As has been the structure of today, Dave and Elizabeth will start off touching on a high-level overview of the story. Then we'll dive through some series of questions that I have. And the audience, if you have any questions, go ahead and dial them in to the Q&A box below, or email me at agray@alliancegt.com. So to kick things off, I'll pass it over to you, Dave and Elizabeth, to provide an overview of The Honest Company story to anyone who might be new to it. Yeah. Welcome, everyone. Thanks for joining. We're excited to be here, and, you know, I'll say The Honest Company is in an exciting period of time. While we've got roughly a 12-year history of building a baby personal care brand, we see a lot of growth opportunity in front of us. But, you know, let me start more near term. You know, roughly a year ago, we embarked on a journey to kind of stabilize the direction of The Honest Company, and in doing so, we developed a three-prong approach, a transformation initiative approach that carried us through 2023, with an eye towards stabilizing our financial foundation, focusing on the growth drivers of the company, and articulating a long-range growth outlook for us. So, we're excited to share some of those thoughts with you today, and looking forward to some of the questions. Okay, great. Thanks very much for that, Dave. So let's go and kick things off, where you left off, right? So talking about, you know, the turnaround story that you guys had there, 2023, took some notable steps just in kind of stabilizing the business. You know, I like to talk about kind of like phase one of things, right? You improved the cash position organically, by converting inventory to cash, and you also worked towards profitability, now with two straight quarters of positive EBITDA. So can you talk about some of the efforts that went behind that, and how it's placed the company in a fundamentally better position today, just from a balance sheet and sustainability perspective? Yeah, absolutely. And, so let me kind of touch on those three prongs of the transformation initiative that were instrumental in getting to the outcomes that you described. The first was really a brand maximization initiative, which was focused on all the activities that kind of create the availability of Honest products out there in the market and also kind of driving greater velocity of those products through consumer sales and through innovation. So brand maximization was really a first aspect of making sure that while we needed to rationalize some of our channels that we were in prior to 2023, rationalize some SKUs, we didn't wanna take our eye off the ball of maintaining growth. As a result, we grew roughly 10% in fiscal 2023, in the face of rationalizing those channels, SKU levels, bringing inventory down. The second, though, pillar and initiative under this transformation initiative was a margin enhancement focus. And so this clearly focused on all the levers we needed to improve profitability, from gross margin in expansion, and in operating expense disciplines and expense structure. So the goal was to improve gross margin, generate expense leverage, and turn around the direction of the earnings, because we were seeing you know contracting margins and expense creep. So that was an important aspect. And then the third aspect of our transformation initiative was our operating discipline, and this gets to both a mindset of how we're gonna be operating the business from executionally excellent, being focused, being nimble, but it's also how we allocate our resources, and that spoke to our laser focus on inventory reduction during the 2023 period. We reduced inventories over 30%. That built our cash balance up by the end of the year, oh, close to $30 million. And again, we through this period did not need to rely on any borrowings or drawdowns of our line of credit, self-funded through working capital management and an improvement in the bottom line. So, those three initiatives that drove the performance in 2023, we've really institutionalized as three pillars going forward, and so we see those as hallmarks to how we're gonna operate the business going forward. Mm-hmm. Right, appreciate that. Thanks for that, Dave. All right, so you talked about, you know, some of the things you had done in 2023, in terms of profitability and the balance sheet, right? So now we're speaking more towards, you know, top line and sales growth. So you're guiding for mid-low single digits to mid-single digits growth for 2024, and now looking to reach the high end following the Q1, which came above Street expectations. So can you talk about your overall growth strategy going forward? Yeah, certainly. You know, one of the in our year-end earnings call, we introduced a strategic roadmap for how we're gonna grow The Honest Company, and the information's available in our presentation on our IR website. But the biggest opportunity to grow The Honest Company is through increasing the availability of products in the retail distribution market. So, our largest customers, such as Target, Amazon, Walmart becoming a larger player for us now, and other retail channels, like drug and grocery. Even the club business down the road