Our next presentation here is a.k.a. Brands. Hello, everybody. I'm Ciaran Long, the CEO of a.k.a. Brands, looking forward to talking to you all today about our company. We're a group of four fashion brands. We've been public on the New York Stock Exchange now since September 2021, certainly feel that we're at a real inflection point in the business. Some of that clearly came through in Q1 this year, some that we'll continue to execute against in the future. Today, a.k.a., we're a portfolio of fashion brands really leaning into the next generation of consumers. We differentiate ourselves very much from an operating model. We lean into test and repeat from a merchandising perspective, which I'll go into in a little bit deeper, and then very different from a marketing perspective as well, leaning into influencer marketing as well as performance and brand marketing. At a.k.a., we've built that platform to allow us to accelerate the four brands that we have today, but also to go in and buy new brands, add them to the portfolio, and help them accelerate into the future as well. The a.k.a. difference, really for us, we are that next generation of brands. Predominantly, we've been direct-to-consumer, but over the last couple of years, we've been scaling these brands into different channels, particularly into stores, into wholesale, into marketplaces, and really leaning into this strategy we have of let's put our product wherever our customers are, if it's brand-enhancing for us and has the right economics. The next one is that from a merchandising perspective, we lean into test and repeat. Right? Traditional retailers, you're buying product probably on a nine-month lead time. Right? You're committing to high order volumes, needing to decide on trends, whether it's a silhouette, a fabric, a color, nine months out. For us, we're much, much shorter window. Right? We're buying anywhere from 30 to 60 days out, which allows us to be much, much more on trend. What we do with that short lead time is we launch on each of the brands, you could be launching maybe 100 styles each week, but you're only going maybe 150 units deep on a particular style. With that, you're taking much less inventory risk. You're able to go out there and test, see how customers are reacting to particular styles, and we can see that the minute a style launches from multiple different metrics that we track across consumer engagement, traffic, conversion, repeat rate. That allows us to decide which of these styles are winners that we can chase back into, get back in stock, and continue to repeat into those styles. If they're not as strong as we want, we will just let those styles run out and kind of move through the process. I would say that newness of product as well, and dropping newness every week, for the consumers that we are talking to, that next generation of consumers, newness is a big driver for them. It's not just a sales vehicle for us, but it's also a marketing vehicle. If you think of them on screen, nearly for a lot of their day, on screen and scrolling, putting new product in front of them, being able to talk to them multiple times a day with different product and different content really engages that consumer and kind of builds not just great sales, differentiated gross margin, but also better marketing for us as well. The next thing I would say is from a marketing perspective, we really lean into influencer marketing. For us, very much focused on micro and much, much smaller influencers. We find those to be much more authentic for the consumer that we're going after. Look, for us as well, there's no big cost, there's no huge kind of upfront fee that you're paying those influencers. For us, we'll send them product. They'll try the product. They'll talk about the product. For us, there's a product cost, a cost to ship the product, and after that, one of the benefits we have with that influencer group is you're able to look at the performance on a daily basis. If an influencer's doing well for you continue to work with them. For us, we would even amplify some of their content, and bring more audience to them as well. You're kind of creating that virtuous cycle with those consumers or those influencers. If they're not working, we'll just continue to move on to the next one. I think the brand has really developed that pipeline of influence as well, that you're always bringing in new, fresh influencers, which really allows you as well to stay, I would say, as a brand, to stay young. Right? You're continuing to kind of bring in that newer consumer. You're not aging up with your current consumers and allowing you to stay very much relevant from a brand perspective. I think some of the other things that really differentiate us is from a technology platform, we sit on the Shopify ecosystem. Very asset light from that perspective. We use the 3PL for fulfillment, so not spending there. Now, over the last couple of years, really leaning into those expansion opportunities that we have, particularly in the U.S., with the U.S. being about 65% of our business today, leaning into wholesale, leaning into stores, and other marketplace channels. We're pretty early from an AI adoption perspective. Look, we're very fortunate that all of the data across all of our brands is our proprietary data. We have it all housed in one database. We're able to attach it up to the different AI engines that are out there. The insights that you can get are