I would like to welcome everyone to the Sleep Country's Q4 2021 results conference call. Yesterday, Sleep Country released their financial results for the fourth quarter of 2021. A copy of the earnings disclosure is available on their website and includes cautionary language about forward-looking statements, risks, and uncertainties, which also applies to the discussion during today's conference call. I would now like to turn the conference call over to Mr. Stewart Schaefer, CEO and President. Please go ahead. Thank you, Kelsey, and good morning, everyone. I hope you're all healthy and well. With me today is Craig De Pratto, our CFO. We are very pleased to share our outstanding results for the quarter, rounding out the strongest performance in our company's history. Guided by our purpose, vision, and strategic roadmap, we have built Sleep Country into Canada's leading sleep partner. I'm incredibly grateful to our 1,550 associates at Sleep Country, Dormez-vous, Endy, and Hush, who have demonstrated agility, resilience, and determination to exceed our customers' expectations one customer at a time. 2021 was an exceptional year, with the fourth quarter delivering above our expectations, with Q4 revenue growth of 9% and record revenue growth of CAD 162.5 million or 21.4% in 2021. This quarter had a two-year stack growth for Q4 of 2019 of 45.4%. This strong quarter was driven by our relentless pursuit to expand our market share by driving new customers as well as our loyal ones into our sleep ecosystem of expanded channels with innovative products and brands. We continue to deliver on our multi-year journey to transform and improve upon our customers' experience with the expansion of our physical and digital touchpoints, where our customers can discover, learn, test, trial, and seamlessly purchase our sleep products any way and anywhere they want to shop. Despite COVID concerns, our same-store sales grew to 3.2% and by 18.3% for the entire year, which has further confirmed our bullish outlook for bricks and mortar in an omni-channel world. We continue to build our retail network by adding six new locations this year to finish up with 285 stores from coast to coast. Our retail stores still remain the key sleep destination of choice, where our trusted sleep experts are dedicated to making sure our customers have the right and the best night's sleep. We increased our footprint and visibility to new customer segments with our pilot openings of our newest concept of Sleep Country and Dormez-vous Express stores. This new concept is being tested in 10 Walmart Supercenters in Ontario and Quebec. We are thrilled to deepen our relationship with Walmart Canada and position ourselves alongside the world's leading retailer that attracts millions of shoppers to each of their stores every year. It is still very early days with this new concept with our tenth store that opened mid-December, but we are very excited to test, learn, and gather the data to determine our path and trajectory to open up more stores. Our investment in our digital transformation in e-commerce platforms, along with our online marketplace partnerships, fueled a growing share of sales representing 20.9% of our total revenues in Q4. Our award-winning Endy business, Canada's number one bed-in-a-box retailer, continued to surpass expectations with more than 520,000 online transactions in the year. We were excited to finalize the acquisition of Hush Blankets in Q4, and we're thrilled to welcome their expertise into our digital transformation while growing and building our expanded online communities. Over the last year, we extended our online presence to millions of more customers, building on our strategic plan to grow our marketplace relationship with Canada's top retailers. With our exclusive relationships with Walmart, Best Buy, and now Loblaw that we announced subsequent to the quarter end, we are reaching millions of more new and loyal customers through our Sleep Country and Dormez-vous elevated online shop-in-shops with a full assortment of sleep products. Also, in the fourth quarter, we expanded our product portfolio with Hush's innovative wellness accessories, their temperature-regulating weighted blankets, ice cooling sheets, famous pillow, and recently launched mattress in a box. We were also excited to announce our investment in Sleepout, a Canadian startup specializing in portable blackout curtains for the bedroom, who started shipping orders last month and supplied Team Canada Olympic athletes with their blinds. With these additions to our sleep collection, we will continue to grow our digital sleep ecosystem and accessory assortment as a profitable extension of our product mix. Our Hush acquisition and Sleepout investment capped off a year in which we became the exclusive retail and digital partner of Casper's celebrated core collection of mattresses in Canada and continued to differentiate ourselves in the Canadian retail marketplace with the world's most relevant sleep brands such as Tempur-Pedic, Sealy, Simmons, Serta, Kingsdown, Purple, Simba, and now Casper. We continue to be guided by our North Star with our purpose of awakening all lives to the power of sleep with some of our new partnerships like well.ca, which was announced in Q4, our celebration of World Sleep Day, our first-ever wellness ambassador, Bianca Andreescu, all of which has helped us build upon the importance of sleep as an important pillar in our lives, like diet and exercise, as an essential part