has some opportunity for us. But getting more into more of those channels, getting into more of the store nameplates, and then every store has a large base of individual doors that we have opportunity to get into. Every door has a number of shelves that we are able to, you know, get our product on. And then even within shelves, there's where it sits within the shelf, the facing, and as we've articulated, across our product set in varying degrees, we are under-penetrated relative to some of the conventional brands, and our presence within the shelves and how many doors we're in. So our main focus is focusing on that retail distribution, which, you know, is a higher margin proposition for us as well. The path is substantially large. We're in roughly a little over 50,000 doors available to us today, but the greater size of that availability is over 100,000 doors. So we're not even halfway there in getting just some of our product into every door that's available that would be selling a personal care product like this. But the hallmark is through the retail distribution strategy. All right, great. Thanks for that, Dave. Want to dive in a bit deeper on Walmart, right? A lot of opportunity for you there. You started off on the end caps. It looks like a move in-aisle, and you're also looking to add more SKUs. So can you just speak towards how that relationship has been evolving? Yeah, we're really pleased with how the Walmart relationship is going. You know, we first started there in the end of 2022. So 2023 was very much of a sell-in opportunity for us. We started on, you know, on end caps and then moving our product in line in the shelf, and so that brings us the permanent kind of presence for our products, but it's not even all of our products. You know, an example of that being our number one selling lavender-scented fragrance shampoo and body wash is our top-selling item, and we don't even have that in Walmart yet. We launched with a more proprietary scented in Walmart. So we see that there's growth opportunity there. We're already the number one natural baby care brand in Walmart, and being a natural baby care brand is something that's a growing consumer expectation and desire for the cleanliness of the product, especially as it's used on their family and babies. We entered last year with our baby clothing line in Walmart as a first edition and to complement, you know, diapers and wipes and baby care personal brands. So I think we're really excited about this. Walmart has publicly stated a desire to attract a little higher income consumer, 100K household income consumer, and given our premium positioning, we fit well in line with that. And so we're a favorite partner of Walmart now, and it feels like we're just getting started. Okay, great- I would just add that, Walmart was, you know, really a strategic decision for us to grow new stores in the South and Southeast region, where we really didn't have a retail presence before, and where we've seen, you know, the majority of births in the U.S. taking place in that South to Southeast region. So again, it was also, you know, from a strategic geographic region, getting more of our stores in the South, and we've been pleased with the performance so far. Okay, great. Fantastic. I know something that we're all continuing to watch there. Another thing you guys have been speaking towards is hero SKUs, right? Finding more hero SKUs within the portfolio and better ways to leverage them to drive growth. So, you know, can you talk about how you can drive growth with your hero SKUs? Yeah, absolutely. You know, hero SKUs become some of the biggest volume drivers for us. And you know, it kind of comes down to you know, the Pareto principle of what's gonna be driving. You know, 80% of your volume might come from 20% of really your SKU mix. And so as we develop products, we have a line of sight as to what could be a hero item, but until it's really in market, you know, you don't know for certain. But we've identified in our assortment a collection of hero SKU items as we're presenting here on the screen. Hydrogel Cream, for example, where the ACV or all-commodity volume percentage is significantly below the closest competitor of ours. That's one of our fastest-growing items, and we're still have opportunity to get more of it on the shelf. Different size of baby diaper, baby, you know, club box levels or wipes and the lavender baby cream bubble bath. This is where we're under-distributed, and really it speaks to not just getting this products on, but there's behind the hero strategy, there's a element of offering it in different sizes. So sizing of these products in different quantity sizes is what's going to attract of the variety of households. Households that have, you know, small size families or larger size demand different sizes in their product set. And so when we know we've got a hero item, sometimes it's as simple as packaging it in a different size, a larger one. For example, we've got one of our kind of bubble bath gable top, which is a 32-ounce refillable item that's allowing, you know, that to be sold at a higher price, and higher quantities, for customers that are really gonna be going through it