Good afternoon. Thank you for joining us today. Before we begin, I would like to note that this webcast is being recorded, and a replay will be available on Kirkland's investor relations website shortly following its conclusion. In addition, the discussion today may mention forward-looking statements which are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which are more fully described in Kirkland's filings with the Securities and Exchange Commission, which are also available on the company's investor relations site. Let me now turn it over to your host, Jeremy Hamblin, from Craig-Hallum. Thank you and welcome, everyone. My name is Jeremy Hamblin. I'm a senior research analyst at Craig-Hallum, covering the consumer sector. I'm pleased to have with me today, from the Kirkland's Home team, CEO Amy Sullivan. We have a hold rating on KIRK stock with a $2 price target. The company currently operates 317 stores. An issue to press release yesterday with preliminary Q4 results that were in line with our forecast, with the company generating $441 million in sales, with a $2 million Adjusted EBITDA loss in FY 2024. With that said, I'd like to turn it over to Amy for a few introductory remarks. Amy? Thank you for hosting today, Jeremy. I'm eager to share updates on our recent results and begin to outline our next phase of transformation. Before we jump in, I'd like to give a bit more color on the preliminary results we released this week as it pertains to the fourth quarter. We do expect net sales of approximately $148 million, and we delivered our fifth consecutive quarter of positive brick-and-mortar comps and our second consecutive quarter of EBITDA. While you don't see me claiming victory yet, until we're consistently delivering profit, we have made significant process and progress in the fundamentals of the business, and we're headed in the right direction compared to the prior year. As we chat today, Jeremy, I really want to share my vision for our path to profitability, our partnership with Beyond, which I know everyone is excited to hear about. With that, I'll turn it back to you to dive into our discussion. All right, thank you. You have been in the CEO role for about a year, and there have been quite a few changes and, as you noted, progress along with several new opportunities, including your strategic partnership with Beyond, Inc. How has your vision for Kirkland's and its competitive positioning evolved over the past year? It's evolved a lot. You know I stepped into this role totally eyes wide open, knowing this had to be a transformation. The Kirkland's Home brand was running on 10 consecutive quarters of negative comp sales, and while the brand has been around for almost 60 years, it had really lost its way with the core customer and needed a real turnaround. Over the last year, our focus was proving that we actually have a viable brand and beginning to restore its health. The Kirkland's Home brand is beloved by those who know it, and we have reactivated lapsed customers, which we've mentioned a lot over the year, and really returned to the roots of the brand through thoughtful curation of every detail of the product assortment. You're always going to hear me speak about the customer like she's right here with me. Every detail of her experience matters. Every detail of the product we develop and sell in our stores has to be right for her. It's that mix of art and science that, in my opinion, is the foundation to retail. It's that same approach that really gives me confidence in the opportunities that lie ahead of us and the partnership that we have with Beyond. If I look back over this year, honestly, securing the partnership with Beyond is top of the list as we think about the progress that we made this year. Obviously, the investment, making them the largest shareholder in our company, begins to improve our liquidity position, but the partnership itself really positions us for growth as we build out the omnichannel strategy for Bed Bath, buyb uy BABY, and Overstock. If I look back on 2024, we started this year as a single banner brand with Kirkland's Home, and we really are exiting the year with a whole portfolio strategy that provides us so many avenues for growth. Let's spend some time talking about that Beyond, Inc. partnership. Shareholders overwhelmingly supported the partnership with Beyond, Inc. earlier in February, with, I think, over 90%, 97% of shareholders supporting the deal. It included $25 million in new capital for the company and ended with Beyond owning about 40% of Kirkland's shares. The deal includes $8 million of an equity investment, $8.5 million convertible term loan. Can you just quickly refresh investors on the impact of this deal, impact to share count, and where the balance sheet stands in terms of cash, available credit, and debt at the conclusion here of this deal? Absolutely. You know we met Marcus and the Beyond team in the fall, and we had publicly announced our intent to raise capital and bolster our balance sheet as part of our turnaround. I think Marcus, at the same time, had been a few months into his own assessment of the path forward at Beyond