Okay, we're gonna get started. Thanks to everybody who joined us in the room today and everybody who's listening virtually. We appreciate your participation. It's nice to see so many faces for the first time in quite a while. We're really happy to have with us today, Capri Holdings. We have John Idol, CEO, Tom Edwards, CFO and COO, and happy to have them here for a fireside chat today. Just wanted to turn it over to you, John, first and see if you had any opening remarks you wanted to make. Well, first, thank you for having us here, and it's very nice to see everyone in person. This is our first live presentation since the pandemic started. I would also like to say that we at Capri are very much praying and hoping for peace in the situation and the war in Ukraine. We have been making significant donations to relief for the refugees, and we will be making more contributions in various forms. We believe that we have a responsibility to protect those people who are being very much put in a very difficult position. I just wanted you all to know that. We're very proud this morning to reiterate our guidance for our fiscal 2023 as well as reiterating our guidance for fiscal 2022 as well. Again, in fiscal 2023, we are looking at double-digit growth in revenue and double-digit growth in earnings. That is inclusive, which Tom will maybe speak to a little bit later, of the impact of our decision to stop shipping a product into Russia, as well as the impact that we'll have in some surrounding countries as tourism is affected. Additionally, I'm really proud in fiscal 2022 this will be the largest revenues in the company's history, as well as the best earnings per share significantly in the company's history. When you think about Capri, I think we have evolved to a luxury company with the Versace brand. You can see the momentum that we have there. With Jimmy Choo, there's been some, again, really strong momentum in that brand. Michael Kors is where we started our really repositioning of the brand and elevating of the brand that has seen an inflection as well, and we are doing significantly better than what we had anticipated when we decided to shrink that business, and it's actually growing faster than we had thought, and that, with a significantly higher operating margins as well. You can really see the health of that business. I feel very, very strong and confident about our ability to take three of the world's best luxury houses and grow those consistently over the foreseeable future. I wanna also point out one last thing. We have three founder-led brands. I was just with Michael this morning at 8:30 A.M., looking at new real estate. We have Donatella Versace, who is very involved as Michael is as well. We have Sandra Choi, the original founder of Jimmy Choo. We're fortunate in that we have three strong visionary leaders who continue to remain very involved in our business and give us that great creativity and excitement that makes our brand special. Maybe, John, can we start with discussing your recent announcement regarding leadership change? Certainly. I wanna, again, first start out by saying that the Capri teams are very strong. At Michael Kors, the average leader of the divisions in our company has 15 years of tenure in the organization. Some of them have been there since we started in 2003. We have a very solid leadership team, not only domestically, but internationally as well. We believe that there's a very, very strong team executing on our strategic visions. That strategic vision was set out really 2-3 years ago. Secondly, at Jimmy Choo, as you know, we announced Hannah Colman as our new CEO. I think the results speak for themselves. Hannah has done an amazing job. By the way, she's the third oldest employee in the company. She stepped right in. She knew exactly where Jimmy Choo needed to be and go, and she has done an extraordinary job. Again, we've seen an inflection at Versace that gives us tremendous confidence in our ability to reach $1 billion. It'll be the largest revenues for the company this year, and we're very much on track to seeing our vision for that brand. At Versace, as you know, we've seen a management change there. Jonathan Akeroyd went to be the CEO of Burberry, and we're very happy for him, and we think that's a terrific opportunity for him. I hope that in the month of April, we'll be announcing our new CEO for Versace. As you can only imagine, it's one of the most sought-after positions in the fashion business. We are fortunate in that we're seeing tremendous candidates who want this position for the company. Underneath that role, we have incredible leadership that Jonathan brought in prior to his departure. In the meantime, there's a gentleman called Cedric Wilmotte, who I've worked on and off with since 2007. He's the temporary CEO today, so we're in great hands at Versace. In terms of the leadership change that happened at Michael Kors, I am clearly back as the Chairman of Capri and CEO of Capri and the CEO of Michael Kors as it was previously. Unfortunately, our previous individual