a lot. So sizing, form factor, whether it's, you know, different packaging, is just another way to take a hero product that's been innovated and make it available in different ways, to attract more of a greater amount of households. Right. No, absolutely. So diving back to some of your retailers, right? So talk about expansion of Walmart. Let's talk about another retailer, Target, which you've been for a while now and seen a lot of success. So can you speak towards Target and what not? Do you see more growth opportunities there? Do the hero SKUs help? Talk about the Target relationship and maybe potential growth opportunities that you still see available. Yep. Target's... You know, we're just celebrating our 10-year anniversary this summer with Target, and have some exciting celebration activities to kind of note that. We've eclipsed the level of being the number one baby personal care, so not just natural baby personal care, but baby personal care product within Target. And so that's a notable success factor that just proves that we've established ourselves there as well. But when we look at even what's still available that could be sold into Target, we look at things, as I mentioned, on different size and form factors that would be available for us to continue to kind of grow that Target business. Particularly around some of the healing ointment and a shampoo body wash, sensitive skin products, you know, these are what the consumers are looking for today, and we're just now introducing those to our customer base, with Target being, you know, one of the early adopters of those kind of products. So, we're excited, and we think we still have a long way to go with Target. Great. Fantastic. Amazon's another platform where you've seen success with strong consumption trends. What's been key to your success at Amazon, and where do you see white space to capture greater share within various categories at Amazon? Amazon has been a tremendous success. Obviously, it's such a dominant endless aisle opportunity for us. You know, we grew last year roughly 27% consumption in Amazon, and 26% consumption just in our Q1. So you know, it continues to build, and it's a combination of things. One, having the right sort of logistics and supply chain mechanisms in place to make the availability always there and not miss, you know, out-of-stock sell-through opportunities. So there's algorithms that dictate, you know, how much supply is really there and in the hands of the Amazon warehouses, ready to be shipped out, and so we've been dialing that, you know, over the last year to more optimal levels. The marketing within programmatic marketing within Amazon is another key thing. You know, allowing search terms to land on Honest if it's searching for just, say, sensitive skincare or baby personal care, and Honest, you know, regularly ranks or rises right to the top of those search criteria. So that's an important factor. We've also done a lot of work over the last year on improving the product pages to make them, you know, more informative, more dynamic in with the reviews, obviously, are a strong part of getting, you know, success within Amazon. But product page user experience is an important factor, and so we've improved our visibility and actionability on kind of fulfilling the basket on Amazon accounts. Anything to add there, Elizabeth? Sure. I would just also add just making the ease of shoppability of our products, so even on, you know, our Instagram account, you can shop our products, and it can ask you, "Where would you like to purchase this product?" And the majority of consumers have been choosing Amazon, because their accounts are already set up there. So you don't need to start a new honest.com account. It's one click, it's in your basket, it's at your door the next day. So, you know, we were really leaning into where consumers wanna shop. So enabling that feature has helped some of the Amazon consumption last year. ... Okay, great. And I know we continue to watch all things you guys have going on at Amazon. I wanna dive a little bit down the P&L here. Let's talk about gross margins. You improved your gross margin last quarter by 1,300 basis points. So can you speak to the drivers of that? And then as we look forward over the next couple quarters, you know, how do we think about the gross margin evolution and potential improvements via, you know, pricing or cost improvement or otherwise? Yeah, certainly. You know, gross margin is been one of our primary focus areas within that margin enhancement initiative pillar that I spoke to earlier. But it came. You know, there's several different aspects of where we've seen success in improving that margin. Certainly when we compare it to a year ago, the Q1 of 2023 was a period of the beginnings of our transformation initiative. You know, exiting channels and eliminating SKUs did come at a cost at some one-time write-offs that you could chalk a portion of that 1,300 basis point improvement year-over-year up to. But the majority of that improvement in margin is coming from, I'll say, three different areas. You know, first, we over the course of the year focused on the product set that is most efficient, and went