All right. Welcome everybody. We are super happy to be here today with you in person. We also have a webcast going, so welcome to our friends on the web. Really nice to see you all. I see all my old friends in the audience. It's really exciting to be back in person with you guys. We have a great day planned for you. We've got our senior leadership team here today. They're gonna tell you about our vision for the next five years. Before we get started, I'm just gonna give you some logistics for the day. We're gonna be here till about 2:30 P.M. or so. What'd I do? It's okay. I'm good. Oh. You guys should check this out. You should read it, and you should know it. We're gonna be here till about 2:30 P.M. or 2:45 P.M. We've got the day split up into three sessions. We've got a morning session right now. It's gonna run from now until 11:00 A.M. We'll have our leaders come up and present the first parts of our vision to you. We're gonna take a break for about two hours. We've got lunch planned, and we've got some activations for you guys to walk through, and I'll give you the logistics of that when we get there. We'll come back to this room at about 1:00 P.M. to about 2:30 P.M.-ish, and then we'll do some more presentations, and we'll have a Q&A. Calvin's gonna come up to the stage in a second, but first I'm gonna show you a quick video. Great. Morning, everyone. I thought Howard was gonna definitely at least let you know that Meghan is queued up to be the last speaker. That's a good way of, you know, ensuring that many of you anyway stick around with us for most of the day. Looking forward to the entire list of speakers celebrating the vision with you as well as the activations and then the Q&A that we're gonna have at the end of the day. Hopefully, we'll keep pace going that we'll be able to answer all your questions that you have. We have a lot to share today. A lot of exciting new initiatives. A lot of exciting plans in place. Let's get started. As you saw today in our press release, we have a significant runway of growth with ambitious plans to double the business again, hitting $12.5 billion by 2026. Momentum in our business in quarter one continues, and the guidance that we provided just a few weeks ago, we're confident in not just for the quarter but for the full year. We're incredibly confident in the plan, in our brand, and in our leadership team. You're gonna hear from a lot of those leaders today. Couple of familiar faces and a few new faces for this audience. Since the last time we were on this stage, just three years ago, Sun and Celeste will be presenting. Megan, promoted to our CFO, as I mentioned, will share, and then a few new faces. Nikki will come up as our Chief Brand Officer, really the first Chief Brand Officer that this organization has ever had, and excited for her to share the work that we've done and where we're going and the opportunity we see. You're gonna hear from Mike, our newest member of the team, joining just three months ago, and some exciting new initiatives behind Mirror, and the evolution of that initiative that we see. Excited with some of the news that we'll be sharing today with you. André, the first head of international that we've had based in Europe, and has been with us for just over a year. Joined during the pandemic. We went through our interviewing through the pandemic. Has yet to be able to get to all his markets in China in particular, but has made a real impact both on leadership and with the team, and excited to share the momentum that's happening in that business. The rest of the team, you'll have the opportunity over lunch and during the activations to mingle with and to reach out with. Susan's here, Shannon, Julie, and Ted's the only one who's not, and as you can imagine, as head of supply chain, he's busy. I told him to stay put. Yeah. He's the only member that didn't join us today. The rest of the team's here. Please, when you have the opportunity, feel free, introduce yourself, any questions you may have, they're here to answer most of them. Three years ago, as I mentioned, I stood on a stage similar to this one, and we made a commitment. The commitment was to double, quadruple. We were gonna double men's, we were gonna double our digital, and we're gonna quadruple our international business in five years, and the aspiration at that point was to hit $6 billion in revenue. We delivered that ahead of schedule. While doubling men's within the first three years, two years actually, we achieved that last year, we were able to grow our women's business double digit. We doubled digital within two years, and we continued to grow our stores double digit, and we will quadruple our international business at the end of this year, one year early, and growing North America at a double digit. Importantly, we grew EPS 27% on a three-year CAGR, and that's during a two-year pandemic, when stores were closed. As you know, we appreciate the support of our shareholders and others, we made investments in the organization, in our people, in our culture. We were leaders in paying rent and not cutting one order and pay protecting our employees. We stood up and did the right thing, and we're able to do that and still achieve these incredible results. Something we're incredibly proud of. Not just hitting the six, but exceeding that as well on a $6.25 billion in revenue, which is a 24% annual growth rate. The new five-year plan. Can you believe in 2018 we were $3.3 billion? We've already almost doubled that, in the first three years, and the plan, as you read this morning, is to double our business in five years to $12.5 billion. What's the plan? Well, when you wanna double the business and you have a proven formula, we're gonna continue with the Power of Three ×2. It actually took a lot of creative work to come up with that. I know you might just think we just rinse and repeat, but there's a lot of newness today, so this isn't just a headline. We truly believe in that we're in early innings of our growth. We're gonna keep innovating the core. We have such a runway. You've heard me say it many times, and I'll say it many times today, early innings of growth, and our opportunity to keep doing the things that got us here are gonna continue to fuel and drive this business forward around our runway for product, our runway around our guest experience and market expansion, not just in North America, as we'll share, but around the world. The opportunity, obviously, is really keep doing what we're doing. It's working, it's resonating, and we're so early in that growth potential, and it's gonna lead to doubling the business. What are the metrics? Again, the opportunity is there. We're gonna double men's. That will make men's in 2026 larger than our women's business was in 2020. When you start to think of the scale of this business at $12.5 billion, we're gonna double digital. Just to put that into perspective, that will make digital almost the size of the business today, the entire business today. We're gonna quadruple our international business, and that makes it the size of North America in 2020. China will be our number two market globally in 2026. Incredible scale to the business and potential as we grow into it. All this while we will continue via the plan to grow our women's double-digit, to continue to grow our stores double-digit, and continue to grow North America double-digit. As we see these growth drivers up top, the core, the foundational continuing to grow through the next five years, leading to the overall goal to double the business. With that, you'll hear more from Megan, but growing EPS at a greater rate than we're growing revenue. We'll talk about investments. We'll talk about how we're fueling the business and where those opportunities are, but we're gonna continue to grow our EPS rate above our sales growth rate. Underpinned, this is new, this is different, but you've seen, and many of you have been with us on this journey and encouraging us, underpinned by our Impact Agenda that we proudly presented last fall and will continue to lean into as we see opportunity around not just people, the impact we can make in the community, but within the planet. I'll share a few of those key initiatives with you. Our time together, what I really wanna share, I wanna share my perspective of why I believe we're in the early innings of growth, cut across our strategy, and share with you where we are in that journey and where the opportunity is. Then the leadership team is really gonna come up and share how we're gonna get at it. Equally, I wanna just share the confidence in the plan. Why am I confident that we can almost double the business from 2018, hit our goals two years early, and still see a runway to be able to double the