and was looking for a partner to build the future omnichannel strategy for all of those brands. We really found great synergies from that very first meeting, and I see this as a long-term partnership that's going to be mutually beneficial. As you mentioned, our shareholders approved the transaction with over a 95% approval rating, and with the terms of that transaction closing now, Beyond is a 40% shareholder. To break down that transaction, their $25 million investment currently sits as $16.5 million in equity and an $8.5 million term loan. In terms of how that impacts the share count and the fact that this transaction closed in two parts that crossed over two quarters, we ended Q4 with a share count of about 15.8 million, but as we move into the new quarter and have closed the full deal, we anticipate the share count to be approximately 22 million going forward as we finalize the deal. In terms of the balance sheet, we used the proceeds to exit Gordon Brothers from our capital structure, which was a necessary part of our capital structure last year, but we're happy to move forward with capital that gives us runway for growth. We paid down our ABL. As we shared in our release, as of this week, we have a little over $8 million in current availability through our ABL. Just to remind everyone on that structure, our availability fluctuates based on our inventory levels. As our inventory increases in the second and third quarters, our borrowing capacity increases correspondingly with that inventory flow. Undoubtedly, we see this transaction and, more importantly, the partnership as a significant part of what our next phase looks like. Just a quick follow-up question on that. As investors look ahead, anything in terms of with the transaction and kind of how your e-commerce is going to be managed versus brick and mortar? Typical seasonality would suggest that cash usage is highest as we get into that fall period, which is a great period for you, but also when you need to have your highest inventory levels. Typical where you would have your highest cash usage. Any change to that typical seasonality based on this new deal and partnership? Yeah. I think as we think about it in 2025, not a significant change. The store count growth that we see for Bed Bath & Beyond, as we've mentioned before, is sort of the up to five stores in this initial pilot. Those likely come later in this summer season, early fall, just based on the time and action that we're seeing right now. I think as you think out future years, if we see growth potential and the store count starts to shift between the brands, there is a more natural traffic pattern and sales pattern of Bed Bath & Beyond as compared to Kirkland's. I do think there would be opportunity in future years when that store count is more meaningful for that to be more balanced and less reliant on sort of those last two big seasons of the year like Kirkland's has been. Right. So maybe a little bit less seasonality in the future. Yeah. I want to shift gears. Just in terms of thinking about what you see today as your biggest opportunities, as well as the biggest challenges, both in the near term as well as longer term as you build out this multi-brand brick-and-mortar strategy with Beyond. Yeah, definitely. I'm really optimistic about the opportunities in front of us. The path and how we get there can seem daunting when you're talking about revitalizing brands, but honestly, we're really excited. I believe each name under this sort of collective family of brands has really tremendous opportunity for growth and expansion through an omnichannel strategy. If you think about Kirkland's Home, we still have work to do, but we really know this customer and we understand the formula. It's a very heavy lift, and it has been a very heavy lift to get this back on track, but we're showing progress that it's headed in the right direction. I think if I think about this past year and really the lessons learned and the initial turnaround, it really gives me confidence in our abilities to do the same for the other iconic brands. If you kind of shift gears and think about Bed Bath & Beyond, I mean, what an amazing opportunity to revitalize a brand that meant so much to so many customers. It was the brand she went to for her first apartment, her wedding registry to take her child to college, and really for every life-changing moment. Let's be honest, I don't think anyone's filled that space as a destination. Sure, you can find the items in various locations in store and online, but the winning formula at Bed Bath & Beyond is honestly being a house of the best and most trusted brands, being first to market on some of the newness from those brands, and being in stock and predictable. I believe we really do have the vision and the strategy and the team for this brand, and we're actively building the partners through the vendor community and the real estate community, and all have been really eager to come back to the brand. I would say newer news in this front is shifting gears a little bit to buy buy BABY, and it belongs with Bed Bath & Beyond. While we're in the very beginning stages