 19 euros, almost 19 euros for the control. And then we spend 6.55 euros for the outfit, okay? So giving us a return of a little over 12 euros. When we apply it, the bacillus-based direct fed microbial, and here we, you guys can see that we are computing or calculating, adding the cost of the direct fed microbial, basically considering the milk production, the intake and the cost of the bacillus, we have a return of 12.83 per cow per day, or 53 cents, or 4.3% more, which also goes in line to the other trials. So, in all of them, we did see that the income of overfeed cost was increased when we fed a bacillus-based direct-fed microbial to my cows, which would represent between 73 to 317 euros per cow per year. You might question, right, why we should use the income overfeed cost compared to the regular feed efficiency or other traits that you might use. Because here, we are not taking into account any potential confounding effect with the solid payment on your reality. Okay, so here we are looking at the overall raw milk production, let's say, okay, and not taking if it's energy-corrected, fat-corrected milk yield. So, we are kind of eliminating this factor from the calculation. So, it's a much clean and direct calculation that we can demonstrate to you guys. And, of course, what could be behind these results that we're seeing should not come as a surprise, but enzymatic activity is one key trait from bacillus-based direct-fed microbials. And here we are just highlighting some of the publications that we have been able to work through, showing the benefits of the bacillus on the nutrient digestibility or nutrient utilization under different settings, different regions, and different dietary situations. And, of course, the second one, health perspective, right? And it's nice to say the health perspective, because often it is underscored. If you go to a farm, and I'm sure everybody here has been to their farm and ask if the cows have problems, health problems, or adverse health events, usually the common answer is going to be no, right? Is it really true, or is it because we're not as good as we thought just to diagnose these potentially health events? So, that's why we say that it may be often underscored, but supporting the health of the herd could be a key factor driving the improved performance or feed efficiency, as we are just showing here, of the dairy cow herd. With that, the key takeaways that we would like to leave you behind is like microbial solutions. They can be a tool to support health and production of your dairy cow herd, right? And we're just presenting here that the bacillus -based technologies have a potential to promote feed efficiency in different dairy production settings, and also dietary production settings, if you will. And as we demonstrated, the income over feed costs is a really interesting way to evaluate the return of your operation, taking into account the milk yield and the cost associated with the milk yield. And of course, last but not least, and I hope we can have another time to talk. There is a good story behind feed efficiency and sustainability that again, we'll be happy to share that in another time. With that, I'd like to thank everyone and I would be glad to take any questions that you might have. Thank you.