who was in that role, Josh Schulman, did not work out for the company, and that's part of life. Sometimes things work, and sometimes things don't work. We believe we have a very solid management team. I also wanna acknowledge Tom, our CFO, COO, for the group. I think Capri is in good hands, solid hands, and we had laid out all of our strategic vision, and we're executing against that. Thanks. What's the future succession plan? Are you looking now for another CEO, a new CEO of Capri? The answer to that is no. I'm always working with the board on succession planning, not only in my position, but in other positions inside the company. We have a very active board, very engaged. I think our point of view for the moment is, the company is in good hands. Again, we have very clear plans that we're executing. We're super excited to see you all in July for our Investor Day. We're gonna roll out some additional information, in particular around Michael Kors. There will be more elevation going on with the brand. I think we're very clear on how we're gonna accelerate the growth of that business. I think we were less clear two years ago, and we were more focused on just really repositioning the brand. Now we feel very confident in how we can continue that repositioning and gain growth, whether that's through market share or just through the growth of the overall luxury business. So, at this point in time, there are no plans to resume a search for that position. Over time, of course, there will be because as I had said to many people on previous calls, at a point in time, I'm not gonna be sitting here forever. That is not the intent for me or for the board to do that. For the moment, I think we feel we're in a good place. Okay. Moving on to the second big topic, what's your exposure to Russia? Tom? When we look at Russia, our exposure is approximately $100 million in revenue. And that's both to sales into Russia, which as John mentioned, we have now stopped, and that's through partners and to a very small degree, some direct stores. It's also sales to Russians who are traveling abroad, mainly in Europe, as tourists. We have now taken this into account, both for fiscal 2022 and for fiscal 2023, and removed it from our own internal planning. However, we're still restating and re-emphasizing our guidance for both years. We're seeing strength in other parts of the business, for instance, North America, that continue to shore up the brands. We're very confident in this outlook. As John mentioned, I just wanna reiterate, we do hope and pray for peace in Ukraine, and wanted to make sure that is the primary point of that part of the discussion. You're reiterating guidance, but now it includes this pressure from Russia. That is correct. We're reiterating it, and it does include, or as in other words, excluding the revenues of $100 million related to Russia and Russian tourists. Okay, great. What about the rest of Europe? Are you concerned about the impact this may have on the rest of your European business? We're actually seeing strong trends continuing in Europe. In Q3, we were up in the mid-30%, and we've seen that continue into our fiscal Q4. We see continued strength of the European consumer. They're engaging with our brands. They are buying our product. For perspective, Europe overall is approximately 25% of Capri's business, and the vast majority is in Western Europe. We'll continue to keep a close eye on the situation and to see if there's any potential for broadening. Right now, we're seeing continued trends into Q4. Okay. Thanks. Maybe let's zoom out and talk about the global luxury accessories and footwear category and what your view is on the category overall. Let me go backwards first. When we decided some four years ago that Capri, which generates a tremendous amount of free cash flow every year, and we were predominantly focusing that free cash flow after CapEx and certain corporate initiatives into share buybacks, that wasn't the best use of our capital. The best use of our capital was to look at acquisitions. You know, we were very fortunate that two acquisitions came very quickly, one being Jimmy Choo, and quite frankly, we didn't think we were almost ready for the Versace when it came so fast. Thank God we did it. I also want to point out again that the reason why both of those companies came to us because the founders would remain part of the direction of the company. You know, as we think about, we thought that the luxury goods business was the most consistent in terms of growth over the years. When you can go back to the SARS pandemic, the financial pandemic, the luxury goods dips, and then it comes back, and it comes back actually even stronger. Of course, we've been through a period over the last two or three years, you wouldn't think this, but with the COVID pandemic affecting the whole world, in fact, many people got much wealthier, and it actually took the luxury goods business and made it even stronger. We're back to pre-pandemic levels in terms of the total industry, approximately $70 billion in