of starting to dissect this business, we see opportunity for the brand to be possibly integrated into a larger Bed Bath & Beyond brick-and-mortar location or to be standalone. I think as we look at how the customer shops that brand and the demographic, all of those decisions will come as we really do the homework on that customer, but I feel really good about what that potential looks like as we think about those two together and those two apart. The last one that we haven't talked about as much, but I do think there's opportunity, is Overstock. I am increasingly impressed with the progress the Beyond team is making with Overstock. I have a lot of confidence in their head merchant for this brand and her ability to attract great vendors with great deals. That is really the basis of the brand. I think as she gets further along with restoring Overstock back to its roots, we see an opportunity to expand it into an omnichannel strategy. While there's an opportunity to build out that core assortment, we could also leverage brick-and-mortar to help both our companies as well as vendors really improve sort of how they manage and the profitability of how we navigate returns in these e-com businesses. If I think about sort of the biggest challenge we're going to face here is honestly simply getting it right. These brands have such a legacy history, and I think we've got to be thoughtful about the role of each brand, the unique customer experience of each brand. While I firmly believe our approach has to be sort of this crawl, walk, run as we build out the strategies and pilot the concepts and develop a path for growth, I do think these brands all have such immense potential to have a halo effect across both of our businesses and both of our channels as we work to build out the strategy of each. Can you give us a sense in terms of the timeline of your expectations? Obviously, this is a lot of exciting potential, a lot of hard work that's going to go into getting the execution right, as you said, and kind of integrating these brands into a kind of cohesive strategy. It is ambitious in terms of the time frame that you think is reasonable for people to start thinking about as we look ahead. Obviously, we're kind of mid-February at this point. What are you thinking in terms of kind of getting that vision to be cohesive? Yeah. I think we started the work on Bed Bath & Beyond in particular right out of the gate as we started our partnership with Beyond. The team is really we are in the process on the store design. We have several contracts going back and forth on real estate, and we are meeting with vendors every single day. I probably have the most confidence in saying that one is the farthest along and really feel like our previous commitments of up to five stores opening this year feels doable. buy buy BABY is one that I want to be aggressive on because, like I said before, I believe it could be a space within a Bed Bath & Beyond store. Even if you look at the current e-commerce business on buyb uy BABY, they've got a really great website, a really thoughtful assortment, and I think that one is going to be one that with buy-in from the vendors is going to be able to be a fast follow and maybe even integrated in one of these first stores. I know we're going to get into it in a few minutes, but if we think about just the profitability opportunities of Kirkland's as a whole and what that could be in terms of maybe some outlet strategies, there could be opportunity. I don't want to commit to it per se for this year, but there could be opportunity for an Overstock store or an Overstock outlet in one of these conversion stores that we'll talk about in a bit. I would still say based on the current timeline, the availability of real estate, the availability of product, and our capital allocation strategy, I wouldn't say many more than the first five this year, but we're partners in this with Beyond. I think if we find opportunities to accelerate that, we will have those conversations together. Right. Let's talk about customer overlap. In thinking about how does the Kirkland's customer overlap with Bed Bath & Beyond's or buybuy BABY's historical customer, do you believe that you have the opportunity more to re-engage customers, or is the next phase really more about new customer acquisition? Yeah. I think there's definitely, we expect overlap across all of these brands. I think the good thing is they each provide a unique role and a unique shopping experience and a pretty different assortment as she thinks about sort of all aspects of her home and her life. We see an opportunity, as we've briefly discussed before, for combined loyalty and credit card programs to really incentivize the customer to shop across the whole family of brands. We are ultimately building to that goal. If you think about it in the near term, really specific to Kirkland's because customer acquisition and customer reactivation has been a hot topic for us as well. Over the past year, we've been focused on re-engaging the core customer. I'm pleased with the reactivation rates we saw this year, but we absolutely need more customers, more