with some sharper cost and cost reductions within the manufacturing effort. We found savings to bring the cost down. And in addition to that, cost savings within our fulfillment and supply chain network, so some renegotiated logistics and supply chain service agreements that we've got savings in compared to the prior year. You know, the other thing, second item would really be pricing and how we price the products to maintain that premium level. You know, I'll say we may have been on the lagging end of CPG companies raising prices in the face of inflation, you know, beginning several years ago. We went through, at the end of 2022, but mostly in 2023, throughout the portfolio, to reset some of that pricing, to maintain the premium level. And so that's a contributor to the margin and expansion that we saw most recently, and even at the back end of 2023. And then I'll say that, you know, the third thing is really about the mix, where we've been focusing in on higher margin categories like wipes, like baby personal care. You know, that's having a nice adjustment to the overall portfolio mix that's contributing to a higher margin. So, 37%, in our Q1, as we reported, on top of Q4 of roughly 34%, we still see long-term that gross margin expansion is gonna be a contributor to earnings growth. In the near term, you know, the 37% is a pretty strong number and likely to be in that range between 34%-37% over the coming quarters. Part of that is a function of how we allocate some of our marketing and trade promotion activity. So, you know, trade promotions is an element in the sell-in at our retail distribution partners. And it comes more strategically than we've done it in the past. In other words, we can be more tactical in certain periods of the year, where we're leaning in with more trade promotion, and other parts where we're not needing to rely on as much trade promotion. Our Q1 really benefited from a lighter touch on investing in trade promotions, which led to the strong gross margin. But that'll, you know, the amount of trade promotions will ebb and flow through the year, tied to campaigns that we've got with certain retail customers, or new product launches. And so that's a lever that we've got available to us. But as part of our long range kind of financial objectives and algorithm for growth, it's certainly gonna be a continued focus to see improvement over the coming years on gross margin, as you know, with the same set of drivers that I spoke to there. That was really helpful, color so appreciate that there, Dave. Kind of staying on the profitability target, let's move down to profitability on EBITDA, right? So positive past two quarters now. You've also offered long-term margin enhancement in terms of that algorithm you offered at the beginning of the year. So while we can certainly appreciate there might be some ebbs and flows as you look to drive sales growth through either trade promotion or marketing, can you provide us a high-level view of how the company aims to balance growth and profitability as it looks to execute in terms of margin enhancement for the long term? Yeah, that's right. It's a balance. And one you know isn't become the significant priority over the other. They need to work in tandem so that our growth is profitable growth. And growth that we can sustain long term. So as we articulated in a long range algorithm for the company's financial goals, it's you know 4%-6% top-line growth, which and within our category set keeps us ahead of the pace of conventional CPG categories. But more importantly, seeing that their earnings or the margin expansion would be greater, earnings growth would be greater than that top line growth, giving us the expansion. And that's something that we feel confident over the number of years in front of us, that will continue to have, you know, Adjusted EBITDA profitability in the Q1, on top of the Q4, and even from the Q3 of 2023, where we called out some of our transformation initiative one-time expenses that were still impacting the P&L. Removing those, we essentially were positive in the Q3. So we've set our guidance for this year to be positive Adjusted EBITDA, low single digit to mid single digit. You know, that would be reflective of what we've been able to demonstrate so far in the Q1, but we're still early in the year. Frankly, look forward to coming back with our Q2 results and providing any updates to that earnings potential for us for the balance of the year. Okay, great. Appreciate that, Dave. And kind of talking about that balancing here, and we talked about before in terms of balance sheet, you know, why don't you just again touch on and highlight the balance sheet and the level of flexibility that that provides you now that you might have not had available a year ago? Definitely. You know, with getting inventories back in line consistent with the demand, you know, kind of forward-looking demand structure, that affords us the ability to kind of lean in where we're needed, especially on certain categories that are running well, and we can kind of invest in the inventory to support that. But it, you know, landed on positive cash flow in 2023. At the end of the Q1, roughly $34 million