accessories and $30 billion in luxury footwear. We believe it's gonna grow 6%-7% again going forward. To be part of an industry that has historically shown year-on-year, besides financial or health crises, growth, we think that's the right place for us to be. In particular, you know, I think that people express part of their fashion and/or cultural expression through accessories. Again, it's proven to be an excellent area to be in. We believe the growth worldwide will be in that 6%-7% range. Clearly, there could be, you know, some impact from what's happening right now, again, with the situation in Ukraine and Russia and how that's impacting the world. Again, relative to that market size versus the rest of the world, it's we don't believe it will significantly impact the growth of luxury goods. Okay. Can you talk about pricing power across all three of your luxury houses? We started out, again, almost three years ago with Michael Kors. Again, I'm the architect of the Michael Kors business. As many of you in this room know, we went from $17 million to $4.4 or $5 billion. It's one of the most extraordinary stories in the fashion luxury business. Then we hit a wall and you know, some people might say you were over-distributed or etc. Really what happened was, we started discounting, we being us, and it was not the department store that drove it was us. What also happened is e-commerce came online, and we had too many stores. Because, again, many people said, "Well, you over-stored," but we did because there were markets that needed the product. Today, if you look at our Michael Kors store fleet versus, I would say, certain other people, we actually have a smaller store fleet today. We've rationalized the store fleet over the last few years. We still have 100 and change more to go. That's improved profitability. As we looked at that, we said to ourselves, "Why are we discounting this product? What are we doing with the store? We're doing it to be competitive." We don't wanna be competitive very long. I know that may sound a bit arrogant, but we care about Michael Kors, and we care about the brand health of Michael Kors, so we started raising prices. We are still below the competition today as we sit in almost every market. We still have more room to go. I hope that I sit here a year to a year and a half from now, and we are more expensive than the competition. That's where Michael Kors is going. Michael Kors will be one of the most expensive in the more modern luxury area of the world. That is clearly our target. That is where we're heading. Not only are you seeing that in accessories from us, but you're gonna see that now in shoes. Ultimately, you're gonna see that in ready-to-wear as well. The customer has not said no to us on any of that. In fact, we've also reduced discounts. Most of this is a North America issue and less of an issue in Europe and in Asia. And so we're seeing positive response. We've also reduced our SKU counts by 30%. Less product, more focused, more value in terms of the brand integrity to consumer. Secondly, at Jimmy Choo, the minute that Hannah Colman took over as the CEO, she asked me why I was the architect of the lowest priced luxury goods shoe business in the world. I said, "I'm so sorry. I didn't architect that. We bought the company. You all were doing that. I had nothing to do with that." We are still probably the lowest priced luxury goods. We have a long way to go in Jimmy Choo in terms of pricing. We've already taken a number of price increases that get us somewhat close to our competitors. Remember, with Jimmy Choo, we're talking about competitors that are in the LVMH group and the Kering group, and the price differentiations are huge compared to where we are today. We made that move. I can't tell you if the customer reacted or didn't react, because we started that actually during COVID, but post when things opened up, our business is spectacular at Jimmy Choo. That's also a result of our marketing initiatives. I hope you've all seen us with our new Hailey Bieber Time to Dare campaign, which is, it's time to dare. People are back out, and people wanna be dressed up, and so, you know, many times it's about trend in a business, but we're on trend right now, and Jimmy Choo is quite strong. Additionally, where we'll see operating margin and gross margin expansion is with our accessories goods lines developing, and that's really becoming a cornerstone of that company. Lastly, in Versace, I think I told you over the last few calls that we were not discussing price increases in Versace. I think I told you in the third quarter call that that's changing. In particular, in our accessories business, where we are now, once again, the least expensive priced luxury goods company in accessories. All of our competitors are taking prices up, as you've seen written up what's happening around the world. We will be taking price increases. It's happening right now in Versace, so there will be multiple ones. Versace is going to move to a much higher level inside the luxury world, because there