trips, more transactions. I believe acquisition has to be part of that build-out. Kirkland's has a long history of underfunding growth marketing. I get it. It's expensive. The ROI is slower than it is of driving a loyal customer in for a second trip. It is definitely a necessary next step of our transformation. Access to Beyond's customer database over time will be a natural source for that. We are testing a few things in this early spring season that I think by the time we end Q1, we'll have some ability to share initial reads on what activation could look like or acquisition could look like within just our current partnership. I am optimistic that it does open the door, honestly, for each of our brands where we haven't introduced one another's customer yet. I think that's a real opportunity. Great. Let's shift gears. You kind of alluded to it before, but a real key part to this transaction and the opportunity is to address e-commerce. I think probably not a secret to anyone that you've been disappointed with how e-commerce has performed. You noted that in your Q4 preliminary results. It's been a bit of a struggle. We know there's significantly more competition online. I wanted to see if you could describe the strategic actions in terms of SKU rationalization that you're considering. If you could talk about your abilities to utilize BOPUS capabilities with customer returns and shipping capabilities, you might be able to use your store base to help manage cost. I wanted to kind of start there in terms of thinking about e-com. Definitely. Like many of our peers in the space, e-com demand has kind of expanded and contracted over recent years, largely impacted by pandemic and post-pandemic consumer changes. While this business, in my opinion, should be seen and managed as both our largest store and our best marketing tool for all of our stores, we have to raise the bar of expectations of the profitability of this channel. Our team right now is deeply focused on analyzing the contribution of every item on the website, literally every SKU, to evaluate its role and whether it's driving traffic or conversion, and more importantly, its impact to the overall channel profitability after you factor in discounts, shipping, returns, DC labor, just making sure that we're fully burdening the margin impact of each of those items. Simply put, if an item or a vendor does not result in a profitable transaction, we either need to improve the cost or eliminate the item. We have the added benefit, as you mentioned, of a large store footprint and the opportunity to be more strategic about how we distribute product to our customers. I would say over time, as we make progress on this, I would expect some decline in our e-commerce revenue initially, somewhat offset by shifting those sales over to stores as we fulfill more of our items through store, but overall a margin gain. That is really the only acceptable path forward, in my opinion. I also think the last phase of this really deep curation will give us a better view of the technology that we need to enhance the customer experience both online, but thinking of it through the lens of an omnichannel transaction. We've talked a lot over the past year about our needs to update technology, and those are real. Getting this assortment and our customer journey from e-commerce to brick and mortar right needs to be solidified before we make that final selection and that final commitment. Got it. You kind of alluded to it, but let's talk about how you're planning to leverage the Beyond team's expertise with e-commerce. This is clearly an area that they've focused on now for some time. How are you going to leverage that expertise for your own e-com site? Are there kind of near-term opportunities that you see that could begin to benefit your e-commerce performance, let's say, over the next year? Yeah, definitely. I think if you think about the combination of this partnership and where we see strengths on each side and synergies together, the Beyond team certainly has significantly more experience in e-commerce and has been more thoughtful, in my opinion, on staying on top of technology. That has just been something that has not been a priority or an investment in Kirkland's for too long. As we think about how to lean into them, I certainly think there is opportunity right now to lean into both their internal team as well as sharing partner resources to think about assessing our current site and thinking about how we can improve conversion as our internal team is focused on that ultimate curation for profitability. Long term, I would want them somewhat in the driver's seat on a replatform. As I think about the resources that we have here, we have a really great but small technology team who has a ton of knowledge in how you think about technology for stores, but we have some gaps in how you think about technology for e-commerce. On the business side, again, a very small e-commerce team, great site merchants, great marketing team that's focused on that. I really think we need to lean in and let them start to think about taking the driver's seat before we do some huge technology