business by 2026? Let's get started with product. We're gonna double men's while we deliver double-digit growth in women's. We have significant runway across all of the key levers of how we look at our product strategy. Starting with Science of Feel, it is, and you've heard us say it before, how we start our path of innovation. We look at solving the unmet needs of our guests. It's what drives the relationship with our guests. Product is at the center of that. We create product that delivers on the needs that they have. That delivers more guests. It delivers a greater community. That unlocks more unmet needs, fuels more product, and so on and so forth. It really is endless in terms of the potential that we see and the obsession that our teams create. If you're not 100% certain, I'm not sure how many are wearing, I'm seeing a couple of our Blissfeels. I'm sure you're feeling very bliss today. You take a category like footwear. Highly contested, and our teams were able to identify an area of opportunity that we saw, an unmet need. Have been over the last many years creating a product that not just went out and achieved that unmet need, but did it in a way in which we've received accolades across the industry, not just in delivering and identifying. One of my favorite quotes was sort of the dirty little secret of the industry is that, you know, this was never solved for before, and receiving the positive feedback in ratings and reviews. Although it's a test and learn category for us, and we're excited about how it complements and grows our core assortment being apparel and our credibility within some activities, it shows the ability to identify unmet needs even in a category like footwear, and then how we innovate, how we bring that to market. I think it's a great example to just demonstrate that there is a lot of opportunity when you focus on innovating behind unmet needs, regardless of the category in which you're trying to do it in. On activity. We share and talk about what we call our core activities and our play activities. Our core activities being run, train, and yoga. What you can see here is we have a huge opportunity in terms of our association and even awareness around some of the additional activities we've added, e.g., run and train. Yoga is where the brand began, so we are, not surprisingly, most known within the yoga activity. Still opportunity, and Nikki will share later. We still have opportunity with awareness of the brand and awareness behind activities. If we use that as sort of the most established within lululemon, we see a huge opportunity in run and train to continue to drive the awareness consideration for those activities. We've proven through the growth in the last few years that the brand is more than just yoga. It's rooted in yoga, but the versatility of the product and the ability to achieve those unmet needs across guests are engaging in, and we are seeing new guests come in through new activities. It is balanced in terms of why I go to Lululemon and what are the activities that I think of. The play activities, tennis, golf, and hiking are the key ones in which we design for, but really tap into the versatility of the product. I'll share a little bit more of that. We know how our guests sweat. That is why we've created and focused on these key activities through our research. Yes, we're seeing new guest acquisition by adding in these new activities, but it really is about growing share of wallet, getting more closet slots, and they love the brand, they know how they sweat, and they want a relationship, and they want Lululemon to provide the needs that they're looking for in those activities. These core and play activities really line up to that strategy. As I said, one of the core strengths of our product is its versatility. How we think about what we design for and how it is used by the guest provides us incredible flexibility. Very unique around, when you compare to other competitors and how our guests... It allows us to pivot and add a play activity with a small collection on top that drives credibility in the overall core business or to lean in fully like we do in run and train. We are far from meeting the needs across those activities in our product development. Those are the core activities that we're focused on and we're gonna continue to focus on. During the product activation, you'll get to see assortment across all of those franchises and hero items. Another big cornerstone of how we design and think of our opportunity around product. The Align franchise is a billion-dollar franchise. It wasn't that long ago that it was just a bottoms business. I remember a few years ago being in a meeting with Sun and her team. Sun was challenging them on the opportunity of this feel state that we had for Align of feeling light and free, and how the guest was resonating and responding to it and saying, "Can we not bring that feel state across a greater part of the body from head to toe?" The team designed and launched the Align bra, the Align top, the Align tank, the Align shirt, all incremental and grew the franchise. Proven through an incredible business in our bottoms, our ability to take that feel state, to take the credibility and the equity that we built in that business and extend it into other products across the head to toe to deliver on the commitment of what the guest can expect in the feel state and drive incremental business. Real head to toe solution. Exciting to see we're just beginning in those variations across our multiple franchises. If you link it back to the core activities and the play activities that I laid up before and layer the strategy, there's an opportunity. Really, all of our core activities can have up to two franchises. Then those franchises can be expanded more than just the bottoms business. When you step back and look at the assortment and how we're fulfilling the needs of our guests today, there's an exciting runway of growth and potential. As we've seen through Align, we can trade on the equity, we can deliver real unmet needs in that feel state, and we can bring it through greater parts of the body to deliver what the guest is looking for. If you're looking for other examples of where and how do we see those franchises, you'll hear about them in the activation. Instill is a great example, and it's a great example where you take a category like yoga and where we're light and free in Align, the Instill is more of a held in, a little more compressed through SmoothCover. Again, the guest, it's resonating, it's incremental, it's a different guest, it's a different feel state, and it delivers to a different need within a different practice of yoga. We have the Wunder Train, which is a fabric that delivers our highest sweat for indoor cardio and sweat, so Wunder Train, License to Train. I can go through the few that we have, but think of a couple of franchises across some of the core key activities in our room to continue to develop and meet those unmet needs on a head to toe is an exciting opportunity. As is OTM, On the Move, and you'll hear and see a little bit more later. With On the Move, you know, we're more developed in men's, right? I'm wearing one of our, you know, very comfortable, stylish, yet functional jackets. When it comes to our female guests, we have a real opportunity on OTM to deliver versatility, functionality, and fit into the everyday. There's a few more blazers in the audience than I thought I would have seen. We know the workplace is going more casual, and the demand that our guests have, life is an activity. If you have any, you know, children or just moving around. What we've learned through the last, you know, few years of pandemic is the expectation around versatility and functional wear has only increased, and we're not gonna go back. Our opportunities, we've proven in our men's business and our opportunity to bring that into our women's business is another really exciting opportunity and something that the team will share with you as we think forward. The power of hero items, which really drives the versatility across our business. We talk about franchises. They're very much designed for and rooted within the core activities, but then we have these powerful hero items that can cut across activities. They drive the versatility with our guests. They use them for multiple activities, be it play or even those outside of our focus area of activities in a variety of ways. Great examples being the Swiftly or Metal Vent that are used in multiple ways from the golf course to the gym to the evening out. The versatility of our product delivers incredible value to the guest. It allows them to use the product in ways in which, you know, we're not necessarily defining for, but it opens up