really quick. They're very comprehensive because they're going around across all of our data. I think we continue to see opportunities where that will help us increase our customer engagement, but also continue to improve gross margins, marketing effectiveness, and really kind of help the overall business. We certainly feel that there's a big disconnect between our performance over the last number of years and our market cap at the moment. We're trading at about 0.3 times sales, whereas market comps would put you more in the one-time sales perspective. A really big difference there. Certainly feel that our Q1 performance is really that inflection point of showing, I would say, really starting to show even more through the numbers how we have something really different here, how we've got four great brands, and how we continue to out-execute across the market. In Q1, our gross margins were 59%, up 180 basis points year-over-year. I would say the other standout was $5 million of EBITDA, which was nearly up 100% year-over-year. I would say continuing to show for us as we grow these brands, increasing margin, certainly the flow-through of that to an EBITDA is just really, really strong and can kind of allow us to step out and continue to outperform. We also brought down inventory 28% year-over-year and from its peak, nearly $40 million. Really in a good spot as well from an inventory perspective. Yeah, that inflection point, I think, in Q1 from a sales perspective, we increased sales 3%, but actually 13% on a two-year stack. I would say kind of with that increase that you can see there kind of particularly on that two-year stack, the flow-through to nearly doubling EBITDA up to $5.1 million year-over-year really shows the leverage that we can get in this model and certainly the leverage that we can continue to increase as we continue to build into the growth opportunities that we have in this business. We certainly feel that we're a double-digit EBITDA business as we can continue to execute here and grow the various different channels that we had. A nice improvement or I suppose big improvements in EPS as well. We're still not net income positive, but we feel that we can get there, and there's a clear path for us to get there fairly quickly. Yeah. One of the other big things we were able to announce in Q1, we were certainly impacted by the changes to the tariffs last year, had certainly a big impact for us. We did a huge amount of work to diversify our supply chain last year. We're now about 50% in China and then about 50% in Vietnam, India, and other places. For us, finding vendors that can work in that test and repeat model is quite difficult, right? I would say it's kind of a real competitive advantage to us that we have it. Finding somebody that can do 150 units and then scale up to 1,000 and 10,000 and beyond is quite difficult, particularly when you have certain quality metrics that we have, price point perspective. Finding that certainly took time. We filed for our refunds of $25.8 million on April 20th, the day the new system came up and running. So far, we've received $6 million of refunds, and all of the rest has kind of processed through the system in the administration's new system, that $19 million-$20 million. They've kind of told people it's 60 to 90 days before we'll receive it. As I said, it's all kind of gone through the system. We're waiting for that last stage. At the same time, in Q1, we kind of, I would say, strategically took the opportunity to take a charge and kind of move past some of the older inventory for Culture Kings that had been hanging around the business. We've really transitioned our men's brands onto that test and repeat model that the women's brands are on. There had been some older inventory kind of there, I would say, dragging down the gross margin and marketing performance. We're now past that and feel that we're in a really good shape there. Next slide. Okay. Let me talk about each of the brands. I think Princess Polly is certainly a standout brand for us, right? It's been performing really well. It's about 50% of the business. Brand started in Australia. We're now scaling it in the U.S. Up until September 2023, that brand was exclusively direct-to-consumer. We opened the first store for them in the Westfield in Century City in L.A. in September 2023 and just saw a fantastic response. This is a brand that is just highly engaged with that 15 to 25-year-old consumer. When we opened that first store in Westfield, there was just bunches of them walking up to the door, so excited that they could see the product, touch it, feel it. When we saw the performance of that, it gave us a lot of confidence that we can continue to lean into that opportunity, scaling the brand. We're now up to 13 doors in the U.S. We also opened their first store in Bondi Beach, in Australia in December last year, and we've eight more leases signed for Princess Polly. We would expect four of those to open in the latter half of this year. I think can really see that brand, the engagement that they get with their customer, the love that the customer have, super repeat rates, and have really operationalized that test and repeat model. We can see in the Polly business the strength that that model brings from a gross margin, and also from a marketing effectiveness. Really, I would say it's there on our women's brands and now getting the men's brands on there has been a big effort over the