of health and well-being. Throughout the year, as we have done for almost 28 years, we are very proud to continue to support communities across this great country with donations that help thousands of families in need to get a better night's sleep. We look forward to marking World Sleep Day 2022 in the coming weeks and reminding Canadians of the importance of a good night's sleep. The success of this quarter goes to our teams and partners who continue to be resilient in these turbulent and ever-changing times. Our results demonstrate our proactive measures as well as our ability to quickly shift our plans, but that does not mean that we are immune to the challenges around the rippling effects of the pandemic, which deepened once again by the resurgence of COVID later in the fourth quarter, the ongoing supply chain challenges, both internationally and now domestically, the volatility and impact of inflationary pressures that are real and in some cases transitory, but in other cases, more permanent, and the potential macro concerns in consumer confidence with a volatile stock market, rising oil prices, and a war in Ukraine and rising interest rate environment. While we have no control on the macroeconomic environment, we are feeling more confident and stronger than ever before with our long-term strategic initiatives and sleep ecosystem that we are building that have clearly positioned us separately from the pack of other retailers. Our strategic investments in people, partnerships, distribution, inventory, innovative product assortment, retail and digital customer experiences, combined with outstanding execution by our best-in-class teams, have built a resilient sleep ecosystem that has enabled us to deliver for our customers wherever and whenever they choose to shop. As we close out our most successful year and look forward to the year ahead, we are positioned better than ever before to continue to lead Canada's sleep space and differentiate our brands with the best assortment of mattresses and sleep accessories across the most relevant distribution channels in the country. We are committed to accelerating our growth and investing in our strategic plan to drive digital innovation, grow our touch point, and expand our portfolio of products, all to deliver the best frictionless omni-channel sleep experience for our customers. Thanks again to all our Sleep Country, Dormez-vous, and the Hush teams, along with our market partners for all your contributions to our success in the quarter and last year, and to your continued determination to deliver for our customers. I am so proud to lead such a diverse group and feel fortunate to belong to this great organization. With that, I'll now turn the conversation over to Craig to discuss our financial results. Thank you, Stuart, and good morning, everyone. We are extremely pleased with our Q4 and fiscal year 2021 results. In full year 2021, we earned record-breaking revenues of CAD 920.2 million, which is an increase of CAD 162.5 million or 21.4%. This increase was mainly driven by our same-store sales growth of 18.3%, four net new store openings and post-acquisition revenue from Hush, which was acquired on October 22, 2021. Our brick-and-mortar stores continued to perform extremely well, generating 76.5% of our revenues, with our e-commerce channels generating our remaining 23.5% of revenues for the year. These exceptional results were achieved despite similar operating days being closed in fiscal 2021 as compared to fiscal 2020 at 17% and 20% respectively. For the full year, our gross profit margin increased by 220 basis points from 32.3% in 2020 to 34.5% in 2021. Our EBITDA increased by CAD 33.1 million or 19.9% from CAD 166.4 million in 2020 to CAD 199.5 million in 2021. Net income attributable to the company increased by CAD 25.3 million or 40% from CAD 63.3 million in 2020 to CAD 88.6 million in 2021. Basic earnings per share increased by CAD 0.68 per share or 39.3% from CAD 1.73 in 2020 to CAD 2.41 in 2021. Lastly, diluted adjusted earnings per share increased by CAD 0.70 or 36.1% from CAD 1.94 - CAD 2.64 in 2021. Taking a look at our Q4 results, revenues increased by CAD 22.3 million or 9% from CAD 248.9 million in Q4 2020 to CAD 271.2 million in Q4 2021. This increase was mainly driven by a 3.2% increase in same-store sales, four net new store openings and post-acquisition revenue from Hush. From a two-year stacked perspective, as Stu mentioned before, revenues increased by CAD 84.7 million or 45.4% from CAD 186.5 million in Q4 2019 to CAD 271.2 million in Q4 2021. Our e-commerce sales represented 20.9% of revenues in Q4. Our gross profit margin increased by 300 basis points from 33% in Q4 2020 to 36% in Q4 2021. This increase is mainly due to higher average unit selling prices and leveraging occupancy and depreciation expenses. These efficiencies were partially offset by higher transportation and delivery costs, sales commissions, and higher freight costs tied to our container imports. Our EBITDA was impacted by higher SG&A costs, mainly driven by an increase in media and advertising spend, compensation, professional fees, depreciation, and IT expenses. Two items to point out within SG&A for the quarter, our compensation expense was higher due to our LTIP meeting over performance for our 2019 PSU plan. This adjustment was made within the quarter. In addition, our IT professional fees line was higher by approximately CAD 2 million in non-recurring spend tied to the ERP project. Our EBITDA