All right. Thank you, everybody. For our next session, I'm very happy to welcome back e.l.f. Beauty to the conference. With us, our Chairman and Chief Executive Officer, Tarang Amin. Thank you, Tarang, for being back. Well, thank you for having us. We have limited time, so let's just dive in, and I guess we'll start broad and maybe update everybody just on how you're feeling about the business and the category amidst what we've all been talking about this week as a relatively challenged consumer. Sure. I'd say a little bit of background on e.l.f. Beauty. We've existed for 22 years. We were founded almost 22 years ago with this radical idea of selling cosmetics over the internet for $1. Everyone thought the founders were crazy. This is pre-iPhone. You couldn't sell cosmetics over the internet. Certainly couldn't make money at a dollar doing it, but they figured it out. While we've migrated since core fundamentals of the business have remained intact for over 20 years, which is making the best of beauty accessible for every eye, lip, and face. We've seen tremendous success because of that. I think we most recently reported our 29th consecutive quarter of net sales growth. For those keeping track, that's seven years of continuous growth, averaging at least 20% growth per quarter from a net sales standpoint. Our namesake e.l.f. Cosmetics brand has built over 900 basis points of market share over those last seven years. We have an incredible portfolio. e.l.f. SKIN is now a top 11 skincare brand in the U.S. In addition, we've had two major acquisitions. Naturium, the clinically effective biocompatible skincare brand we acquired about three years ago, is currently the fastest-growing skincare brand in the U.S. amongst the top 50. We've more than doubled its sales to over $250 million of global retail sales. rhode, which is a brand that we acquired in August, Hailey Bieber's brand, is probably one of the most phenomenal brands I've ever seen. It is, in our last fiscal year, which we just finished, did about $390 million of net sales annualized. That's in less than 20% of Sephora doors. As far as Sephora is concerned, rhode had the most successful launch that Sephora has ever seen in its history in Sephora North America, Sephora in the U.K., and MECCA in Australia and New Zealand. We're very excited to be launching rhode all throughout Europe this fall. I would say in the backdrop of a challenging consumer segment, one of the reasons why we've continued to be successful is because we offer extraordinary value to the consumer. Prestige quality at a fraction of the price. Every single one of our brands is accessible, even though we cover different price tiers. e.l.f. Beauty has this incredible value proposition, averaging at retails around $7. Naturium is in the masstige price range, closer to $18. rhode is entry-level prestige, but each of them are accessible relative to if you look at the quality of the products and what they offer. I think that's helped us really over a pretty long period of volatility from a consumer standpoint, going all the way back to kind of even the pandemic, post-pandemic, inflationary pressures, you name it. We've been able to navigate that with consistency, and as great as all of that is, what I'm most excited about is the tremendous white space we have across our portfolio. Yeah. Let's talk about that. As you say, the last seven years, Tarang, not a simple environment to navigate. As you think about the building blocks of historical growth, and then you look forward to the next seven years, how many of them remain sort of intact and it's more building on that momentum, and how are things maybe changing in different elements of the portfolio requiring different efforts to drive future growth? Sure. If you think of e.l.f. Beauty, we have four durable competitive areas of advantage, and we believe all four of them are equally relevant for the next seven years as they've been for the last seven years. The first is our passionate team of owners and high-performance team culture. We're unique in our space in that we grant equity to every single employee every year. Every employee at e.l.f. is a meaningful shareholder in the company, and we train in high-performance teamwork. The reason why that's important to you as investors is the level of engagement we have from an employee base is off the charts. 