last couple of years. I would say continues to be runway for that Princess Polly brand, whether it's category assortment, whether it's international. We see a lot of demand outside of the U.S. We opened a fulfillment center for them in March of this year in the U.K., and have just seen fantastic response to that. We've always seen demand from the U.K., but we've been shipping product to them from the U.S., so longer lead time, a little bit more difficult. I would say that demand we're seeing also continues to give us the clear indication that we should be continuing to lean into Europe, the U.K., with follow-up in that same strategy of opening stores as well as just being a direct-to-consumer business. The next brand, Petal & Pup. A little bit more different than Polly, more focused on that 25- to 35-year-old consumer, a little bit more accessible from a fashion perspective. That consumer more onto that next stage of life than the Princess Polly consumer. Smaller than Polly, but really just on a super trajectory over the last couple of years. We put some of their product on Nordstrom.com in March 2024, just saw a fantastic response there. With the response, Nordstrom asked us to do a test with them in stores, which we did in September 2024. They asked us to go fully in store with them. Last March, Petal & Pup went into all 94 doors for Nordstrom and has just seen just a fantastic response there to the product from the customer. I think that's something we continue to see as we put this product in front of new customers, whether it be direct-to-consumer ourselves, in stores, or in wholesale, just seeing a super response to the product. I would say reinforces for us more than anything, we just need to get our product in front of more customers. There's huge growth opportunity for us. With the success they've seen in Nordstrom, they're now also leaning into other retail partners. They're now in Von Maur, they're now in Dillard's. They actually opened a showroom as well in L.A. in March this year, to move into that specialty retail change, people with smaller number of stores, just saw a fantastic response. 30 doors in the first week of opening is just really a testament to how good the product is, how good the brand is, I would say that mix of on-trend product, great quality, and a really accessible price point. Really feel that there's continued to be more and more opportunity for that brand with different categories and different wholesale partners. Then Culture Kings. A slide never does justice to what Culture Kings is. They are so different. Our store in the U.S. is over in Caesars. You should absolutely go and take a look at it. We've got an event there tonight if any of you want to come over and take a look. Culture Kings is that mix of music, sports, and fashion, really focused in that streetwear space and just bringing to life how you can be different from a retailer. The store that they have, it's got about 13,000 sq ft of retail space. There's a half basketball court inside there. There's a fully licensed bar, which is really hard to get in a retail store in Vegas. There's a recording studio. There's a secret room where it's full of one-of-one product. We use that store, obviously, we use it to sell product. It does well. It's four-wall profitable, generating some really nice EBITDA. We also use it for events in the store. Those events around, you'll see kind of we've had WWE fighters inside there. We've had electronic music DJs putting on a set there. We've had fighters from the UFC there, boxers. We've put up a ring, and they're working out in the store. That content then we can amplify online and really sets us apart from other retailers that are out there, particularly talking to that audience in the streetwear space. I'd say some of the other things that differentiate Culture Kings, we're very much apparel-led. In Culture Kings, about over 50% of what they sell are apparel brands that we've developed ourselves. Things like Seventy Three Studios, Carré, Loiter, particularly doing really strong at the moment. All of that product is exclusive to us, developed by us, and therefore, better margins, better marketing efficiencies, and all that we get with that. Now, look, as I mentioned, we did a write-off of some inventory there this year. It has taken us time to move Culture Kings onto that test and repeat model that the women's brands are on. Of dropping newness every week, going very shallow on it so that you don't have inventory risk, and then chasing back into it. I think, look, probably across the whole group, it's really one of the big kind of unlocks and opportunities for us is fully seeing the benefit of that test and repeat model at Culture Kings. Then with that, I would say taking these first-party brands that we have, whether it's Loiter, Seventy Three, or Carré, and following the women's model as well. Of putting it in front of customers in different places. Whether that's getting their product on Nordstrom, Macy's, or others, that's all there for Culture Kings, and it's something you'll hear more and more about as we go forward. They've got eight stores in Australia. They've got one in New Zealand, and we opened the first one in Vegas. We are looking for that second store in the U.S. I would say much more around that kind of 4,000, maybe 5,000 sq ft space. A space that we know easier to find, easier to operate, and much more profitable as we kind of look to roll them out. I