that engagement and value that they see it in how they choose to sweat or live in our gear. Extending categories. This is very much about growing the core, right? So when I talk about the core activities that we're focused on or the play, or when we extend test and learn into a handful of activities, be it footwear or in the accessories business, this is all about delivering on the needs and increasing the share of wallet with our guests to drive credibility back into the core, right? That's what Blissfeel is doing, is we wanna, you know, really be dominant in our position around run. I'm sure many of you saw that the number one finisher in the Boston Marathon just a few days ago, American, was wearing a Lululemon singlet that he had to purchase and pay for himself. Apparently, we learned an unsponsored athlete. But we are making gains into these activities, and we are making gains with credible elite athletes. A category like footwear just helps us drive that credibility ultimately back to our core, which is incredible apparel that performs and performs better than any other alternative that's out on the marketplace today. It's all about growing the core. Great example is we've just launched in the last few weeks our interesting collections attached to tennis and to golf. I'm sure you've seen those in the campaigns. They performed incredibly well. About 20% of that product is designed for tennis or designed for play or designed for golf, where the team saw a real opportunity to create, you know, really unique, cool product that delivers on the unmet needs. The overall initiative lifted the versatility of so many products at a multiple. The amount of product we sold within our core that can be used for golf by creating a handful of items that tell a story about golf and our credibility in it is the strategy of how we play and approach. It allows us to manage our assortment, be credible in the activity, build the relationship with our guests, but still ultimately lift the core products of the business. That's what the strategies are always doing. Everything is linking back to driving the core. I just want to touch on raw materials, which is really the essence of where we start our innovation, how we achieve these feel states, and what separates us from the competition. One, the talent of the team, the investment that we make into the raw materials, the price in which we're able to invest in and sell for our raw material, and then how it performs. That is a very unique formula that others do not have. Poly does not perform to the same degree as nylon, and nylon costs more. So if you don't have a brand that commands a premium price point and a brand that people will pay for because they know it performs better, then you're not gonna be able to compete because the makeup of the product is just a better-performing product. Nylon and many other fabrications that we use is rooted in our raw materials, and it's where we start and obsess. If you think about where we are in our runway of growth, I really approach raw materials through three lanes of opportunity. The first is our current. We have product, we have incredible fabrics, and like a technology company, the team is constantly ideating, improving and dropping new versions. 1.0, 2.0. Swiftly and Metal Vent is a great example of that. A few years ago, we improved the performance of the raw material and what the commitments were to the guests. The team is constantly looking ways to innovate. Even though we launch a product, launch a franchise, the team doesn't stop looking at new ways to deliver the feel state as technology continues to get better in that space. Second is, we create raw materials for new feel states, new franchises, new opportunities, new products. An example like that is the Ventlight, if any of you have tried that, which we put out into similar silhouettes in our ABC pants, shorts, or some of our shirts, and it's sort of a performance linen, incredible on hot days if you're performing on the golf course, or in other activities or just every day. Drysense, which is a recent fabrication into our training, you know, category. New sensations and again, unmet needs, a lot of opportunity, and we continue to do that. Third is the exciting advancements that are happening in the planetary sustainability efforts and our commitment to be leaders in that. Invested in Genomatica last year, committed to launching and being the first to have a bio-based synthetic nylon product that is exciting and has the same hand feel and attributes of a petroleum-based nylon product. Again, as we innovate and create those really distinct lanes of how we're early and will continue to innovate. Even if we have an incredible franchise like Align, the ability to keep ideating, improving it and growing and expanding it happens. Lots of opportunity ahead. Our product pipeline is full, and you're gonna hear shortly from Sun a lot of the initiatives and strategies of how we're gonna get at these opportunities in product. Next, I'm moving into guest experience. We're gonna double our digital business while growing our stores at double digit. We're leaders in the omni experience with our guests, with an opportunity to strengthen that even more. That starts with product, as I said. You know, we take a lot of pride in the relationships that we have with our guests, with the communities that our store teams build, with the activations that we do. But ultimately product and delivering on that unmet needs is where that relationship is cemented, and continues as they look to us for an exciting ways in which we can help them achieve what their goals are. Today, about a quarter of our guests shop omni with us. The opportunity to expand that, the opportunity for us to continue to innovate, the experience you have when you go into a store with an educator and interact with our product, when you put it on, when you feel and get the fit, to how you learn about it, designed for, used for, help me understand. The opportunity for us to continue to innovate and lead and do more of that in our digital space is exciting. Celeste will share just some of the ideas that we have to do that. We really see this, you know, opportunity continuing to move forward through an omni lens, but how we can bring our product to life more through digital, knowing that the power and the opportunity that we have with that and how we can continue to move that percentage up knowing that the omni guest spends more, is more loyal, and comes back more frequently. On connection, we have 20,000 educators around the globe. How do we leverage technology to extend that relationship? Again, we are leaders in the relationship within the store, within the physical. How do we continue knowing that, you know, we wanna build this ecosystem? How do we leverage technology to do it? And it really is the cornerstone of our direct-to-consumer model. I know others are looking at D2C, and ways in which they can move away from wholesale and own it, and they're really looking at it through the lens of selling. Owning the data, sure. How do I eliminate others that are selling my product so I can sell? Our D2C model really is fundamentally different, and it's based in relationship. We're in the D2C not just because we can sell direct to you, but because we can have a relationship with you. We get to know you get to know us, you're part of the community. We get that feedback, we encourage that feedback, and we create unmet needs. The more we understand and know of you, the more we can deliver. It's a very different view around what drives our D2C ecosystem and how it fuels our business. I think when a lot of people try to understand a little bit of what's the magic, help me understand, it really is based in a lot of these things of our approach is just fundamentally different. You go in the stores, you feel it, and you can sense it. Our opportunity to bring that not just in the physical but into the digital is exciting. No better. Well, not that we needed a pandemic to prove it, but when we look at what occurred over the last two years, a lot of retailers, the relationship they have with their customers is one of transaction and selling. Where our relationship goes so much more beyond that. What that allowed us to do was to be in conversation, to connect with them through multiple points throughout the pandemic beyond just buy, buy. In offering them sweat solution, in offering them wellbeing. It just allows us to be in relationship through the community and directly, which separates the business, and puts us at a very different, competitive position, but most importantly, relationship with the guests through that model. Then community. We have 1,500 ambassadors globally. Around the globe, we