are many tiers inside the luxury world of pricing. I'll let you all sort out what those are. We believe that Versace belongs in the more mid to high-end level of that pricing, and we believe that our consumer will strongly react to that, again, positioning this as a coveted, sought-after product. We feel very comfortable in that. Good thing we did all those things, because as you know, cost of goods are rising and, of course, the transportation costs are massively rising across the world. Had we not done those things, we wouldn't be able to offset many of the cost increases that we're seeing today. Okay. Last quarter, your global database rose 20%. What drove such a significant increase? Well, first thing I'd like to do is thank our 16,000 employees around the world, because you can have strategies, you can have great ideas, you have to have teams. Not only all the leaders that I told you about who've been with the company for 15 years, but we have some of the most extraordinary people, and if any of you see this or are watching, I wanna thank you for the effort and initiatives they put on during the COVID period of time. We had people in our distribution centers. We had people opening our stores. You know, many of us in our corporate offices got to, you know, stay home. Many people didn't. Having a dedicated team like that out there to keep this company moving forward is nothing short of extraordinary. You know, I believe that you know, as we look out, you know, into the future, you know, many of our initiatives are gonna be based around the execution of what our strategies are. I think that our strategies have been laser clear, and I think our execution is getting better and better every day. Right. You know, you mentioned the pricing power opportunity at Versace. What's been driving such strong results? Well, I'm gonna once again say thank you to Michael Kors, thank you to Donatella Versace, and thank you to Sandra Choi, because without their vision, we get the fun opportunity of sitting in meetings, and whether it's Sandra Choi telling me about a thigh-high boot or whether it's Donatella Versace telling me about, you know, the coolest bustier top or whether it's Michael telling me about, you know, how, you know, a double-faced cashmere dress is gonna be on trend. I mean, that's what we have. We have these extraordinarily talented people who are really leading the way. In Donatella's case, you have to remember, when we bought Versace, this was a fashion ready-to-wear company. In fact, it was doing 60% of its revenues in men's. Now many of you in this room would have thought, well, no, that's a women's company. It's all about these runway shows. In fact, that's what the marketing said, but that's not actually what happened in the business. Our teams have done an extraordinary job of, number one, we are turning Versace into an Italian fashion luxury leather company. That is the most important thing if you leave this room thinking about what is Versace, and that's what is starting to happen. We've renovated, I think, close to 60% of the fleet now. Hopefully you'll get downtown to see our new store in Soho or uptown. We'll be opening a new one on Madison Avenue very shortly. Or any of the stores that we've reopened in London and Paris and in China. I mean, we've been moving very quickly with our new store formats. The front 30% of the stores is all devoted to accessories now, and that was never the case before. We have very large presentations of footwear inside the store. The accessories business, as we've told you on the calls, has been extraordinary. We launched our La Medusa line, which has been extraordinarily successful. We launched our Virtus line, which Jen has our bag over there. Then we launched La Greca recently, which has been a huge home run for the company. I have to tell you, it appears that we now have a code that was there, but really we didn't know how big it was in La Greca, and I hope you all looked at the fashion show that we just recently had in Milan. We launched our new La Greca Goddess, the bag is called, which I think is a spectacular name, a bag which we think will be the largest-selling bag for the company. Accessories is now a driving force at Versace. Surprisingly, I have to say, women's footwear has taken off. We never expected that to happen. Interestingly enough, it's not just driven by the sneaker business, it's actually driven by the dress shoe footwear business. Donatella has reminded me on numerous occasions how platforms do sell. Many of you may see these very large platforms in our ads, and they actually are selling extremely well. That's why you have to listen to your design partners, and they will tell you about fashion and trend and how the excitement comes around that. Versace is now a focused company as opposed to being a company that was only about communication. Now it's a company about communication and about product. Again, I'm so proud of our teams around the world and how they're executing this, because that's really where the rubber hits the road, can you