project. As I'm in early discussions with them, my expectation is that we would build out a technology roadmap together and really allow them to take the lead on helping us execute it over time. Okay, great. Let's talk about another area and switching gears. Coming back to your store base. You noted in yesterday's press release that 6% of stores or maybe 20 or 20-22 locations do not currently meet your profitability standards in their current format. Can you describe some of the actions that you plan to take to address underperforming stores during their lease term and how the additional brands, Bed Bath & Beyond, buybuy BABY, Overstock, could provide flexibility in your options? Yeah, for sure. I mean, this is not a new process for us per se. Obviously, as stewards of our business, we have to constantly evaluate the ROI of all of our physical assets, whether that's our inventory or our real estate. If you had asked us this question last year and our focus on solely turning around Kirkland's home, we would have been hanging on to stores and really trying to fix them as Kirkland's home. We're still doing that. However, we now have a whole family of brands and more options to think about as we drive top and bottom line improvements in our business. As we think about having a menu of assets and what each of those brands could contribute, it's just time, in my opinion, to reset our benchmarks and our expectations to really maximize the potential of each of these brands and our current assets. What we've done internally is we've kicked off a store profitability task force, and they are working cross-functionally to literally analyze and improve any brick and mortar location that does not deliver positive EBITDA. Our expectation is we take aggressive actions to return each of those to profitability. As we talked about, those actions could be anything from modifying the assortment strategy to the inventory allocation or thinking about a new format or converting one of these stores if the customer demographic lends itself to a Bed Bath & Beyond, a buy buy BABY, or an Overstock. One thing I really want people to understand is we will be very thoughtful about real estate locations for each of these brands. If it's a location we want to exit, ultimately, it will not become a Bed Bath & Beyond. We are committed to making the best real estate decisions for each opening, whether it's a conversion or a new lease. Getting each of these brands positioned in the right place at the right time is going to be really critical to the success. I really see this as an ongoing partnership and an ongoing process where we have to continue to eliminate or convert anything that is underperforming. As we pilot new stores, as I mentioned before, we'll map out what that means for the long haul, but it's really looking at it through a completely different lens than we would have a year ago. Great. In terms of taking a further step, you mentioned that you're going to make kind of the investments. You're going to reposition some of the stores by brands or new banners potentially. What's the timeframe that you're looking at in terms of doing that or before you're really making a decision that, let's say, this underperforming store, it just doesn't fit or maybe it's a bad location and we're ready to move forward? Can you give us a sense for how you're thinking about that decision and the timeframe you're expecting? For sure. We are weighing the lease expiration dates in these decisions. If there is a lease that is naturally expiring this year, I'm going to have one strategy for that. That strategy is likely really augmenting the allocation of inventory differently to make that store more profitable during the balance of this shorter near-term lease. On a lease that might be further out in the three to five-year strategy, those are the ones that I really want to consider potential conversion stores. How would we want to look at building something out anew for Bed Bath or buyb uy BABY? I would never want to put either of those brands in a situation where we're going to set up a store and get it off the ground and potentially have a lease end. I say all of that to say I don't expect it to have some imminent immediate impact to anything on the balance sheet because I also don't want to spend capital to get my way out of these leases either. We are committed to improving the profitability of the ones that have near-term closings and then evaluating the others for conversion over the next couple of years. Understood. Let's talk about you mentioned new Bed Bath stores. The company has previously discussed a plan to open or rebrand five locations into the Bed Bath & Beyond brand name over 2025. Can you give us some insight into the progress on that initiative and kind of the timing of when we think that might actually come to fruition? Yeah, for sure. As I shared before, I feel the most confident in where we are on the Bed Bath & Beyond brand itself. We are actively engaged in really every facet of that strategy. The store design is in flight. Fixtures are being procured. I shared earlier, I believe the legacy vendor community has had a