would say continue to think of this Vegas store as a flagship, which is super for introducing new customers, also doing these marketing events that we can really amplify online and differentiate ourselves. As we continue to roll out stores much more in that, as I said, kind of 4,000 to 5,000 sq ft. We do feel, look, I would say, you could certainly see we're up to 13 stores for Polly. You could certainly see 100 stores for Culture Kings, and you could see 100 stores for Polly in the U.S. easily enough. I'm just at five minutes. Look, we've done a lot on the balance sheet. I would say, brought down inventory, as I mentioned, and obviously the IEEPA tariffs will be another step up. I touched on gross margins. I think, look, that 59 that we did in Q1, we certainly feel is a new baseline for us. We got to 59.1 in Q3 last year. There was some duty drawback inside there. I would say that 59 is very much the floor for us going forward. I think with our business, as you see increasing gross margins, when you bring volume, the flow-through of EBITDA is just really, really strong, and that's where you get that step-up in EBITDA rate going forward. The next one I'll just touch on is the valuation disconnect. We feel it's kind of huge. We trade at 0.3x sales, whereas others are much more in that kind of 1x sales. I would say, look, from a flow perspective, there's about 1 million shares out there, about 10% of the business. We obviously know that there's some impact from that as well. I would also say, look, from an investor perspective, we are all very focused on increasing sales, EBITDA performance there, but driving up stock price. As CEO, a huge amount of my compensation is very much around getting the stock price up over $100 and just very focused on that. Certainly feel that the brands we have, the business model we have, the opportunity we have in front of us, that opportunity is there, and it is certainly the big focus for us. Then I'll just touch on some of the kind of the key things that we talked about. Look, we've obviously got significant improvement in gross margin that we've brought in. A tariff refund is certainly going to allow us to continue to bring down leverage. We have been doing it. We will continue to do it anyway. I think that'll just accelerate it. We'll continue to lean into the growth opportunities we have across stores, across wholesale, international, and also just leveraging that expertise we have from a direct-to-consumer perspective. And certainly feel that we are at that inflection point of delivering significant improvements in the valuation of the business. That's it. Super. Thank you all. For questions, or is the next one up? I guess. Let me look at the time. Yeah. Which one of your brands do you think have the sort of best potential for long-term growth? I think we've certainly seen with Polly being half of the business, and how strong they are at that model of test and repeat, I think they've kind of huge opportunity, and we do see that that female consumer in that space, the engagement they have and the love that they have for the brand is just really strong. I think, look, there's a lot of runway there. I do think that Culture Kings is just really different. The differentiation they have, and the differentiation they have in that space where others are very much footwear-led is the biggest part of the business. We're not. We're apparel-led, and the apparel is product that we've developed, brands we've developed, product we're developing ourselves. I think there's a huge competitive advantage there that allows us to be very differentiated. When we talk to people about Culture Kings, whether it's potential brand partners, potential landlords, franchisee opportunities, all of those, I would say there's a real hunger for that brand and that differentiation that they have. I feel that's probably the one, but I love all my children. Thank you. Yeah. How long does a fashion cycle last now? Is it something that still lasts years, or is it more measured in months? How fast are things changing? Yes, it's a really interesting question. In our model, if you think of that test and repeat. We'll test a product, and if it's working, you'll repeat into it, and you'll keep repeating. Some of the best-selling product that if you looked at any one of the brands, some of their best sellers, they've been selling them for years. Now, it might be a particular silhouette that they will continue to test into new colorways or new patterns, but you can just really tie into one of those, and you can get huge runway for it. I think that's part of the real strength of the model is finding those ones that are the repeats. That you can take up to, that you know that, look, I'm selling thousands of units every single week and have done it year after year after year. Some of it might be slightly different colors, slightly different patterns, but you're still leveraging that same thing. That's it. One more. If your younger customers aren't buying your apparel, what are they spending their money on? Well, look, I've got a 15- and a 16-year-old, two girls myself. I know they're spending money on apparel is big for them. What they're wearing, going out, showing off, that is big. I would say the other is food and beverage. They're out there spending time with friends, and it's either going somewhere for a snack, something to eat, or let's go buy something. Let's go buy clothes. That's what we want.