97% recommend e.l.f. as a place to work, over 94% extremely strong engagement. You also see it in the level of productivity of our workforce, where the net sales and adjusted EBITDA per employee is miles apart from any of our competitors. It really talks, I think our most important durable advantage is the passionate team that we have and high-performance team culture. The second big advantage we have is that value proposition. As I mentioned on e.l.f. Cosmetics, our average unit retail is about $7. Most of our legacy mass peers are about $11, so a pretty sizable difference, and prestige over $20. The reason why that's important is sometimes people pay attention to the price point. The key for us is we've been able to engineer in better quality every single year for the last 10 years. With e.l.f., you really have no compromise. You get prestige-level quality at a fraction of the price. That value that I talked about, not only on e.l.f., e.l.f. SKIN, but across our portfolio, is a second core advantage, and we believe value is always in vogue, regardless of where the economy is. The third advantage we have is our powerhouse innovation. We have a unique ability of taking inspiration from the best products in prestige, as well as what our community is looking for, putting our e.l.f. twist on it, and bringing it in at an extraordinary value. That has been pretty consistent over time, and it's one of the reasons why, if you look in the cosmetics category, we have 22 segments where we have the number one or two position in color cosmetics. The way we've built that market leadership in the 22 segments is through innovation. A consistent track record of innovation year after year, and a volume that really responds to what our community's looking for. The last advantage is our disruptive marketing engine. We are by far the number one brand amongst Generation Alpha, Gen Z, and Millennials. That strength is really built on our ability of living with where our community lives, being pioneers on different platforms, and the level of engagement that we do. We sometimes say we're an entertainment company that happens to sell beauty products, but the level of disruption that we have in marketing and that engagement model. I'd say those are our four advantages that have really propelled our business over actually the last at least seven years, maybe even longer, and we believe are just as relevant for the next chapter over the next seven years. Great. One thing that it feels to me at least may be different as you move forward is the fact that the portfolio itself has evolved. The growth going forward is going to be more reliant on multiple levers of growth across multiple brands and really across multiple geographies, which we'll talk about. I guess, that portfolio management capability, how well developed do you feel that muscle is, and how does that maybe change the outlook going forward as you have to balance investments across multiple brands? I think one of the strengths of this business today, those who've followed the company for a long time, is the strength of the portfolio and how we're managing that portfolio. If you look at e.l.f. Beauty over our 22-year history, I think we've shown growth in all but maybe two quarters. There were two quarters in 2018, where we didn't grow, where we, like any business, you hit a soft spot. In 2018, when we hit a soft spot, the only business we had was e.l.f. Cosmetics. Right. If you hit a soft spot, you're really dependent on that. We've a much richer portfolio. I talked about the growth rates as well as the prospects of our entire brand. Our approach is different. Every brand in our portfolio is important. When we look at acquisitions, we have an exceptionally high bar. It has to meet our vision, first and foremost, of building a different kind of beauty company, one that disrupts norms, shapes culture, and connects communities. Most brands drop off right there. The level of white space that we see, obviously the financial profile, those things are table stakes. The team is actually really important, too. We're different than other companies, is when we do acquisitions, part of our underwriting case is we don't assume any synergies. We actually want the entire team that's been doing an exceptional job building that business, and we bring them all over. I'll give an example of rhode. Nick Vlahos, who's the CEO of rhode, Nick and I worked together all the way back in Clorox days. I've known him for 20 years. Incredibly strong consumer background. That entire team, all the founders came on board. The entire team came on board, and our approach is how do we enhance the team? What capabilities do you need? In rhode's case, they were about to enter Sephora. We helped build out their field sales team before we even closed the transaction. We talked about investing more in the brand. It's accretive to the overall company, so we could make those investments and still have it be accretive, shoring up the innovation capability, particularly from an R&D scientific standpoint. That's allowed us to manage this portfolio really well, where the people focused on e.l.f. are highly focused on e.l.f. and continue to be. We have a dedicated team on Naturium, a dedicated team on rhode, even a dedicated team on e.l.f. SKIN as we take a look. That really has allowed us to be able to pursue the white space across the brand portfolio. Our role, like I said, we're different than other companies. Our role is how do we help support a founder's vision and enhance it? That goes really early on in the diligence process of what are we trying to accomplish and where can we add value. It's more of a pull model, which really allows us to manage that portfolio and be able to pursue multiple vectors of growth at the same time. Yes. On rhode, again, the momentum has been exceptional. Your outlook for 2027 implies strong momentum