increased by CAD 4.5 million or 8.5% from CAD 52.8 million in Q4 2020 to CAD 57.3 million in Q4 2021. As noted above, when normalized SG&A costs for the LTIP and ERP costs, our adjusted EBITDA shows an increase of CAD 8.2 million or 15.3%. An item to note for the quarter that put pressure on our net income was our effective tax rate, which increased by 7% from 21% in Q4 2020 to 28% in Q4 2021. This change in rate was due to a change in the company's tax position in Q4 2020 on the deductibility of its LTIP expenses, which resulted in a lower effective tax rate in Q4 2020. In 2021, our effective tax rate has returned to a normal range. Net income attributable to the company decreased by CAD 0.2 million to CAD 26.4 million in Q4 2021 from CAD 26.6 million in Q4 2020. This decrease is mainly tied to the income tax swing as discussed above. Our adjusted net income attributable to the company increased by CAD 3.6 million or 13% to CAD 31 million in Q4 2021 from CAD 27.4 million in Q4 2020. Basic earnings per share remained unchanged at CAD 0.72 in Q4 2021. However, if we apply the 2021 income tax rate to our 2020 results, the increase in our basic EPS in Q4 2020 to Q4 2021 would have increased by CAD 0.06 or 8.7%. On to other items for the quarter. In Q4, we amended our existing credit facility of CAD 260 million to include an additional CAD 100 million accordion and extend its maturity date to October 22, 2026. Subsequent to the quarter end, on February 8, 2022, the board declared a dividend of CAD 0.195 per share, payable on February 28, 2022 to shareholders of record at the close of business on February 18, 2022. Now on to our framework for capital allocation. We remain confident in our business's ability to generate strong free cash flow and have seen leverage decline from historical highs of 2.8 x on a post-IFRS basis at the end of 2019 to our current leverage of 1.6 x at the end of 2021. With regards to our leverage, we intend to maintain a strong balance sheet while being comfortable with a long-term leverage in the 2 x leverage area. We'd also feel comfortable temporarily exceeding 2 x leverage for a period of time, provided we see a path of getting down below this level within a reasonable timeframe. We intend to have a balanced approach towards returning capital to shareholders via dividends, deploying our NCIB, while also investing in our business and growth, all largely funded from free cash flow. Our framework for capital allocation is as follows. Despite the recent market volatility, given the strength of our balance sheet and resilient cash flow profile, we feel comfortable increasing our dividends at our next payout in May 2022 by a minimum of 10%. We intend to grow our dividend at a rate of at least 10% annually in the near to medium term. Turning to our NCIB, we believe our shares are trading at a discount to peers and our historical average and we'll be opportunistic in its deployment. We have just submitted a notice of intention to the TSX to increase our NCIB from 25 million- 50 million. In terms of our capital expenditure plans, both from a growth and maintenance perspective, our baseline investment program will target the following areas. A minimum of six store openings per year, between 20-30 new store renovations to our latest format, ongoing maintenance to our store and DC network in the range of 1% of revenue, and investing in our ERP and technology to further enhance our omni-channel experience to our customers. Lastly, we'll be maintaining a disciplined filter around assessing potential M&A targets. We'll evaluate M&A transactions against alternative uses of cash and plan to communicate a more detailed framework in the future around M&A. Thank you, and I will now pass the call back over to Stuart for closing remarks. Thank you, Craig. Our outstanding results in the fourth quarter and the full year demonstrate the power of our omni-channel experience and differentiated service model. Building on our deep foundation of sleep expertise, we will continue to expand our reach to more customers across our multiple platforms, channels, and partners, and grow our product assortment to offer the country's best and most innovative sleep selection. As I look ahead, I see incredible opportunities for Sleep Country and our brands as we build our sleep ecosystem, attract new customers, and help our existing ones achieve their best lives through a great night's sleep. We are in a fabulous position to drive long-term profitable growth as we continue to lead Canada's sleep space. With that, we conclude our remarks and open the floor for questions. Thank you. Ladies and gentlemen, we'll now begin the question and answer session. Should you have a question, please press the star followed by the one on your touchtone phone. You will hear a three-tone prompt acknowledging your request, and your questions will be pulled in the order that they are received. If you wish to decline from the polling process, please press star followed by the two. If you are using a speakerphone, please lift the handset before pressing any keys. One moment please, for your first question. Your first question comes from Martin Landry from Stifel GMP. Please go ahead. Hi, good morning, Stewart and Craig. Good morning, Martin. How are you? I'm good. Thank you. My first question is on looking at 2021, the full year, your same-store sales increased by 18%. That's the fastest pace since going public back in 2015. I was wondering, you know, if you could break down volume versus pricing for us. I know historically you have not done so, but you know, inflation is at very high levels right now and kind of blurring the picture a little bit for us. You know, a bit of color would be amazing. I'll tell you, Martin, as you know, for competitive reasons, we don't break it out. You're right on the money in the sense that this has been a mix of unit growth as well as inflation and us passing some pricing off on the higher premium lines of our bedding. I could tell you that throughout the year, we saw strong unit growth of our business. The last two weeks of this year, and really starting around December tenth when Omicron reared its ugly head, we saw our units start to drop off slightly. Yeah. You know, could you maybe give us some color on the volumes versus historical levels? 