have 50 global ambassadors. We have exciting studio partners. Our opportunity to really strengthen our approach to community and build upon that, just not physically, digitally, is exciting as we look ahead in the next five years. My last trip that I took internationally before we couldn't was to New Zealand. I traveled with the team there. I was in Auckland. We have four stores. It's a city of 1.6 million. I think New Zealand's a country of 5 million. It really was in the conversation with the team where I'm going store to store, and we have these incredible ambassadors on the wall, and it's like, it's amazing. You know, you have these five incredible humans in this store, and then you go to this store that's a mile away, and you see these incredible, you know, four or five humans. In the conversation, I realized, you know, we can take a broader approach to our community. You know, in the city, we have 20 incredible ambassadors. In a country, you know, the size of 5 million, we had 35 incredible. How we connect and think of that community differently moving forward is an exciting opportunity where we can have a bigger impact, where we can drive more engagement, more loyalty, and we know that that drives our LTV, the more they engage in the community, and the deeper that relationship. That really leads us to innovation, the way in which we look at, well, how then can we take these pillars knowing that product is the essence and the core that drives the relationship, but we wanna be in deep relationship, understand the unmet needs, and then community. We want to have more engaged, really get credit and awareness for this bigger community around the globe and how we can interact through both digital and physical are really exciting opportunities for us. In that, in the value of it is the more and deeper the relationship, the more insights you capture from your guests, the more you can do to not just drive our approach to innovation, but the more we can fuel the business because we have that data, the insights, and the perspective. That leads us to an exciting area of innovation that you'll hear about that we'll be launching this year is our guests give us permission to lead in a membership program. One of the things that we learned from our four-city pilot test was that guests like to sweat with us. They like that we host sweats. They like to sweat with each other, and the more they sweat, the more they spend. We proved that out. We also know that experiential programming, more than just transactional, being in relationship, being part of the community, again, drives LTV. We know that we can engage with our local partners differently. Right? When I think of what's happening at the at-home sweat space, this isn't an us-them environment or scenario. You know, I was motivated last year reading about others in this space, how they very much set up a we win, you lose, you know, mentality. It was never this brand. It's not who we are. It's not how we've engaged with our partners and our studio partners locally. I always felt that we were stronger together, and the opportunity to bring that into our ecosystem as a means to allow our guests to sweat how they choose to sweat was a really exciting opportunity. To create a sweat platform, we're the aggregator of curated content, where a member can come in and have access digitally to a variety of ways in which they wanna sweat with the local or national studios that they know, that they trust, with instructors that they love, that are broader than just one lens of how do I wanna sweat. The vision was always about connection and community with Mirror, and the opportunity to build a membership program that is truly unique and different and experiential, and something that we learned from the four-city pilot test that we could scale because we had the digital component and platform that Mirror brings into our mix. Reimagining the future of membership begins with a for all program, free for everyone, benefits that encourage guests to engage, and the intent there were to get, you know, all of our guests that shop, the millions that shop with us engaged and in the program, free to sign up with benefits that encourage you to participate. Then we have our pinnacle experience, more ways to sweat, streaming content across more partners. Mirror Plus launched the most immersive fitness marketplace in the world, streaming a number of national and local studio partners, so more classes, more studios, more instructors, fully integrated, so not just at home on your digital platform on Mirror, but in your community with benefits to get you both out to the physical location of their studios as well as interacting with that studio when you're at home. Both of these will launch later this year. What are some of the benefits of this program? One strong, incredible community which has benefits through membership that simply is unmatched. Being an aggregator of ways to sweat, an aggregator across known, trusted studio content all on one platform. I'm sure all of us have six, seven, eight different streaming services at home and are questioning ourselves how we got here. This is an opportunity to aggregate how you wanna sweat across the brands you know, not just Mirror instructors, but others, and do it under one membership on one platform that gives you that ability. To migrate guests. Now think of our advantage where we have a base for all program with millions of Lululemon guests, and they can be encouraged through free trials, through other benefits to migrate and get into the pinnacle expression. Our ability to compete on CAC, which is really one of the fundamental challenges within this business, we have a competitive advantage. Strengthen our relationship with studios. We are gonna share the studio partners. Mike will share that later. We already have strong relationships with them. Our ability to continue to extend that through product, through using them as influencers to drive the awareness as well. We're not just all in it about creating awareness behind and how do we recruit. They're engaged in doing so. We're gonna drive retention and spend per guest. We know this through our four-city. The more they sweat, the more they spend, and it drives retention. There's real value behind doing this, and you get the benefits of a loyalty program within an ARR sub-model. It's gonna generate revenue, it's gonna generate its own profitability, and it's gonna have the retention and spend benefits that you have within a loyalty program, and something that's truly unique within the marketplace. As we evolve the model, I'm incredibly excited about the future, incredibly excited about how it's coming together. As I said, it was always the vision, what we wanted to do, and it will be profitable to our business, and Meghan will share and go into more detail with you. There's no change to what we've already provided you. It's just continuing to build upon that vision and goal and ensure that the proposition is very compelling, fits within what we do as a brand already and plays to our strengths and differentiates us, which is why it was always intended as a way of strengthening and leading back to growing the core. Back to my point earlier, when we innovate and the things we look at, it's about driving the core of the business. We're gonna remain leaders in D2C. It's about relationship that guests drive, that LTV, and you're gonna hear more from Celeste, Mike, and Nikki shortly. On market expansion, our goal is to quadruple the international business while we drive double-digit growth in North America. Just to put that into perspective, as I mentioned earlier, it means that in 2026, the international business will be about the size of our North America business in 2020. Really exciting to think of the growth potential that we have in this market. I know many of you know and see this, so as I go through what those opportunities are, size of the opportunity today, we're only 1% of the total addressable market of $650 billion, and that's within a $3 trillion wellness market. If we carve it out to look at premium athletic wear, the versatility, functional aspect of leisure wear, not the entire leisure wear, footwear, and then, fitness, exercise and technology categories, that's the TAM, and the opportunity for us is significant. Also on attracting new guests, we continue to not just do well with our existing guests, extend that relationship. A lot of the strategy is about growing, migrating, and share of wallet, but we have a significant runway around new guest opportunities. Our awareness, unaided awareness in the U.S. stands at 25%. 