execute against your initiatives? These teams are doing it. Great. Just switching gears to supply chain, where are we in terms of supply chain delays? Sure. Happy to help with that. I think the important takeaway is the trends we're seeing are in line with our expectations, which we've built into our forecasts. What we're seeing is continued long delays. They're slightly improved from the height of the delays in the third quarter, but they're still extremely long, and we expect that to continue through fiscal 2023, certainly compared to history. We're also seeing higher costs, as we noted in our last earnings call, and we expect those elevated costs to also continue through the next fiscal year. Now when we look at it from a half perspective, I think in the first half, we'll be comparing against the lower costs than prior year, so it's gonna be a little more of a headwind. In the second half, we'd expect a little more of a normalization as some of our initiatives that we're putting in place to help mitigate costs and further reduce delays of getting product moved around come to fruition. I'd also mention, from an inventory point of view, we've noted that we're implementing a number of strategies in particular, ordering core inventory earlier so that we have it on hand to meet consumer demand. There's been several quarters where we have lost demand, approximately mid-single digits for Michael Kors, because we did not have enough product available. We're bringing that on in order to meet that demand. For the next few quarters, we'll see a little higher inventory, and that, of course, will then be used through the year as we move forward. I think overall, we're implementing a number of strategies, but I'd expect delays and higher costs through the next year, and this, all baked into our forecast at this point. Even with that, you have gross margins guided up 200 this year, 50 next year. What are the other drivers that are offsetting the supply chain pressures, and are those sustainable? That's a great question. It's really the strategic initiatives that John was alluding to and how they've come together. What we've seen this year and even before this, because a lot of these initiatives were put in place pre-COVID, and we're now executing them going forward. They're delivering tremendous gross margin support and expansion. The first is just higher full price sell-throughs, and this goes across all our brands. It starts with the amazing product that John was alluding to and our great designers. A focused assortment as we've cut SKUs down in the mid-30%s across the business, and that allows us to sell more of individual units. Great communications as we monetize the database. Of course, Signature. Now that is very important for Michael Kors. As we said, we want to move that up to 50% of the mix. It's close to around 40% now. But that's also important and has been introduced for Versace and Jimmy Choo. The second broad item is pricing. A couple of quarters ago, it was more of Michael Kors and Jimmy Choo discussion. Now we believe we have opportunity at Versace, and we have seen very little, no consumer pushback as we've increased prices and believe the strength of our brands and the design support continued growth in that area. The final thing I'll mention is accessories. Accessories is growing for Jimmy Choo and importantly for Versace. That brings with it higher margins. We believe that combined, these will continue to drive results, even though there may be some supply chain headwinds, particularly in the first half of the year. Underlying this, we'll see the benefits of these, and they, of course, go and continue beyond fiscal 2023. Lauren, I realized that I didn't properly answer your question about our digital database growth. One of the things that I'm very excited, again, you've heard me say 62 times how proud I am of our teams. The growth of our database has really been, I think, breathtaking. I don't think if we ever sat down and said, "Could you grow your database by 20-some odd% every single quarter?" Then with Michael Kors, we'll approach a 60 million person database at the end of this year, our fiscal year. I mean, that's a breathtaking number, and that shows you the health of the brand. We think that's a critical area from a KPI to look at, for us as a company. One of the things that gives us the ability to do is really target our communication and the customer journey, which gives us the ability to drive revenues and also reduce any kind of markdowns inside the system. As Tom said before, you know, one of the things that you're seeing is our gross margin expand, and part of that's by the ability to really have much more targeted marketing to the consumers. The reason why the databases are growing so rapidly is because the customers want our product. They're excited about our marketing initiatives. You know, we have a lot of storytelling that we've done and that we're gonna continue to do. I hope you're all looking at what's happening on Michael Kors right now because Jet Set is back. I hope you