'Cause there's some concerns that there's been a bit of pull forward of demand in 2021. Are your volumes in 2021 higher or in line with historical levels that you've achieved? No. Historically, they were the highest that we've ever achieved. If there was any type of pull forward, and again, we don't have a crystal ball, Martin, but if there was any type of pull forward, I will tell you that in October and November, and I think it was media driven and advertising driven because everyone was talking and worried about empty shelves in the month of December, we saw really strong growth in October and November and a little bit lighter in December. Maybe partially 'cause of Omicron, maybe partially because there was maybe a pull forward from December because people wanted to make sure that they were doing their Christmas shopping a little bit earlier. That's the only signs that we've seen so far. Okay. Maybe last question for me, wondering if you could discuss, you know, traffic trends recently. You know, you've mentioned a lot of macroeconomic, you know, impacts on consumer confidence, and I'm wondering if you're seeing, you know, what you're seeing from the consumer right now in terms of behavior. Are you seeing an impact from rising rates and rising inflation? We traditionally do not give guidance, nor do we plan to start on giving guidance, except that we are in some unusual circumstances. I will say the last two weeks since the war broke out in Ukraine and all the atrocities that have been happening, we've seen a slowdown in the last two weeks that have been slightly unusual for us. Okay, that's helpful. Thank you. Thanks, Martin. Thank you. Your next question comes from John Zamparo from CIBC. Please go ahead. Thank you. Good morning, Martin and John. Morning, John. I wanted to ask about consumer behavior. In particular, one of your U.S. peers had said there were greater challenges on passing through pricing on lower ticket items and introductory price points. I'm curious if you're seeing that, and just generally what or how would you describe consumers' perception to seeing higher prices? Yeah, sure, John. I think and I know which peers you're referring to, and it would be similar to what we're seeing in Canada. Usually in any times of inflation, and maybe this even adds color to Martin's earlier question. In times of inflation, conversations around interest rate hikes, disposable income and higher gas prices at the pump, it is usually our price-sensitive customers that seem to slow down a little bit in terms of their purchases, which we have seen. That being said, we've always been in a very strong position and the most enviable position of the mid- to high-end of our market. Some of our strategic relationships that we built up over the last few years, Tempur-Pedic being one of our strongest, Purple, Casper just recently, we've seemed to see nice acceleration on our mid to high end, so offset by our decrease in our lower end. That is definitely a shift in the consumer. Okay, understood. My second question, on the e-commerce business, you mentioned in the past the success you get from having customers use the Dreamline chat function versus those who don't, and there is a significantly higher average spend there. Have you seen an uptick in the usage rate of that feature? Are there ways you can incentivize customers to use it? It continues to grow every single quarter. The experience, we're still at very early days, and the team is doing an amazing job. As we get better at it, we're actually starting to see more of an uptick on it, especially as it starts to shift to a little bit more premium bedding, where our sleep experts manning the phones definitely make a big difference for the consumer when they're purchasing. We're seeing a higher AUSP, and that's very much driven by our sleep experts on the phones. Okay, that's helpful. I'll pass it on. Thank you. Thanks, John. Thank you. Your next question comes from Stephen MacLeod from BMO Capital Markets. Please go ahead. Thank you. Good morning, guys. Hey, Stephen. Hey, good morning. Thanks for giving a little bit of color there around the Q4 drivers, and I just wanted to make sure I understood correctly. I think what you were saying was that you did see a slowdown at the lower end in terms of demand, just given some of the macro impacts. But did you say that that's been offset by ongoing strength in the mid to high end? Is that the way to interpret that? Yeah, exactly, Steve. We have not seen a slowdown in our mid- to higher-end. If you want me to even break out even further, below our CAD 1,000 price points, we've seen a drop off. Above our CAD 1,000 it continues to