certainly into the first half of the year and beyond. I guess one of the questions from investors is just on the plus side, can it be better, right? On the other side of the coin is, not so much will it fall short in the near term, but just how long it lasts. How do you think about both those aspects? What are the potential levers of upside, but also, where does your confidence come from in terms of duration of growth? Yeah. So I've been in the consumer space 35 years. rhode's probably one of the brands that I've been most confident in terms of the long-term trajectory. That went all the way back to diligence. I think we sometimes get this question, which is a little perplexing to us, Hey, is rhode a celebrity brand? A lot of celebrity brands have gone up, and they've kind of come back down. We kind of scratch our heads to that because I got to tell you, I see a ton of founders. Hailey Bieber is not just a celebrity, but she's one of the most thoughtful founders I've ever met. Her level of her instincts, how beautiful her aesthetic is, how involved she is in every aspect of that brand. I mean, I don't know how many rounds of submission we get into. Her vision, one of everything really good. The foundation of rhode is really built on the strength of a product portfolio that's highly curated, that has numbers no one has ever seen in terms of individual product level, if you look at rhode. One of the things that attracted us to rhode was they were doing $212 million of net sales, DTC only, with just 10 products in less than three years. We'd never seen that before in our space in terms of that type of trajectory. As we've taken it into Sephora, the launches in Sephora North America, Sephora U.K., and MECCA in Australia and New Zealand are multiples higher than anything else those retailers have ever seen. I'm talking about any brand those retailers have ever carried. It's in a level and a category that is unlike anything else that goes beyond that. The sustainability really comes from a couple of things. Number one is the strength of the fundamental products. As we take a look at the repeat rates of those products, how the brand continues to build month after month. Not only do we have the most successful launch in Sephora, but you take a look at the momentum that we see in Sephora as we continue, particularly under this curated product line. The other great signal for me is every subsequent launch we do on rhode is bigger than the prior launch. You see this momentum continue to build. Yet, for all the success that we've had on rhode, it still has a tremendous opportunity in terms of brand awareness. The unaided awareness on rhode is probably in the single digits. We've proven on e.l.f. Cosmetics and e.l.f. SKIN, our ability of building awareness. On e.l.f. Cosmetics, we've taken unaided awareness up from 13- 45% in just a few years. We know how to drive awareness and bring more consumers into a franchise. This is a brand we definitely are building for the long term. The most exciting part of it is in our fiscal 2026, we did $390 million of net sales in less than 20% of Sephora's stores. We're going to 19 European countries this summer. Over time, if Sephora could have it, they would love the brand in every single Sephora around the world. We're very big on disciplined rollout strategy, making sure you're building the brand, making sure you're building the community as we go through. Yeah, I do get a chuckle when people worry a little about rhode. I'm like, "You've got a lot more to worry about than rhode." rhode is a pretty phenomenal brand. Just like I'm sure there's a lot of pull for more distribution on rhode, I would assume that there's, on paper, lots of opportunities for that brand to go in lots of different directions into new subcategories and white space. At the same time, that heavy curation is key to the brand. How are you managing that tension? I give Hailey Bieber a lot of credit on that. She set out to create this brand on something that was one of everything really good. The only thing that we will introduce on rhode is something that she personally uses, is a big believer in, and like I said, we go through dozens of submissions on each product. We have a robust product pipeline on rhode, it follows that same philosophy. You're never going to see some of the brands that we sometimes get compared to. They had 100 SKUs, 150 SKUs. We don't see rhode going there. We continue seeing it to be something that continues to be highly curated. At the same time, just I think this last week, we introduced our next slate of innovation online. You're going to start seeing that in Sephora soon. The response to that innovation's been incredible. Everything that we're doing, just given the thoughtfulness in terms of it's a very different strategy. It's not about proliferation, it's about meaning for the consumer and the quality of those products. Gives me a lot of confidence in terms of how we continue to drive innovation, but do in a way that's consistent with the brand ethos. Great. Turning to the core e.l.f. brand, you mentioned that softer patch in 2018. We're