25% in the U.S., one of our most mature markets. We know, as many of the guys in the room know, even though our business in our men's, we've doubled and are planning to double it again, we are still a hidden little secret in terms of the brand, the positioning, and the incredible product that we have. Our opportunity to drive and change and impact unaided awareness is, again, another real opportunity to drive and fuel that growth. 15% in the U.K., 7% in China is our unaided awareness, so lots of opportunity. Just as a comparison, many other brands in this space stand at 85%-90% unaided brand awareness. Our opportunity of just doing what we're doing today and getting more people to know, some of us sit in the room and we live Lululemon all day, and it's like, "What do you mean nobody knows about us? How is that possible?" Well, it is possible, and we see that as a really exciting opportunity knowing that we can continue to drive growth and get more product into more hands. From a market expansion, we gain more market share than any other brand in the industry since 2019, and that really is growth from all levers. I've talked about this on earnings calls, right? Again, another data point for me when we look at early innings of growth and the opportunities, the balanced growth we have across the business. I can cut growth from gender, men, women. I can cut growth from activity. I can cut growth from categories. I can cut growth from channels, stores, digital. I can cut growth from markets. Everything is growing double-digit. All growth drivers, the balance from the largest to the other contributors are significant. The balanced growth is very unique, and as we look in these markets and the opportunities we have, it's significant. Then entering new markets. You saw this morning we're gonna open first stores in Spain, Italy, and Thailand in the next 12 months. André will share more with that. We have a proven formula of leveraging a proprietary, what we call the Sweat Index. It allows us to look at a market, not just look at it in terms of income levels, but sort of what we call sweat readiness. So we know of the opportunities of markets that we have, when are they ready to enter, and the size of the prize, and we're excited about moving into more markets as we continue to grow the markets we're in. We'll continue to do managed pace as we strengthen the foundation, ensure we have the right culture, the right connections to the community, so we can build the business. It has served us well in every market we've been in, including China. We're gonna continue to manage the pace that way to do it right. Again, our D2C model is more than just selling. It's about rooted in relationships, and we're gonna continue to manage that. Overall, with new markets, we have momentum in every market. Exciting to see the possibilities. You're gonna hear more from Celeste and Andre as they dive into those markets and how we're gonna get at that. I wanna touch on quickly on some of the impact pillars, how we're gonna support not just the business, the community, but the overall strategy, starting with people. Critical to our success, in an area that we have and will continue to invest in. We are a development-focused culture. It's why people stay at lululemon. It's what attracts some of the best talent, as we've seen through engagement scores, which we're very proud of plus 80%. Glassdoor recognized us as the top retailer in the U.S. This isn't why we do what we do, but it's confirmation that what we do is having an impact. As we know, there's a fight for talent out there. When you have a strong culture that people see themselves being invested in and a development opportunity and have a real impact on their own journey, that is your best retention strategy, and allows us to hang on to the talent, and attract talent and continue to contribute and drive the business. 'Cause without great talent, we're not gonna be successful, and we have great talent. Standing for inclusion, diversity, and equity in action. Proud of the work we did a few years ago. We've seen improvements in how we wanna reflect diversity across the community. We saw a +3% year-over-year increase in the organization in our representation of diversity. We saw a +6% increase in our retail stores. We have 100% pay equity, and in the U.S. where we can report and ask for questions, we have pay equity as well across ethnicities. Again, leaders in this role and will continue to ensure that we invest here. We created the Centre for Social Impact last year, committed to a $75 million investment. We invested $12.5 million last year. This is our ability to give back and make an impact with the goal to provide access to well-being tools to 10 million people. A lot of talk, you know, around well-being, and we continue to invest in this, not just for ourselves, our own teams, but the communities we have with the ability to offer a number of key initiatives. Not just, you know, through the pandemic, as I mentioned, leaders with paid protection, but also continue to invest in that in offering mental health first aid training to our employees so that, again, as a community, as a team, we're aware of and are able to be there for each other and help each other. On creating a healthier planet, on climate. We're gonna make 100% of our products. These are the goals. 100% of our products from sustainable materials, and have end-of-use solutions, by 2030. Bold, ambitious goals, and we're excited about the initiatives and how we're making that impact, and the work that the team's on. From a climate perspective, we're committed to reducing our emissions as we line up with, you know, science-based targets on the Paris Agreement to have net zero by 2050, and we've converted all owned and operated facilities to 100% renewable electricity by 2021. Sustainable product, really, you know, raw materials core to who we are. We will be leaders as we are in this space. Proud of what we've done with the Mylo Consortium, creating the world's first plant-based nylon through our partnership with Genomatica. We are about 30% of the way to our goal of being 100% with products made with sustainable products. Then circularity. You saw the announcement of the Like New. It's gonna be one of our activations today, so you'll get to learn and ask a lot of questions about the benefit of that. We're excited to expand that to 390 stores this Friday on Earth Day, and it's just one of many of the initiatives we're taking. We're proud that Fast Company last year recognized us as the top retailer for corporate responsibility. This does matter. It matters to us, it matters to talent, and it matters to our guests. We are and will continue to be leaders in this space. Why am I confident in our ability to achieve the plan? On premium versatile products, we have 20 years of designing innovative technical products. Our ability to drive the core, which we've proven time and time again, and we know where our guests go, we go. We have a front row seat to their sweat needs. Vertical direct-to-consumer business at scale. As I've said, it's a high margin structure with great guest loyalty, and it is a wonderful test and learn environment, that allows us to invest, gauge, and then go further or pivot. Proven community ecosystem, all based in relationships, all based in activations. Omni business model. Who used a QR code before the pandemic, right? You couldn't get anybody to use it. Now it's amazing. It's like we've all learned a new trick. The world is coming together, physical, digital, guest behavior pulled forward, new behaviors, our opportunity to be leaders in how we do that and really creating a true ecosystem. Finally, a purpose-driven company. The people are up to the task. They're amazing. One thing we learned through the pandemic is the talent that we have inside this organization, the agility, the ability to adapt to any environmental stress that we put on. I have incredible confidence in the team, in the leadership, in the teams that they lead. These results don't just happen. It's built on an incredible culture focused on its people and the talent that we have. As we grow, know that we as a team are laser-focused on that culture. As we expand internationally, when you can travel, I'd encourage you to get out to the markets. The work that André and the team have been up to is incredible. In China, in Japan, in Australia, in the U.K., in any market, close your eyes, just hear the educators interact with the guests, get the energy level. It's amazing. You could be anywhere in the world, and you're in the same location. We're gonna continue to focus on that because it's such a powerful part of what differentiates us. Power of Three ×2, not because we weren't creative, but because it's a proven formula with a lot of innovation to grow the core, and we're gonna double the business in