accelerate. Okay. Okay, that's helpful. Thank you. I just wanted to drill down a little bit on just the gross margin and SG&A, if I could. You know, you had some strong gross margin performance in the quarter, and I'm just curious if there's anything in there that's sort of one time, just given the backdrop we've seen with some of the inflationary pressures. That was a higher level than we were looking for, so I'm just curious as to what the sustainability of that might look like. Yeah. Again, on the last call, we did remind that our containers had been kind of delayed and pushed through, and we did have a little bit of pressure in Q4. You saw some pressure from the containers coming through as we received some and moved those through the sales cycle. We'll continue to see pressure on that, on our margin in Q1, just 'cause those container costs were much higher. Reminder, you know, from CAD 3,500 historically to, you know, we've seen upwards of, you know, CAD 28,000-CAD 30,000 per container. Now that we've received, you can see our inventory is higher. I guess because we've been proactive, we received more inventory. Now as we sell that through in the cycle, that will come through and have some pressure rolling through Q1. I'd say there'd be some pressure coming through. It's just a little bit of a timing shift, but you did see some of that in Q4. In terms of G&A, we just had to point out a few items in the call script. Just to clarify, there was one, our marketing spend as a percentage of sales has increased, and that's a reminder we did acquire Hush. They have a higher marketing spend as a percentage. Our e-commerce business is, you know, tracking at a very nice pace, around 20, almost 21% for the quarter, and it does have a little bit of a higher percentage of marketing spend versus the rest of the brick-and-mortar business. In addition, we did have our LTIP costs increase from a one-time adjustment of our 2019 PSU plan. That would be a one-time item in SG&A. Lastly, we had about CAD 2 million in non-recurring against the ERP project. Both the LTIP and the ERP costs are normalized down in adjusted EBITDA to show that you'll see the percentage pickup to our EBITDA line on an adjusted basis. The only other item there, just to point out, that was a little bit higher, which was expected, was that advertising spend just as a percentage of sales. I'll add one other thing, Stephen, which is hard to measure. We want our unfair share of all categories in terms of mattresses from the low end to the high end. What we've also seen as the business shifts a little bit to the mid to the high end, there are efficiencies in that model too. Delivering a CAD 500 mattress costs us the same thing as delivering a CAD 2,000 mattress. It's hard to model it for, I'm sure for you guys, but it does drive a higher overall gross profit margin for us. Right. Okay. That's helpful. Just to clarify, when you talk about gross margin, I assume you're meaning moderating on a quarter-over-quarter basis, so it'll moderate from Q4 rather than year-over-year. Is that right? Exactly. Yeah, you're correct. Yeah. Okay. Just in terms of SG&A, can you quantify what the LTIP cost was in the quarter? I don't have the number right now, but it would've been like a few million dollars. Okay. Yeah. Okay, great. Stephen, he could get back to you with the. Oh, I can get back to you on that for sure. Yeah, with the exact number. Yes. Right. Okay. Okay, thank you. I just finally, before I turn it back, just on the capital allocation framework, thanks for that color, Craig. On the net debt to EBITDA, you talked about sort of being comfortable at that 2x range. You're gonna naturally de-lever over time. What are some of the levers that you would pull to keep that net debt higher? Is that? Would we kind of attribute that potentially to the buyback in the absence of M&A? I guess it's a fair way of looking at it, Stephen. You know, we did increase the NCIB or submitted to the TSX for approval up to the CAD 50 million mark. But I think the way you're thinking about it is fair. Stephen, you've been around long enough. I will tell you that our balance sheet is the strongest it's ever been, and we're really confident in the strength of our business as well as our balance sheet. There's been a lot of conversations at the board level in terms of our dividend increase. With the geopolitical uncertainties tied to the atrocities that are happening in Ukraine, add in the growing inflation and interest rate hikes, we prefer and are very comfortable with this increase to pause right now and see how the impact on consumer confidence may or may not roll out or change over the coming months. At the same time, we are targeting to increase our dividend in the future by a minimum of 10%. The buybacks on our stock, as Craig mentioned in the script, we believe that our stock is undervalued right now, currently trading around 7x EBITDA, which is why we're increasing our NCIB from CAD 25 million - CAD 50 million. We also think some uncertainty in the marketplace may create some interesting M&A opportunities, and we're still aggressively pursuing anything that's gonna enhance our strategic growth opportunities. Right. Okay. That's great. Thank you for that color. Appreciate it, guys. And then Steven, Oh, yeah. Steven, sorry, just to get back to you on the incremental from last year to this year on the LTIP line was CAD 2 million approximately. Oh, great. Okay. Yeah. Thank you. Thank you. Ladies and gentlemen, as a