in a little softer patch now. The good news is we've got the broader portfolio, as you mentioned. As you look at what has been softer consumption on e.l.f. of late, flattish, low single digits, by our observation on consumption data, I guess what is your diagnosis of that slowdown? I think there are probably multiple facets to it. Then what are you doing about it to reignite growth as we move into FY 2027? Sure. As I mentioned before, our business is driven on four core fundamentals, team, value, innovation, and marketing. Let's go through that. I maybe won't go in the same order, but let's start with value. Last year, because of tariffs, at one point last year, we were facing as much as 170% tariffs. Yeah. We took a dollar price increase across our entire portfolio, which was a 15% price increase. On the surface, that was a successful pricing action. We took 15% higher pricing. We only saw mid-single digits unit decline. In the last few months, we've seen a little bit higher unit decline, I think, based on the consumer- sentiment that's out there that a number of companies have talked about. We take a look at it and say, hey, look, we feel that pricing overall was the right move relative to the costs, both tariffs as well as inflation that we're facing. Okay. Having said that, we also take quite seriously our responsibility of delivering superior consumer value. We've been doing some price discovery. We had a skin tint, a new item that came out last year that was priced at $18 that we just tested at $14. We saw more than a 40% lift once we did that test. In the last few weeks, we've seen as high as a 60% lift. Okay. That really got us interested in saying, "Hey, are there some selective other products that we want to test and do some discovery to say if we took the price down $1 on those items, what type of elasticity do we see in this consumer macro?" I think two important notes there. This is not a wholesale rollback across the entire price increase we took last August. It's really discovering which prices do we feel have some resonance that we can potentially take some selective pricing action because value has been the big driver of our business just to see in this macro, are there places that we can offer better value to the consumer? The second thing from an innovation standpoint, as I mentioned, we have had a consistent strong track record of innovation. Our innovation in the spring cycle that we just launched was below our expectations. Let's say it's the first time in eight years that we've had innovation that was below our own internal expectations. While it was below our expectations, it's still some of the strongest innovation in the category. We already have two of the top 10 launches in the entire category. If you take a look at what's the difference out there, we tend to do best when there's a very clear frame of reference to prestige, the prestige inspiration. If you look at the two of the top 10 launches we have so far this spring, one is our lip oil stick. It's priced at $10. The only other thing like it is a prestige item at $48 in the marketplace. Consumers got it right away, and we've seen really great results. The second is our melting lip balms. It was an item we launched last year that we've continued to extend on, again, at $9 versus prestige at $24. An incredible value. There are a couple other items that we thought would do better than they have. We had a part of our Soft Glam franchise. We did a Soft Glam Concealer at $5. We thought that would have incredible virality at a $5 price point. There's not another $5 concealer in the marketplace. It's had good off-take, but not nearly the level of virality we had. What we're doing from an innovation standpoint is reinforcing where do we have clear frames of reference. The good news is in another month, we start setting our fall innovation. We've already seeded online four items that have very clear frames of reference to prestige. Okay. We have a makeup brush that the only other thing like it is a prestige item that's selling extremely well. Same with these blush and bronzer sticks. Again, very clear reference from a prestige standpoint. We take a look at our lip stains as well as our quads. Early results. All you have to do is go online and take a look at Mikayla Jane Nogueira, one of the big influencers in our space in the last two weeks. Just look at the reviews she's left on that product as well as a number of the other ones that are quite encouraging. The other thing that we're doing is we're leaning on one of our superpowers is our speed to market. We're known for listening to our community and delivering what they want to market. We've actually brought incremental innovation into this fiscal year based on the volume of what we're hearing the community wanting. Based on what our community wants, we can go from initial idea to actually having them in market within six months. Really leveraging that strength we have in innovation to be able to do that as we go through. Third, from a marketing standpoint, our marketing works best when you start seeing that virality on innovation, our ability