see the new Bella Hadid campaign with her standing with the helicopter, and you're gonna see some other things coming. You know, we're really getting back to what that brand stands for and what the engagement with the consumer is, and especially a younger consumer who never experienced that original, you know, launch of this brand some 20 years ago. There's a lot of heritage in Michael Kors that you're gonna see coming out, which we're obviously seeing customers engage with. Okay. We've talked a lot about revenue drivers, about the margin strength. All of that leads to strong cash flow. Maybe, Tom, you could walk us through your capital allocation priorities. Sure. I'd be happy to, and you started at exactly the right spot, which is strong cash flow. The company, I think, has been blessed over years with very strong cash flow, that's continued through this year and as we're coming out of the pandemic, as we've seen in paying down debt rapidly and now returning to buying back shares. We expect the free cash flow strength to continue into the future, certainly supported by Michael Kors. Now, as Jimmy Choo and Versace margins improve rather significantly this year, and as we look at next year, continue to expand, we will see them contributing more on that side as well. Our first priority is always to invest in the business. As John alluded to, we're expanding and building out our store base for, in particular, Versace and Jimmy Choo, and in Asia for Michael Kors. We're renovating stores, so Versace is well along the way, but there's still significant opportunity there and select areas for other brands. On the system side, most importantly in digital, e-commerce and omnichannel, we're replatforming our entire system and brands, which will be coming to fruition about a year from now and then rolling out. That's very important as we take e-commerce and omnichannel capabilities to the next level, and of course, in the back office to bring together our brands on single platforms, as we mentioned, SAP. Investing in the business, absolutely, fundamental and something that we will be focused on. Second is to pay down debt. We've done this significantly over the past few years. Our debt-to-equity ratio is at a very, I believe, low and very manageable 1.5 times as of the end of last quarter. We will continue to pay down debt as we move forward. Importantly, we've always had the capability, due to the strong cash flow, to both buy back shares and pay down debt. We have bought back shares now over the past several quarters and plan to continue to return cash to shareholders in that manner. Importantly, we believe our shares are a great value. We believe this through this year, we believe it today, and we've been certainly over the past few quarters purchasing shares at increasing rates over those quarters. That's an important use of cash going forward. The final item would be potential luxury acquisitions. While there may not be anything immediately available, we do want to be in discussions if something comes up, and that's a final use of cash as we build out a luxury portfolio. I would add that Tom said we're making investments in the business. You know, we're spending hundreds of millions of dollars in CapEx to renovate stores. We firmly believe in brick-and-mortar retail. It's still the predominant amount of our business. The customer journey is critical, and that journey starts online. Probably about 80% of the time. Then that customer wants to be serviced in an omnichannel way, whether that's in the store, from the store. We think that one of the things we learned during the pandemic was clienteling is critical, and it's become even more important. I'm sure many of you have had that experience with someone great who calls you on the phone and has a personal relationship with you. We're doing more things in terms of sales out of the stores to local customers than we've ever done. Having the right systems in place to do that is gonna be critical for our growth. We're literally spending north of $300 million in these systems implementations that Tom's talking about and more to be invested. This company is investing hundreds and hundreds of millions of dollars in its future. We're paying down debt, you know, and we believe that we will have very little debt at the end of next fiscal year, as well as returning shares, returning cash to shareholders through share repurchases, as Tom's mentioned. I think I'd go stronger than saying our shares are at a good value. I'd say that, you know, the market may not exactly 100% recognize what we're building today, and what we're gonna have in the future, and the stability of our company and where it stands today. I think we'll just continue to keep our head down and deliver our performance, as I think we've been able to do and show you. Along the way, we're gonna take advantage of, you know, certainly the dislocation in value. We think that's a great thing for our shareholders and ultimately for our EPS on the long term. Great. You know, Tom's comments indicate you have plenty of