in positive cash. 0 debt, we have a line of credit of $35 million that remains untapped. We don't expect that we're gonna need to tap that. And so between the cash balance and managing working capital efficiently, we're definitely self-sustaining, especially when you think about positive Adjusted EBITDA, that's helping contribute to that. Now, we have called out that we do have some lingering legal expenses from securities litigation from two years ago that will have some outflow of costs that will or add back to Adjusted EBITDA, and likely, you know, prevent the full year from being cash flow positive, but still positive cash on the balance sheet in the range of $20 million-$30 million. But, you know, removing those one-time expense outlays for legal litigation matters, we would be generating positive free cash flow, and really, that's part of our objective going forward, is to continue to drive the cash balance. So what that does, obviously, is gives us more nimbleness and even strategic dry powder down the road, for investments or strategic opportunities that we might see. So... Okay, great. I think it's important to note, you know, that we don't foresee having to tap the capital markets again for additional liquidity and having our ABL of $35 million. If we do, you know, need access to more capital, that would be the first line we would go to. Great. Fantastic. Definitely a great position to be in there. All right, so, so we've already had some questions kind of come in. If you guys have any more, please type them in now. So we'll kinda jump to a few of those now. You know, one question, just in terms of, you know, e-commerce versus brick-and-mortar, specifically for Walmart and Target, can you talk about the SKU availability between online and in the physical stores? You know, some of the transition that you might have in terms of easier to get online, towards moving to physical stores, or that process that you might have for some of the larger retailers, like Walmart and Target? Yeah, when we approach retailers with our product set, because our brand really started as a digitally native brand, and the consumer base is sort of, you know, attuned to that, we do like to articulate that our product sells well online, and in many cases, offering it first on the retailer's website is a way to kind of have a proof point that it's an attractive item for their customer base. So in many cases, it starts there, and then it's moved into store. Ultimately, we're gonna gain so much more volume when it's on the shelf in the multiple stores that Walmart and Target have. So that's the ultimate goal. But having the digital presence is a nice way to kind of prime that pump and get the product set really well known. It also allows, you know, activation of some of our digital media activities through with search, with you know, banner activation, and social media. So we can make that available to broaden the awareness and drive traffic to the retailer through those digital media tactics. So it's become an effective way for us to kind of enter into new markets. ... Mm-hmm. Okay. Yeah, also as, essentially as a lot of these retailers have, you know, store resets that happen at different times of the year or different aisles from different buyers, if we're launching a new product and we wanna get that online right away, we can, and then the, you know, in-store reset might not be till the fall or spring. So that's why there, there's sometimes a lag between what we offer online versus in-store, and then we can test, get feedback, continue to maximize the product as we get feedback from customers. All right, great. Appreciate that. Another question here, or two questions I'll kinda combine. What success have you guys started to see in terms of cross-selling, persuading customers to buy more of the products, you know, within the Honest portfolio, whether it be in diapers, makeup, or otherwise? And then how do you think about the customer acquisition cost, and then kinda that lifetime value of the customer, and maybe potential metrics you might be looking to measure there? Yeah, I mean, I think that's one of the real unique aspects of Honest, where being a branded house, we have permission and to play within different product categories. And once a customer's grown to understand a certain category and grown to love it, then it's a natural kind of extension to other items within the Honest umbrella. You know, we have certain product categories, such as baby clothing. That's a good sort of entree into the brand. If it's a gift, it's a great gifting item. And so that brings new customers in. If baby clothing or a new mother has received you know, a diaper cake, then suddenly now they've been introduced to the Honest brand. And once they've been introduced to the Honest brand through maybe the baby line side of things, we can introduce some of their more skincare or beauty products to go along with the mother's spend. And so we do see a lot of cross-selling. And you know, and as those early adopters, many times mothers, continue to kinda use our products beyond the baby set. The baby's grown yet the wipes, for example, that were part of the initial kind of purchases