to feed that and be able to sustain that demand and build growing franchises. Last, in terms of team, we made some important team moves. One was recognize the contribution of Kory Marchisotto, our CMO, over the last number of years. She has a particular passion for the e.l.f. Brand Making her President, e.l.f. Brands, where she has a passion, particularly not only on the e.l.f. Brands, but also the expansion in other categories of the e.l.f. Brands as well as our international growth aspirations there, I think plays well. There's a great analogy there. When I look at Nick Vlahos, CEO of rhode, when I look at Susan Yara, President of Naturium really bringing that focus on e.l.f., bringing Oshiya Savur as CMO on e.l.f. Brands. She is somebody we've had our eyes on for a number of years. Tremendous talent from a marketing standpoint, bringing those fresh eyes into e.l.f. Last but not least, appointing Ekta Chopra, the Chief Technology and AI Officer. Ekta has been with us a decade, led our technology initiatives, including probably one of the most successful conversions to SAP anyone's ever seen last year. She has a real passion for AI and how we embed that across every workflow within the company. Those are the core actions that I feel confident in terms of because they go back to the fundamentals that have driven the business over a long period. We didn't hear much about that SAP implementation, which is a good thing. Yeah, which is always a great thing. Yeah. When you talk about the frame of reference criteria for innovation relative to sort of crowdsourcing from your community, is there a good overlap there? If there was not, what would you prioritize? Does that make sense? Yeah, no, there's always overlap. I think part of what we do is when we study We've got such a great innovation capability that our teams are always sensing what's in the market. The great thing for us is we're not dependent on any season of prestige innovation. If you look at some of our biggest innovations, they were prestige items that existed for a decade, 15 years, that became viral over the last couple of years. One of the biggest launches we ever had were our lip oils. The inspiration of that had been in the market for more than a decade and really took off after the pandemic as people wanted bolder looks from a lip standpoint. If I look at our Camo Concealers, that was a prestige item that had been highly successful for 15 years. Our ability when I think the real secret for us is putting our e.l.f. twist on it and bringing in a much better value as we go through. Those things have both, where you can actually see the size of the prize based on what's actually sold for a very long period of time in prestige that we can bring greater accessibility to, that our consumers are already responding to. Then those moments that you hit particular virality. One of the great things about being in beauty, and particularly in color cosmetics and skincare, is the level of consumer engagement in these categories is off the charts relative to any other consumer category. This is one, I've worked almost every consumer sector over the years and relative to food, to pet, to home care, laundry, paper, a number of the other categories. This is a space where consumers are not shy of letting you know what they're most excited about, and our ability to be able to respond to that. There is often a convergence between the two as we take a look. The way we navigate that is our innovation pipelines go out at least three years Where we are, I would say that is the science aspect of mapping, which are the biggest items in beauty or biggest sources of innovation, how are we engineering our quality and our value into those as we go through? Then giving yourself, we have another lane where we give ourselves the ability to pivot when people I mean, we did this just even last year, where we had our pipeline Bronzing Drops. Our community came to us and said, "No, no, we want them now." We were able to launch them 6 months later. We pulled them up a full at least a year from where our original slated launch was based on the level of volume we heard from a consumer standpoint. You will continue to see us follow that approach of if we see our community particularly spike- in a particular area, our ability to move around the innovation timeline, to be able to take advantage of the interest in that item, which is exactly what we're doing right now- Yeah -FY 2027, where we're bringing additional innovation. Okay. I'll put some of this in the context of your FY 2027 outlook, because the pricing machinations that we're talking through, that you're working through, some of the incremental innovation, as well as what's going on in the commodity cost market, inflationary pressures, those are not explicitly embedded in the FY 2027 outlook. I guess two questions. How are you managing through that uncertainty? I guess, how would you like investors to be thinking through those same variables? Yeah. I'll start with the second one first. If you look at our overall philosophy on guidance, our initial guidance has always been the floor. If