the next five years. I'm looking forward to your Q&A, so let's get started. I'd like to welcome to the stage, Sun. Hi. Thank you, Calvin. Hello, everyone. It is pretty great to be here today with all of you again. If you reflect back from the last time we saw each other, it's been quite an incredible couple of years, to say the least. We have been up to a lot, and I couldn't be more excited about the future and what we're sharing with you today on product innovation. We really are in the early innings of our product journey, as Calvin mentioned. Across women's, men's, and accessories, our product pipeline is robust, and we continue to leverage the Science of Feel to fuel product newness and innovation. We have ample room to gain more market share in our core activities of yoga, run, and train by solving from unmet needs. Franchises really are at the heart of our product growth engine. It allows us to build on the hero items our guests know and love. Category extensions and new activities give us the ability to provide guests with head-to-toe solutions, which now includes footwear for her. On The Move leans into the versatility of our products, as does our new play categories, which meets guests where they're at with products designed for activities we know they're participating in more and more. Our raw materials, they are our secret weapon, so don't tell anyone. Combined with the attention to fit, features, and functionality, enable our guests to feel and perform their best. We're constantly iterating, developing new materials, and we're looking to the future and investing in sustainable solutions. Science of Feel is the lens through which we design our products. This is the truth that when you feel your best, you perform your best. Our product creation process always starts with three questions. What activity is our guest doing? What are their unmet needs? And how do they wanna feel? Every feature we design, every fabric we create, every sensation we engineer, it's all done with one purpose, to unlock our guests' full potential. The opportunities to innovate using this blueprint is quite significant, and it is what's enabling us to unlock new sensations for our guests and innovate in areas across all product categories, existing and new. Our core performance activities of yoga, run, and train offer significant room to bring newness when we approach creation using Science of Feel across women's, men's, and accessories. Our brand association is 43% in run, 49% in train among those familiar with the brand, versus 68% in yoga. This is a 20-point differential, underscoring the considerable potential to grow mind share across all activities through our differentiated product solutions. In yoga, our hero product Align has grown into a favorite. We introduced it in 2015 to solve for what we were hearing from our guests. They wanted to feel completely unrestricted, light and free in yoga. Through our Nulu fabric, we unlocked a sensory experience for our guests that they cannot get enough of. Today, it's nearly a $1 billion business for us, with room to grow. We continue to lean into guest and ambassador insights to create more points of access within yoga and create a balanced assortment. For example, we also heard from guests that they wanted to feel more held in during their yoga practice. Our solve for that need is represented in Instill, our newest yoga franchise that we launched earlier this year, and our proprietary new fabric, SmoothCover, which spans across pants and shorts. In men's, our New Balancer franchise is the perfect addition to our assortment, designed specifically for yoga and powered by our Everlux fabric, which allows for a cool and comfortable practice. We're excited to offer a pant, a short, and a top in this franchise. The same consideration of feeling translates beyond apparel and into our yoga accessories. The Science of Feel translates from head to toe and extends to our equipment offerings as well in our Take Form mat. This uses sensory cues to support our guests in their practice. As we look at run has the highest activity participation among our guests. 58% of women run, 72% of men, and we have runway to grow mind share in this activity. We applied the same thinking of solving for our guests from head to toe in this activity as well. We continue to see success in our core run product. Our Fast and Free franchise offers true head-to-toe solutions and seeing great results, especially in accessories within our run hats and belts. This Global Running Day, we're excited to launch our new dual-gender SenseKnit running collection. This is another great example of our human insight-driven solutions across our run category. Through years of research with our ambassadors, we understood their experiences with typical compression product, which tends to deliver an all-over compression and can feel restrictive and thermally uncomfortable. SenseKnit, it's a proprietary fabric technology which engineers zones of support where you need it, alongside movement and breathability where you don't. The result is a next to nothing feeling and a distraction-free experience on your run. We also continue to innovate within bras, especially when it comes to creating solutions for our guests who need higher levels of support in running. Last year, we introduced our AirSupport Bra. This key item represents five years of advanced research, two years of design iterations, hundreds and hundreds of miles clocked by our global run community, making this our most tested bra to date. Across run, the growth and opportunity to innovate is significant. As we continue to offer newness in the core products that our guests know and love, as well as those pinnacle key items for our elite athletes. Train represents a large opportunity as well. Our product and technology innovation delivers exceptional support for our guests while they're engaging with high-sweat activities that involve a lot of dynamic movements. In train, we're excited by the fabric and fit innovation within this category. Guests continue to respond well to our Wunder Train franchise in women's and License to Train in men's. The category is largely powered by Everlux, which is our fastest drying fabric that's cool and sleek on the inside and soft and brushed on the outside, making it one of our core train fabrics. We've also introduced abrasion resistance technology to many of our key train franchises, including License to Train. This makes it especially great for high impact and dynamic movements. We're learning from guest response within our men's line and see an opportunity to expand the franchise to women's, offering the same abrasion resistance and dynamic movement support in products we design for her. We continue to celebrate our journey with product inclusivity. We recently introduced Contour Fit in our Wunder Train franchise, which features an adjusted hip-to-waist ratio, offering guests a no-compromise solution for a snug fit in the waist and room to move in the glutes and thighs. As we've been sharing, franchises really is the fuel to grow our product engine. I mentioned Align. I talk about it a lot. It's an incredible model and playbook for how we wanna move forward with this. This really is our most powerful franchise and a model for how we want to create future franchises. What started as a tights has grown into different lengths, different rises, different silhouettes, tops, bras, and bodysuits. The minute we introduce these new silhouettes, the demand for it is pretty powerful. When we look at this franchise on a three-year CAGR basis, it grew 53%. We're really just getting started in our other core performance activities as well within this franchise lens. If we think about the Fast and Free that features our new luxe fabric that's cool to the touch, making it perfect for running, we see an opportunity to create more head-to-toe solutions within that franchise. Looking at the Wunder Train that comes in tights, shorts, bras, and more. We're also seeing the same franchise opportunities for our men's business as well. Looking at our License to Train franchise and our On The Move focus collections, including our Commission and ABC franchises. We're really excited by the opportunities that category extensions and new activities provide. What the pandemic has amplified is the importance we place on how we feel. Making choices to do and wear things that make us feel good is now it's non-negotiable. It's no longer enough for your clothes to just be versatile, comfortable, or look good. They've got to be all three. This really is our sweet spot. It represents a meaningful opportunity for us to move into the On The Move space. That is apparel that combines fit, feel, function, and aesthetic. There