reminder, if you do have a question, please press star, then the number one. Your next question comes from Meaghen Annett from TD Securities. Please go ahead. Thank you. Good morning. Morning, Meaghen. I just wanted to go back to some of the conversation earlier here. I mean, Stewart, can you talk to maybe your expectation for unit growth for the mattress industry for 2022? Because we have seen industry participants talk to this sort of flat to slightly positive outlook for units, and maybe that's more so applicable to the U.S. How would your view line up there for the Canadian market? Maybe you could just generally talk about your comfort in volumes being positive for the industry in 2022. It's a great question, Meagan, and I'm listening to the same things that you're listening from our peers and our U.S. partners. If you would have asked me the question a few weeks ago, my outlook would be pretty bullish based on the consumer flush with cash and low debt levels and still spending lots within at home. Travel still has not returned. Share of wallet still seems to be positive. But I don't even wanna speculate over the coming months or year because I don't know if we have even seen or come close to what the repercussions will be of this Ukraine move or how many times the Bank of Canada is gonna move on their rate increase. I'm hoping to lean on you guys to give us a little bit of insight. The consumer has been strong and has been still demonstrating that, barring the last couple of weeks where we've seen a little bit of a pause. Pauses don't ever concern us because it's a pause, it's not a loss. Usually it's a shift within timing, so we usually pick up on it as the pandemic demonstrated. More than that on units, I don't know. Just my second question is on capital allocation. With regards to M&A, are there any acquisition criteria you can talk about today in terms of categories, geographies, and potentially size? If you could also just talk a bit more about the rationale for your investment in Sleepout and if we can expect any similar investments from Sleep Country going forward. Thank you. Sure. Acquisition is always gonna be driven by our relentless focus and discipline around the sleep ecosystem that we're trying to build. There's no secret that we still believe there is a long runway in terms of our accessory business, especially in the landscape within Canada. I will point out there is an interest as Hush has a percentage of their business in the United States, so nothing on the horizon at the moment, but that does expand our interest in terms of going past the borders within Canada. Acquisition will be always within that sleep space. We actually think that there's some more opportunities on the horizon as we expand on that. Sleepout, not only do we love to invest in great businesses, but we love to invest in great people. Endy, the original team of Raj and Mike, and now the president, Alia, as well as Lior and Aaron from Hush. And Mark and Hannah Hannah, sorry. I was gonna say Hannah. I apologize. Hannah from Sleepout were incredibly impressive and incredibly smart, incredibly entrepreneurial. It was in our sleep ecosystem. It's still within the bedroom, which is our key focus, and we love bringing talented people into the fold, and you should expect to see that also. Thank you for all the color. Thanks, Meaghen. Thank you. Your next question comes from John Zamparo from CIBC. Please go ahead. Thanks. Just a couple follow-ups. Stewart, you told me recently about being able to open stores in smaller cities, and you've seen some really attractive unit economics on those stores. I'm wondering, in regards to the guide of 6 new for this year, like do you think that's temporary? Does that contemplate what you're seeing in smaller cities? Is there potential upside to that over the next few years? 100%, John. I'll tell you what. First of all, it's a minimum of six stores, and if you're hearing any hesitation or pause on the amount of stores, it has nothing to do with our bullishness in terms of what's of opening more stores. In fact, there's a long list of stores that we're looking at, some leases that are coming due that we're waiting for people to exit. I will tell you, we are practicing some fiduciary responsibility right now in the sense that our construction costs over the last four or five months have gone up by 30%-40%. There's no rush for us to open up stores. In some of our deals, we've actually pushed off and delayed a little bit in the hope that we're gonna see a return to normal prices. Lumber has already come down dramatically. That being said, with the war in Ukraine and the commodity prices going up of late, that may persist for a little bit longer. But you should expect a minimum of six stores. Plus, keep in mind also in that number is not, we're not talking about our Sleep Country Express and our Dormez-vous Express stores, which is still very early days and we're testing out to see that model. That is also another opportunity of growth for us in our brick-and-mortar footprint. Okay. That's helpful. Thanks. A follow-up on the M&A side. When it comes to the pipeline of targets, how would you describe it versus the past few years in terms of both number of targets? On the valuation side, are private multiples or the asking prices reflecting what's going on in public markets? I think there has been, as everyone knows, a re-rating on the multiples and they've come down dramatically, including ours at a 7x, which I think is