you look over the last seven years, I think we've out-delivered the net sales guidance by something like 1,500 basis points, adjusted EBITDA guidance probably about the same amount. When we put our guidance, our initial guidance, it's something that we're incredibly confident of, regardless of- Exactly -what we've said has been embedded in or not. It's just our approach. You can look over 29 quarters, our overall approach of pretty conservative. We take it one quarter at a time, and we're focused on the long term. The other thing I would tell, because I always get a little perplexed when I hear people like, "Hey, what's the gross margin impact of price discovery you're doing?" At first, I started answering the question by saying, "Well, it's not across the entire line, it's certain items. The elasticity is a key part of what we're looking for. The bigger thing, which I think everyone seems to forget, is we're set to receive $58.5 million of tariffs that we paid last year. We've already started receiving some of the tariffs. We're going to get $58.5 million that is also not in our guidance. Which will more than pay for or will certainly pay for any of the activities we're doing to drive stronger unit growth. If I think of the price discovery we have, if I think of inflationary pressures, and we're not as exposed as some other companies are to oil prices, but the inflation that we may see there, if I think of the innovation and any incremental support we put behind innovation, we anticipate to use the $58.5 million. It's really a one-time thing. We had a one-time tariff piece that we paid that shouldn't have been paid. in prior years. We're going to hit the refund this year. It gives the ability to really drive stronger unit growth. The way to look at that for investors is our ability to take that tariff refund and invest in our community and our consumer to drive even stronger unit growth, we feel will set us up even better for the longer term to any of the noise on- Yeah. -what price discovery we're doing, what level of inflation, anything else there pales in comparison to those tariffs. It gives us a great deal of optionality as we navigate this year in terms of really being able to have that dry powder. It's an important point because there has been uncertainty questions as to the likelihood of receiving that. You are receiving some, and you have high confidence. We've already received some, and we do have high confidence. I mean, it was very clear, we were early in line, in terms of kind of seeking it. Like many companies, we have no schedule, we have no certainty of kind of what cadence will it come in, because I know I'll get 100 questions afterwards of, "Okay, well now that you got it, when are you going to get your next payments?" We don't know that. We just know that we are not only in queue, but we've actually already started- Yeah. Very good. -received some. Very good. One key aspect of the growth story we alluded to earlier, but we really haven't talked about is international. It's international across now multiple brands. I guess, maybe there are a couple of markets that have been topical, the U.K. and Germany, because there's been some volatility there. Maybe an update on where we are in those particular markets, and then just more broadly, how you're thinking about and prioritizing the international opportunity, not only in FY 2027, but over the next several years. Stepping back, international is a massive opportunity for us. Only 20% of our business comes outside the U.S. Still, I mean, relative to our peers that have about 70% of their business outside the U.S., so we have a long way to go. Primarily U.S. company that's now starting to expand. If you look at our business, maybe I'll step back even further, start with the cosmetics category. If you look at cosmetics, overall, the number one player in cosmetics is a L'Oréal brand that has $5 billion of global retail sales, but they do that out of 120 countries. If you look at the e.l.f. brand, we have about $2 billion of global retail sales, and we do that out of 16 countries. It shows you the power that we have in terms of long-term as we continue to expand our portfolio, what we can do. That's just on e.l.f. We believe we have massive opportunity on e.l.f. SKIN, Naturium, and rhode. We already talked the rhode one. Naturium's another brand- Yeah -that we see a lot of opportunity. In terms of the biggest countries we're in right now, there are really four countries that are our big countries. The U.S., Canada, the U.K., and Germany. I would say in the U.K. and Germany, we did have some challenges last year. In the U.K., we saw a more promotional environment. In Germany, we were lapping our massive launch in Rossmann in Germany the year before. The good news is, coming out of Q4, we saw major progress in both markets. The U.K. went from negative to positive trends. We continue to build week after week in the U.K., and Germany, again, has gone quite positive, particularly as we've launched into dm, as overall market. The reason why both of them have inflected positive is we now have more than 70% ACV