is so much more addressable market that this need represents. As Calvin shared, our men's growth has been incredible. Over the last three years, we've doubled the business. We continue to dominate in men's bottoms, and we see continued opportunity with On The Move. Our ABC pant is a good example of how we acquire a lot of male guests into the business, and we're seeing demand for this style continue as our guests want versatility and mobility, but don't wanna compromise on aesthetic, especially as they go back to the office. There is a great opportunity ahead of us for capturing more wallet share as we continue to focus on the women's side of On The Move, bringing new silhouettes and styles to life and building on the immense success of men's, where we are already firmly established in this end use. Versatility comes into play in a big way through Lab. This is our space to test and learn on styles and materials with the goal to bring some of that product into the main line. Our Earth Day capsule this year is a great example of this. It features popular and more trend-forward styles and loungewear in recycled materials. Our guests are also responding really well to our outerwear. Our Wunder Puff franchise is expanding to offer more silhouettes, more colors across both genders. We are being pulled further into this category, especially in our China and APAC markets, and our Team Canada outerwear was a real moment of celebration for us, bringing incredible excitement for our opening and closing ceremonies, coats, jackets, and vests. Our accessories also offer the opportunity to outfit head to toe with stylish, functional solutions. Our Everywhere Belt Bag has been an especially great entry price point item for new guests. Footwear. As you know, starting March 22, we launched our Blissfeel running shoe. The response has been phenomenal. As a challenger brand in this space, we took a paradigm-shifting approach on two fronts. The first, we grounded the development of our footwear in the Science of Feel, which is our unique positioning in this space, as I've said multiple times today. Particularly in the footwear category, that tends to prioritize performance above all else. Second, we focused our initial efforts on meeting the unmet needs of women first. Historically, most performance shoes are made for men, for his activities and how he moves, then gets adapted for women. We saw an opportunity ahead of us to truly deliver a solution for her. We're just getting started in this space and excited to launch men's next year with the same level of innovation and insight-driven approach. We're really looking forward to showing you the full assortment later today in the activation for those of you in the room, so you can touch and feel and interact, and also get to know some of the team members. We're excited about how entering this category will further build out our head-to-toe solution for our guests. Now moving on to play. Our products, as Calvin has shared, are truly versatile. We know our guests are using our products for multiple activities, and this is driving significant demand. This insight is what has given us permission and motivation to play in some new categories, designing specifically into activities where we know our guests are participating, tennis, golf, and hike. 40% of our guests hike, and 25% of our male guests play golf. Within tennis and golf, we wanted to offer better solutions and products to the hardcore golfer and tennis player, but also gain more credibility within the activities overall. Our existing assortment is incredibly versatile. We knew they were using them in those activities. Our Design For collection, which was new that we launched this year, offers nuanced solutions to really help complete those activities. We're also working with the lead ambassadors in the sport, and we're very excited that we just named Leylah Fernandez, who is a top 20 in the world ranked tennis player, as our global ambassador. With hike, I think I personally am incredibly excited to introduce this collection this summer. Through COVID-19, we noticed our guests are spending more and more time outdoors, and there was an unmet need to offer technical solutions for hikers that still focused on premium feel, fit, and design aesthetic. We're bringing a fresh design perspective to the outdoors, one that marries versatility and adaptability with a stylish aesthetic that is unique to the category. The collection features adaptable, convertible, and packable items that consider storage solutions and thermal comfort. In addition, we're excited to launch a new technology in our hike bag that considers weight distribution. We'll be showing you a lot more of this capsule today in our activation. The product innovation that I've been sharing with you really is underpinned by really one of the most important facets of our work, and that is our raw materials. Raw materials sit at the heart of how we enable our guests to feel and perform their best. There is a science to why Align pants feel like butter and our Fast and Free feel cool to the touch. We apply years and years of rigorous testing and work with our partners globally to be able to deliver and unlock new sensations to our guests through fabric innovation to solve for their unmet needs. We're constantly innovating new ways to enhance the guest experience by iterating our current raw materials, creating new ones, and thus unlocking sensations that don't exist today, and improving upon the impact raw materials have on the planet. Innovating in raw materials is also one of our greatest opportunities to lower the impact of our products. We shared in our impact agenda that we are committed to making products that are better in every way, building a healthier future for ourselves, our communities, and our planet. We have a number of goals to help us achieve that, including making 100% of our products with sustainable materials and end-of-use solutions by 2030 and achieving at least 75% sustainable materials for our products by 2025. We're making progress with products that feature recycled materials and lower-impact dyes. This year's Earth Day capsule, which launched this week, is a great example of this. It uses recycled materials, including a plant seed-based finish to help wick sweat. Raw materials are crucial to how we innovate within the space, and our partnerships with Mylo, LanzaTech, and Genomatica are created to scale this innovation. In 2020, we joined Adidas, Stella McCartney, and Kering to form the Mylo Consortium to secure exclusive access to Mylo, which is the material made from mycelium. This partnership was the first of its kind in the industry, four companies coming together to invest in material innovation and creative solutions to reduce our environmental impact. With feel being such a cornerstone of our brand, we're really excited about the feel and flexibility of Mylo. This yoga mat you're seeing here, while not ready for commercialization, is just an illustration of what is possible with this incredible material. We did launch an accessories collection for our guests earlier this summer or this spring, and the demand was really quite encouraging. We see a variety of applications for Mylo in the future based on this early success, demonstrating the future of materials innovation. Last year, we announced a partnership with LanzaTech, and we are very excited for the work we are doing with them to create the world's first yarn and fabric using recycled carbon emissions that would otherwise be emitted to the atmosphere as pollution. Finally, Genomatica. Last summer, we announced we were partnering with a sustainable materials company. Together, we're creating a lower impact, plant-based nylon to replace conventional nylon to incorporate into future products. This multi-year collaboration represents lululemon's first-ever equity investment in a sustainable materials company and Genomatica's largest partnership within the retail industry. The goal is to arrive at a fabric by the end of this year that's ready to be designed into a capsule collection for 2023. This is real, it's coming up soon, and it's both exciting and terrifying at the same time. Mostly exciting. The opportunity to create positive impact is far wider than just fibers and extends to processing and manufacturing. I couldn't be more excited about the innovation and product coming to the market in the next several years. As I shared, our product roadmap across men's, women's, and accessories is significant, and our investments in people, partners, and technology are allowing us to scale, capture new guests, and go deeper with existing ones. I'm really thrilled about the future. We've bolstered our product team, bringing on Simon Atkins