ridiculously low, but that's my own opinion. On the private side, everybody thinks that they have the best next thing. People are still slightly bullish within the private space. There's a lot of cash that's floating around in the private equity markets, and they're trying to place it. There's some competition on that. I will say, though, whatever we do acquire, it will be in our sleep ecosystem. It will come with great people. It will come with product innovation that expands on our sleep ecosystem, and it will be a profitable model. We have no need to chase anything that's not profitable. Got it. Okay. One last one, if I may. The ERP system, can you remind us when we should see the impact of that and how will that play out on the P&L? What will be the primary impact? I'll let Craig speak to the financial impact. I will tell you that it's going slower as many ERP rollouts is going slower than what we had hoped. We're still piloting in the London region and working on some new things. There's no question that COVID and the disruption of people being out of the office and some of our integration partners shifting people around has slowed us down months behind what we were hoping. The longer term benefit of this obviously is to harness our data. As we have openly admitted before, we're good at lots of things, but harnessing the power of our 27, 28 years of data of customers, millions of customers across this country, has not been our strong suit, which is actually exciting for us because that's an opportunity that we still haven't untapped. We're hoping to see by midyear this year a lot more advance in that space. Craig, you want to speak to that? Yeah. First on the financial side. We have the normalizations down below, which those are very much tied to kind of, you know, hyper care and support as the different regions roll out. Those ones are identified in adjusted operating EBITDA. On the actual costs for like licensing and infrastructure and the costs that would be the regular ongoing, they're largely, you know, baked into the quarterly numbers. I wouldn't expect that you're gonna see it vary significantly from kind of the run rate it is. But you have to adjust out the 1x to get. That'll give you more of a year-over-year if you take it as a percentage of sales. You'll just see, you know, more similar percentage of sales for the kinda IT area once normalized for some of those costs, and same with the professional fees if you took those two in a bucket. I'd say the cost infrastructure going forward is, you know, largely baked in. Okay, that's helpful. Thank you very much. Thank you. Thank you. Your next question comes from Sabahat Khan from RBC Capital Markets. Please go ahead. Sabahat Khan from RBC Capital Markets. Please go ahead. Okay. Thanks and good morning. Just, I guess, a question on the revenue mix in the quarter. It looks like accessory sales did quite well and they likely helped margins. You know, is that just kind of a standard Q4 pickup with gifts and so forth? Or, you know, did you see some sort of like progress in that business that you'd been maybe pushing for through media, etc.? Trying to understand how we should think about, you know, directional mix over the course of 2022 and onwards from accessories. A combination of both of the things that you said, Sabahat. Yes, Q4 is traditionally a higher lift for us on accessories. I mean, years ago, when we weren't in this business, Q4 wasn't such a strong quarter for us, but it is getting more and more important for us. We definitely saw a pull forward, I think Martin asked that question earlier on. A pull forward in October and November on our accessory business because that one for sure people were concerned about in terms of gift giving. You should see the normal cadence that you've seen probably over the years. Third and fourth quarter are clearly becoming more important for us. Third quarter has always been the most important. That being said, on accessories, we still believe that we have a low market share within the space. Hopefully, with our acquisition of Hush, we're gonna accelerate that, but we're still somewhere in the 8%-10%, and we think that we could grow that exponentially over the next few years. Okay. Thanks for that color. I guess maybe just following up on kind of that second part of the comment there with some of your acquisitions. You know, you've taken a number of, you know, investment positions, some majority, some minority, some full out acquisitions of sleep products. Just trying to understand, I guess, are these more to build sort of a, like a holistic sleep-related offering, or are you eventually hoping some of these products can be rolled into your sort of Sleep Country location? Trying to understand, you know, what the thought process some of these longer term is, or do you envision them, given that some of them are digitally native, maybe they stay, you know, just operate on a, with a separate management team and so forth. What's kind of the long-term vision there? Again, Sabahat, probably a combination of the few things that you said. First of all, the uniqueness of the Endy team, the Hush team, the Sleep Country and Dormez-vous teams, we love how they operate their own business. We encourage that, and we have no plans of changing the magic that each of these teams bring to their particular brands. That being said, brands is the important word here. Endy has created an amazing brand awareness. Hush has created an amazing brand awareness, and