really great response. There are so many of those vendors who, despite growing their e-commerce businesses, really have not been able to replace the volume that they did in brick and mortar with Bed Bath. Everything seems to be lining up. The next phase of this will be we're in negotiations on stores. As we map out the store build-out and the inventory availability, I'll have a more clear-cut sense of an actual store opening date. I still feel like it's absolutely within reach to have stores open this year. We are very close on a lot of our small electronics and a lot of the national brand product and working through product development on things that require a little more work in terms of decor and textiles. I do think we will land the lease really soon. The product availability and product time and action calendar will be really the final say in that initial opening. Got it. In terms of thinking about the impact of these stores, I think you previously discussed that you thought the Bed Bath stores could generate 2x the revenue of the average Kirkland's store. I wanted to get a sense for how you plan to balance growing kind of the store base with the opportunities you see for the traditional Kirkland's home stores. Yeah. I think my view of Kirkland's store growth has really shifted as we are now a company with the opportunity to build stores under four brands. Using this pilot year and the partnership with Beyond as our starting point, I would wait through this pilot and test and learn and results phase to really decide how we map out a national real estate strategy. I absolutely think there's still a spot for Kirkland's Home stores, but could that shift in terms of store count over a multi-year strategy? Absolutely. I think if I look at the role that I see of each brand today without us having all the other stores built out yet, Kirkland's is a really great small format home décor store that can oftentimes serve the needs further out in the suburbs where you're sort of the home décor shop of the town. Bed Baths are going to need to be near colleges, near high growth, and really closer to the city. Same with buybuy BABY, most likely. While the Overstock store count may be smaller, I think we'll be really strategic about sort of what that looks like. I'm not as bullish at this point on Kirkland's home store growth as I am rethinking that fleet of stores, getting the profitability where it needs to be, and potentially relocating or reorganizing what some of those stores look like to maximize our capital. In thinking about new or rebranded Bed Bath stores, I just want to make certain that I understand. You're not talking about kind of the old traditional 25,000-30,000 sq ft Bed Bath stores, but kind of a slimmed-down version of that. For sure. Yeah. I think both in just the size of the box as well as the curation of the assortment, there's definite opportunity. What we initially outlined was in that 15,000 sq ft range. A lot of the leases that we're negotiating right now are somewhere in that 15,000-17,000 sq ft. Crossing over into a larger space would be nice if we're including buyb uy BABY. I really think if you think back to the best years of Bed Bath & Beyond, it's really clear what those drivers were. We want to have enough choices and enough breadth of assortment, but there was massive opportunity to curate. That's our intention as we open. Got it. Let's talk a little bit about Kirkland's home kind of brand value, distribution capabilities. You've cited opportunities to leverage the Kirkland's home name through private label distribution across your family of omnichannel brands. I was hoping you could provide a little bit more detail behind this initiative and how it can be leveraged for Bed Bath & Beyond branded stores. I think on the tails of just talking about potentially thinking that Kirkland's store count could decrease a little bit over the years, it doesn't mean that I have any less confidence in what the reach could be for the Kirkland's home brand. I almost want to pivot people's mindset about that to also be a brand and not just a store. With all of the opportunities in front of us, I think we have a prime opportunity to maximize that name as a brand. We see opportunities to expand the brand awareness through new distribution channels. We're in the really early stages of vendor partnerships and product development that include anything from leveraging the Kirkland's home name within Bed Bath & Beyond stores, which I think is interesting to everyone to hear about. I think when I look at those last few years of Bed Bath & Beyond's history, they really went ditch to ditch in terms of being a house of brands to having far too much private label. I do not want anyone to be spooked by the idea that we would have a private label initiative. I think it would be one, one or two, and really leveraging that Kirkland's home name to be kind of a good or better in some of the everyday assortments. The other part of it that we are in the very early stages of exploring would be potentially licensing our name to key vendor partners who would be willing to really develop and curate assortments