become household staple items. In fact, I think our stat on wipes in households without babies is you know, roughly 40% of wipes users is they don't have you know, babies in the household. They're using it for everyday use. A great example of cross-selling and activity that supports the brand expansion. Mm-hmm. Fantastic. And on that brand expansion, one key thing to Honest Company is kind of clean products, right? So, okay, speak towards how you're looking to drive educational awareness regarding Honest products, and the fact they're not containing toxic chemicals, the fact that they're eco-friendly, in order to highlight that, as the benefits of buying an Honest brand for customers. So how are you looking to market that and make sure that customers are well aware? Yeah, it's, it's always a primary focus point on our product awareness. It begins with the clean claims that we've got, our Honest Standard of not using over 3,500 ingredients that are toxic, and have potential negative consequences. We avoid that, so it was, you know, really the beginnings of the brand. But within our marketing, every marketing vehicle, whether it be through video or placement ads, in our own honest.com website, you know, about the claims that we've got, our packaging has the certifications that you would expect. And so we're standing behind those certifications and claims. But it does come through in the marketing, and all that we do in the packaging as well. I think, I think we're, you know, well-known as a pioneer in this category, and that's why you're even seeing, some of the big conventional brands, trying to create their own versions of clean categories. But, you know, I think we've got a certain authenticity behind it, and, and it's something that, once the consumer knows, and has had a chance to try it, trial, then, then it's really becomes real sticky in terms of that customer attachment to, to our product. Anything else to share there, Elizabeth? Sure. I would just also add that, you know, we had highlighted in our last earnings that our household penetration is still only at 6%. So still tremendous opportunity to still drive new customers from the previous question into the brand and educate. And I think when we were giving the example earlier on Amazon, when we said, you know, what was driving that growth? Being able to improve the product pages, educating the consumer on why Honest products are better, what ingredients, 3,500 ingredients that we do not use, and then making sure they had the appropriate tags. So Environmental Working Group or the National Eczema Association tag, or on Amazon, they have a Climate Pledge Friendly brand. So making sure all of our products are tagged, and so consumers know, you know, what that really stands for. And by really targeting that, we were able to quadruple our new customers to the Honest Brand at Amazon in Q4 of last year by making some of those changes. So I think increasing awareness, making some of our packaging more clear, of really what the ingredients are, and what ingredients we are not using, is something we can continue to use to market, and continue to educate the consumer on why our product is differentiated. Mm-hmm. Okay, great. Fantastic. Quick question here. Can you talk about some of the products that are growing the fastest, and what are the drivers behind the growth for those products? Yeah, you know, some of our fastest-growing items that we're really seeing work well. We've talked about baby clothing. You know, this is a category that was introduced a few years ago. But this past year, we saw an elevated level of interest in it. Every year we have, and I think this might be four years in a row, our FamJams pajamas for the family became Oprah's Favorite Things that she nominated, and I think we're looking forward to that happening again this year. And as I said, that's a great example of bringing new customers into the Honest family because it could be a gifted item. So we're pleased with the progress on baby clothing. You know, wipes from both baby use but also adult use, and our new introduction of flushable wipes is really running well and strong. I think we're just in the early stages of how we're gonna be able to kinda introduce that and more sizing and form factor options. But wipes is a standout growth item for us. And baby personal care, so you know, shampoo, body wash, you know, that's a category that's seeing a tremendous amount of growth for us now, both on Amazon and in the stores. And it's a category that, you know, that we're really being kind of a dominant player, certainly from a natural baby care standpoint. So those are some examples of items that are strong sellers for us. Okay, great. Couple questions kind of around the gross margin and COGS. So, first one, on some of the COGS, like, for diapers, specifically, polypropylene and otherwise, are you seeing the costs, you know, rise year-over-year? Are you seeing a big impact there? And a kinda secondary one there, are you seeing, you know, price increases for some of the larger players in the category of diapers, with obviously some of the big conglomerates? So maybe just talk about some of the COGS and then the pricing. I