some of those brands, as you're gonna start to see, and it's already begun on a wholesale level, may be appearing in other retail stores. You could see Endy at Sport Chek. You'll see it at Loblaw. Hush is in multiple places. In the fourth quarter, they were on Harry Rosen online marketplace. For sure, longer term, you will see some of those products within our stores when the teams think it's the right time to do it. That being said, it is a digital push and acquisition for us to drive more market share online, as our stores are doing really well and have the ability to bring in multiple types of different products too. It's a little bit of both. Okay, great. Then, you know, just kind of along the lines of that comment, you know, in terms of the e-commerce mix, looks like for the full year, call it roughly 25% of sales. You know, how do you envision that as the world reopens? Because obviously the stores have, you know, not only just sales, but a bit of a marketing benefit as well. How should we think about, you know, two, three years out as the world opens up more, how do you envision, you know, e-commerce as penetration trending over the next few years? I think we all would agree that the last two years accelerated e-commerce a lot quicker than anyone had imagined. The businesses that were well-positioned for it definitely succeeded and those who were not didn't. That being said, it also changed the consumer's mindset. I know for myself, I don't know if my wife or I are ever gonna go to a grocery store again because it's quite easy just to order it online. That being said, what we did see immediately when the stores reopened after some of the closures in 2020, mask and all, people quickly came back to the stores, especially when it came to premium bedding, anything over CAD 1,000. I think when the world normalizes, whatever that new normal is, you probably will see a bit of a pullback in e-commerce, but I think only temporarily. I think the longer term trend, as you well know, is going to continue with the ease of the transaction. The omni-channel component of it is key. In 2017, 2018, when all the bed-in-a-box guys were popping up and everybody thought it was gonna disrupt the industry, especially the brick and mortars, I think what everyone has now discovered that the ability to test and begin the transaction online, maybe on your phone, go to one of our stores and test one of the models and maybe conclude the transaction in your car, for us. It's a seamless experience. It has to be a seamless experience for the customer so they can transact whenever and however they want, with the store or without the store. I think you'll see the differentiating leaders in retail have that omni-channel ability, more than those who are just a D2C play. Okay. If I could just squeeze in one last one, maybe more for Craig. You know, I think you talked about there's some ERP implementation costing better than SG&A, which will be ongoing. I was gonna give us some guidance on this amount that's maybe the one-time portion of it that is getting backed out. Looks like we did about CAD 5 million in 2021. You know, is there more of this one-time portion that we should expect over the next year as you roll this out? Yeah, there will be each quarter, you know, some amounts that will be backed out. But those are ones that are tied to system redundancies while running two systems, and that's quite low amount of it. Most of it is just with, you know, support on site as they're rolling out or working through hypercare. Every time you roll a different region, there's a period of hypercare that they have to go through. We just normalize those because those aren't part of the operating model going forward. But we'll just continue to be clear on those per quarter going forward, just so you can normalize it on your side. Thanks very much. Thank you. Your last question comes from Stephen MacLeod from BMO Capital Markets. Please go ahead. Thanks. I just had one follow-up question. I just wanted to ask about the Sleep Country Express stores that you have in the Walmart partnership. I know that launched in the fall, so I'm just curious if you can give a little bit of color on sort of how that's performing and maybe any plans to expand that relationship. Sure. We said that we're gonna start with the 10 pilot stores. You know us by now, Stephen, we love to test and measure and make sure that we execute flawlessly. It's still very early days for us. We've always said that we'll probably make a decision in terms of the next leg by mid-year. You should probably figure by June, maybe there'll be some color around it in May as we gather some data. Thus far, we're quite pleased with what we're seeing. There's a component of the business that's transacting in store, and there's a component of the business that is a drive to our bigger stores. I will say we are quite pleased. That being said, these last two weeks, Walmart, our Sleep Country Express stores in our Walmart have slowed down a little bit. Again, I don't know if that's the consumer confidence, and it probably marries back on terms of our lower end. We are really excited about what this could be. Great. Thank you. Pleasure. Thank you. There are no further questions at this time. You may please proceed. Well, I just wanted to say thank everybody for your support as always. This wraps up our conversation, and we look forward to speaking to you and updating you folks throughout the year. Have a great weekend, everybody.