coverage in both markets. We're able to put the full e.l.f. model on. It'd been actually quite a while since we had any awareness advertising in either the U.K. or Germany. As soon as we've put on a little support from an awareness standpoint, we saw almost immediate results in the business in both countries. We feel good about the model we have, particularly as we build up ACV coverage. At the same time, you'll continue to see us seed new markets, you'll see us seed new markets really in two ways. One of our strategies is win with the winners. I already talked about Sephora and our plans, not only on rhode with Sephora, but also with Naturium, e.l.f. Cosmetics, and had two of the best launches with Sephora last year with Sephora in Mexico, Sephora in the GCC. We see further opportunity with Sephora. Sephora is certainly an opportunity for us to continue to strengthen that relationship globally over time. Second is we've seen real tremendous progress with Amazon, TikTok Shop in the U.S. We see there's greater global potential with those platforms as well. We're one of the fastest-growing brands, or our portfolio brands amongst the fastest-growing on Amazon. TikTok Shop plays well into the strength that we have on social. If I think of connected commerce, the strength we have on social directly translates in terms of what we're able to do there. One is continue to follow areas of where we have advantage, whether it be Sephora, whether it be Amazon, TikTok Shop. The second is a disciplined approach country by country, and it will vary by brand in terms of how we are able to do that. We do have a team in London that is responsible for the EMEA region. We have opportunities in other parts of the world, but it's the same discipline sequencing that we've done. Even if you look within the U.S. of how we went from Target, it's probably like five, six years before we went to another customer in Walmart, couple years before we went into Ulta and continued to expand from there. The same is true internationally. It's still a massive opportunity and still a tremendous amount of white space. Great. Just a couple minutes left, I guess, both a financial capital allocation type question, but also just a strategic question on the portfolio. We've talked through e.l.f. Cosmetics, e.l.f. SKIN. We haven't talked much about Naturium, but it's there, plus rhode. You have lots of opportunities across those four core categories today. At what point, again, both financially and strategically, would a fifth brand make sense? On your rank order of importance, how much time are you thinking of spending on the top? I'd say, look, the primary focus for us is realize the organic growth we have within our existing portfolio. We have just this tremendous opportunity, and since we didn't talk that much about Naturium, I did mention it was the fastest-growing skincare brand amongst the top 50 in the U.S. We've expanded the footprint of Naturium into Ulta Beauty, into Shoppers Drug Mart, Boots, Sephora in Australia and New Zealand. There's much further expansion. We just most recently took it into Walmart, have massive opportunity there. I'd say the number one focus is realize the potential of our existing portfolio. As I mentioned earlier, we have an exceptionally high bar for M&A. If we saw another Naturium or rhode, which are incredibly rare, we would acquire them. We have a very strong balance sheet as we go through, particularly given our acquisition approach, where we bring in an entire team, enhance that team, and our ability to go there. I would say the first priority from a capital allocation is investing behind our brands, looking at strategic extensions where they make sense second. We also will take advantage. In the last few weeks, we purchased another $50 million of stock. When we see a disconnect between the stock price and the fundamentals, both with what we've delivered as well as the white space we have, we took advantage of that. We've now, I think we had a half a billion dollar authorization. I think we've gone through about $150 million, we still have $350 million left in terms of capacity to continue to kind of repurchase as we see fit. First priority is clearly on our brands, but we will take advantage, particularly in times like this, where the stock price doesn't reflect the fundamentals- Yeah -particularly the future that we have. With that in mind, any closing thoughts? What should investors be most focused on as they think about investing in e.l.f. to get the stock price higher? Well, I'd say two things. One is focus on the consistency of the performance over time, it's so easy to get trapped in current consumer sentiment or where things are, and the core durable areas of competitive advantage we have. The second thing is the white space we have ahead of us. I'm more excited today, and I've been CEO more than 12 years, than I've ever been in terms of the future potential of this company, given the strength of the portfolio and how much white space we have. Fantastic. Tarang, thank you so much. Thank you. Thank you all for joining us, and enjoy the remainder of the conference