that could be sold on our website, any of the Beyond websites, and if we get really good at it across other marketplaces. We're pretty deep in conversations with one key partner who's been a big partner to Kirkland's and a big partner to Beyond. There's a lot to unpack on this one over time, but I think for us, it is really seizing the opportunity to think about how you think of Kirkland's across all of these brands. With that kind of carrot dangling out there, can you give us a little bit of a sense for the timing on what with the partner that you might be looking at doing something and you've been in discussions with? Is that something that you might be able to speak to in 2025? I hope so. We are in the process going through, from a legal perspective, just making sure we have all of our ducks in a row and all of our trademarks and those sorts of things. Both on our side and on the vendor side, there's a big interest to do that. Honestly, as I think about our own curation of the Kirkland's website, there's a unique opportunity to really drive AOV through Kirkland's Home product and furniture, patio, and rugs. Those happen to be categories that Overstock sells really well as well. It needs to be the right vendor where we can give some oversight to the design and development, but really let them own nailing the quality and the price point. I hope to be able to at least get some early reads this year and really update you guys along the way. Great. It's hard to have a conversation with a retailer and not touch on tariffs. It's on investors' minds clearly. I wanted to quickly touch on that and just understand the company's potential exposure to tariffs on goods originating from China or other potential origination countries, how you may alter your supply chain, if at all, and how, as a leader, you're expecting to address this issue for Kirkland's. Yeah. It's such an evolving topic and seems like it shifts a little bit by the day. Here's what I would say. We have very strong vendor partnerships, and those are really partners who have stood with us through good, bad, and our transformation. Their business needs to be profitable. My business has to be profitable. It's my expectation that they partner with us to share any increases we may see. It's our job to minimize the impact that the consumer sees. We have a couple of things working in our favor. First, over the recent years, we've diversified our sourcing mix. What was once 95% imported from China is closer to 70% now. Still a lot, but it's really been diversified. We've completely changed our product mix and our value proposition this year. I do believe we have some room in price elasticity in our retail price and in our discount strategy to offset some of this impact. When we were looking at this back in 2018, 2019, we really spread the impact across our entire assortment so that our pricing strategy stayed in line. I do not know that we're going to need to do that this year. I think that we've got enough room between what I expect from our vendor partners and what I think we can massage in pricing and discounts to hopefully make it minimal. We have an internal global sourcing team as well as boots on the ground overseas who are monitoring it by day. We're staying really close to it, but hoping to minimize the impact through all of our partnerships. Great. With that, I'd like to turn it back over to you, Amy, for closing remarks as we kind of come to the end of our discussion as you focus on returning the company to profitability and kind of rebuilding of the broader suite of brands that are now under your umbrella. Yeah. I think if I could leave you with really two key messages today. One is our path to profitability. While we're proud of our progress, we are not satisfied with our results yet. We have a golden opportunity right in front of us with access to multiple brands and paths for accelerating profitable growth. There will not be one asset, one SKU, or one store that isn't put through the ROI test to improve and maximize our profit and our ultimate value to our shareholders. The second thing, which we talked about a lot today, is we are rebuilding brands. I'm confident in the fundamental strengths and the muscle that is built from leading a team through a transformation. I think brands have to evolve at the pace of the consumer while staying true, though, to the core DNA of the brand. We now have access to this whole portfolio of iconic brands that all have a reason to exist, a customer to satisfy, product that needs broader and easier distribution, and vendors who want to grow their business. In my opinion, you really only get one chance to revitalize an iconic brand like Bed Bath & Beyond, and I'm thrilled to be leading the charge. I hope you all really walk away today with the focus on our goals and profitability and all of these opportunities ahead of us as we think about all these brands. Great. Kirkland's is expected to report full Q4 results in late March. I want to thank you, Amy, for joining us today and providing a roadmap for the future of the company. Thanks, everyone, for joining this call. Thank you so much, Jeremy.