know you mentioned pricing a bit earlier, but if you could just tie that back in, I think that'd be helpful. Yeah, certainly, you know, diapers is still one of our largest categories, and, you know, the amount of kind of raw materials that are necessary to go into the diaper is something that we've got a lot of history of structuring and working with our manufacturer and our partner on that. We have, you know, contracts in place that allow for a certain amount of price inflation, some index tied to indexes on different raw material items that give us some protection, not completely, but we're, you know, we have 2-, 6- and 12-month kind of windows of commitments on caps. That gives us plenty time when we see some of the raw material costs, commodity costs rise. You know, generally, they're in some temporary period of time, and then they kinda revert back. But it would give us time to make any changes on pricing, you know, to the consumer if needed. But we do have protection so that it's not an immediate hit to our financials if some of those index prices do spike. And generally, they don't last that long, as our experience has shown. Mm-hmm. Okay, great. One last one before we close things out. You talked about doors, 50,000 now, attempting for 100,000. Elizabeth, then you talked a little about shelf resets. So just how do we think about kind of timing, of you guys getting to more doors, increasing, that ACV for that? It's a continual effort from our sales team. You know, I'll call out, you know, as part of the leadership group that's been, you know, newly assembled here at The Honest Company, including myself, been here less than a year. But our leader of sales, Jonathan Mayle, also joined less than a year ago. His many years of experience at General Mills and selling into a lot of large customers that we have as well here, Target, Walmart, even some of the dollar chains that he had experience with, give us some of that insight and knowledge as to how to best drive more of that sell-in and command more shelf space. So it's a continual effort. It's, you know, it will be, in some cases, a bit lumpy when we enter into a whole new banner, like Walmart, as we did a year and a half ago. That builds, you know, a lot of the pipeline, some of the initial sell-in. It creates some revenue gains in one period of time. But absent that, there's, you know, untapped, like I said, roughly 60,000 doors out there in the U.S., just the U.S. We're really just focused on, you know, domestic growth at this stage. You know, the 60,000 doors that are available to us that our sales team, under Jonathan's command, is approaching, and we're working with them to gain you know, shelf space through their regular resets. As Elizabeth mentioned, most retailers have, you know, 2 resets every year. And so those discussions on how we can bring in that new reset and expanded product offering is. It's gonna be based on the success and velocity of what we might already have in there. And that's why the consumption is so important as we monitor it through store traffic, that that gives us the confidence that we get the incremental sell-in on new products for that particular store. But that's all part of the leadership under Jonathan and his experience in doing that. Fantastic. I'll let you guys end it with some closing remarks. Why don't you guys let us know some things that you think investors are currently missing in the story, or what you think they're waiting to see some more further progress on? Yeah, I mean, I think I touched on the consumption data, and that's something that is monitored weekly through Nielsen or Circana. And that's just some of the large retail chains that operate and provide that information. It really only represents 50% of our actual products that are being sold out there. So excludes e-commerce sites, such as our own or Amazon. And so, you know, we call out Amazon as one of our top, you know, consumption sources of growth. And that, you know, really doesn't even show up in the Circana data. So wanted to, you know, certainly share that insight with any of the new potential investors, and know that those are insights that we monitor pretty closely, but they might not even reflect the full potential for the company's success in any given period of time. I would also add, you know, and it came up before, but, you know, whether the need to raise capital again, so wanted to reiterate where we stood on that, that we don't foresee that need in the short term. And also, we did have our founder step down earlier in the year. There were some questions from investors, that if she would be selling shares. She is still a board member. She has not sold any shares. She still owns about 5%-6%. So wanted to just clarify any questions around that as well, and we reaffirmed our guidance for the year, so any financial impact, we have already included in our full-year guidance. Great. I think that's a great way to end things. Dave, Elizabeth, thank you so much again. Thanks for everyone tuning in. The Honest Company, ticker HNST, trade on the Nasdaq. Thank you so much for joining me. Hope you guys all have a great day. Great. Thank you very much. Thanks, Aaron. Take care.