dry powder for an acquisition if you wanted it. Does the change in succession planning impact your strategy at all around acquisitions? No, not at all. You know, again, I think I've been relatively clear about this. Our belief is in luxury. We think that luxury is the place that we will see the most sustainable growth for the future. Our two acquisitions are going very well. The repositioning of Michael Kors is also going very well. I think we have proven to the market and to ourselves that we can integrate companies, that we can execute on strategies and create performance from doing that. I understand that there was a lot of question marks. You know, can Capri do it? You're an American company. Can you acquire European brands? Do you really understand luxury? Are you gonna turn these luxury companies into you know, a mass business? I think we've proven pretty clearly to the world that that's not the case. I think we've also really positioned ourselves to family-owned businesses that we can operate with the owners inside the company, and that they add value. They certainly built these companies, and they have a great view around how they think the company can go forward. In the case of myself, I'm one of the largest shareholders in Capri. Michael also remains at almost a similar identical level to me. Donatella has a huge shareholding in the company. Her daughter also a huge shareholding in the company. We are personal owners of these businesses, so we understand how owners feel and how they want their legacy to be dealt with. We think that we offer a little different proposition for people in the future. That being said, I would I never wanna say never, but for the moment, we're only interested in European luxury goods companies. As Tom had indicated, there's very few that are available in the market. Again, I don't wanna say never, but we'd need something that was of scale, that we could move, that could move the needle for the company. I don't think you'll see us doing little acquisitions. We don't think that's the best use of our time and energy and effort. You know, we have this opportunity at Versace. I've told everyone on our calls that we have a very clear path to how we're getting to $2 billion. We understand that. Now the question is: How much bigger is Versace than $2 billion? If you look at many of our competitors, who are, I won't mention names or companies, but I'm sure you all have done your due diligence, they are now all breaking $2 billion. Many of these businesses that were $1 billion before are breaking $2 billion now. Now they're clearly on a path to $3 billion. I'm sure when we get together at our Investor Day, we're gonna give you more thoughts around what that means and what that feels like. We own some assets that clearly can be bigger. I think we will also have some views for you at Investor Day on Michael Kors. We clearly now are gonna be a bigger business than we've talked about in the past. That's not with any type of aggressive positioning. We've actually taken our wholesale business down, as you know, and that's by design and really, again, continuing to elevate the brand. I think when you look at all that, if we saw a company that had the ability to be well north of $1 billion, we would consider it. If it didn't have that ability and if it really wasn't in the luxury world, that's not gonna be in our wheelhouse. I'm sure you've read some things in the papers about things that we are supposedly a part of or not. If it doesn't fit that criteria, again, I don't wanna say never, but that's. We're gonna be pretty disciplined about that. That brings me to the conclusion that I don't think anything's gonna happen in the next couple of years. We will be ready. We will be positioned. Possibly at the end of the next fiscal year, we'll have very, very little debt. That will give us, you know, the firepower to do a multi-billion-dollar acquisition if it's the right acquisition and we think we can grow it. Great. We are just about out of time. Any questions I should have asked that I missed? Well, Lauren, first off, again, I wanna thank you, and I wanna thank all of you joining us here today. Many of you are owners of the company, and I thank you for your investment, and I thank you for your confidence in our company. Again, I just wanna repeat that we remain very focused on our strategic initiatives, and I think we demonstrated that during the pandemic. We could have gone off, you know, to the left and to the right and done some very strange things. I think we didn't. I think we doubled down on what we believe in. I think you saw many of our competitors do that, and boy, have they come out strong. We are in a very competitive environment, but I think we've set ourselves up for success. We've got a strong leadership team in place. I am 100% fully committed to making sure that Capri will not only deliver on what we showed you at the last Investor Day, but hopefully do a lot better. Thank you, Lauren, for having us. Thank you both for your time, and thanks to everybody for participating.