as our SVP of footwear. This summer, Phil Dickinson joins us as our Global Creative Director. We continue to focus on the categories we intend to own, yoga, run, and train, and the versatility and credibility of our products and activity innovation with On The Move, footwear, our new play categories across tennis, golf, and hike. We're making investments with vendor partners to deliver best-in-class raw materials that consider a sustainable future. I'm excited by the incredible opportunity in our product innovation roadmap. I hope you are too, and we really truly are in the early innings of our growth journey. With that, thank you, and I will turn it over to Celeste. Oh, it is so good seeing you, and thank you, Sun. Great job. I am so proud to be here today. I joined lululemon over 15 years ago, which seems kinda crazy. It's sure been the ride of a lifetime, and I am so proud not just of where lululemon is today, but maybe more importantly, what we still see ahead of us. I'm excited today to speak to you about our guest experience, vision, strategy, and goals. This strategy is one of our powerful differentiators and truly sets lululemon apart. As you have heard today, we are extremely well-positioned for growth given the macro trends we are seeing across the globe. First, people around the globe are more committed and focused on living a healthy, active, and mindful lifestyle than ever before. With this, there is growing demand for fitness, both in studio and at home, and the opportunity this poses for us is significant. Our 2021 Wellbeing Report, which is focused on physical, mental, and social wellbeing, suggests that 70% of people feel exercise has a positive impact on their mental health. We have been creating community experiences centered around fitness and wellbeing for over the past two decades, so our past positions us well to continue to have this be a competitive advantage. Second, guests wanna be in charge of their relationship with a brand, whether shopping in stores or online or through social. Our omnichannel focus has been and will continue to be key to our success. We are obsessed with ensuring that our guests can get exactly what they want from us whenever and however they want, and we are proud of how our multiple channels work seamlessly together and see nothing but opportunity into the future. Third, people are more focused than ever on minimizing their environmental impact, and they're seeking out companies that share that same commitment. The importance of this is clear, as we know that greater than 80% of our guests in our market pay attention to social, political, and environmental issues. Supporting our people and the planet is central to our future. As evidenced, we are extremely well-positioned to benefit from all of these macro trends. Our strong guest relationships, which are enabled by our direct-to-consumer model, provide us a significant competitive advantage. Our focus on our relationship with the guest is at the center of everything we do. Across the globe, our teams are focused on creating authentic connections with our guests, whether in stores with one of our 20,000 educators or chatting online to a digital educator or in a community with one of our 1,500 Lululemon ambassadors. We know this deep relationship with our guests has a direct correlation on our guests' long-term value. For example, when a store-only guest shops online, they become an omni guest, and now they'll spend close to 30% more. When a guest uses BOPUS, which is one of our innovative omni services, they will spend 20% more in that year alone. When a guest sweats with us at Lincoln Park or one of our other experiential stores, they shop more frequently and spend more. These are just a few examples of our ability to leverage our channels and our focus on the guest relationship and how it's rewarded by higher guest loyalty. From our guest acquisition results to our best-in-class retention, we believe that our unique focus on our relationship with the guest has gotten us to where we are today, and we truly believe it will ignite our future growth. With the direct-to-consumer model, take it as a given that there is a lot of data to capture and leverage, and we are being very strategic with where and how we capture this data and how we leverage it to continue to optimize the experience overall. We remain in the early innings of our growth, and we have significant opportunities to expand our business through our focus on guest experience across the globe. Our top priorities in guest experience are celebrate product, create connection, cultivate community, and innovation. We see our guest experience as interconnected and integrated. We obsess about how stores, digital, and community work together. Our goal isn't that each channel is the same or carbon copies of each other, but we look to leverage each channel for what it is most uniquely qualified to deliver, for what it is best in the world at, so that the whole is better because of it. I'm now going to take you through these key pillars of our strategy and some examples of what will be driving us going forward. When looking at product in-store and online, our goal is to bring our designer's vision to life, to ensure that our educators and our guests truly understand the features, the functionality, the fabrics, and what makes each item so special. In both of our channels, we are focused on making sure our product shows up even more powerfully over the next five years. Some things that we're focused on are franchise destinations, like our women's new pant wall expression and our different key franchise destinations online. Outfitting and styling, we're doing a lot of work on reviews and recommendations and figuring out how to leverage data, machine learning, and AI to continue to make that a better experience. Depth of product education and storytelling. Online fit and feel experiences, where we believe we can be very innovative and really lead in the space. A curated assortment for each channel and touch point. This example of our Vancouver Airport Team Canada store shows the opportunity to truly leverage product in a curated way to create a very powerful story. We believe we have ample room to have our product to continue to stand out over the next five years. Okay. Now moving to connection. We believe the depth of our guest relationship is 100% correlated with our focus on creating connection. We continue to be steadfast in creating connection between our ambassadors, our guests, and our educators, and we really do see this ability to create connection and this focus on it as one of our key competitive strengths. Our educators are truly at the center of our connection ecosystem. We know the main point of connection is driven through them in-store and online. With this understanding, we continue to make investments in our educators, creating a best-in-class employee experience, which we know in turn helps us to create a best-in-class guest experience. We are incredibly proud to share that over 95% of our educators across the globe would recommend lululemon as a great place to work. I am also really happy with the progress we've made in personalizing our digital experience, and we see even more opportunity in this space. Personalization is driven through our ability to capture and then leverage data at all the relevant touch points. Since we own the entire guest journey, we are able to stitch together a significant amount of data to be able to drive so much of the experience from better communications to a more relevant site experience overall to all the different features that we're able to launch that are truly personalized, like wish lists and omni closet, to name a few. This adds huge value and allows us to truly leverage personalization throughout our entire ecosystem. Then we're continuing to leverage our omni services when it comes to connection. We know they create clear connection points with our guests. Okay. Shifting gears now to community. We have learned over the years that you cannot have connection without a focus on community. Since inception, our goal has always been to elevate the communities we operate in, and community is a major focus for us over the next five years. Our care is a focus within this, our ambassador communities, our events, and our experiences. Our ambassadors are influencers within their local communities. They are passionate about connection, passionate about fitness, and passionate about our brand. We are currently in relationship with over 1,500 ambassadors across the globe. In 2021, we launched our new city ambassador program in nine global cities, including Seoul, Shanghai, London, and New York. This year alone, we will bring on more than 750 new ambassadors into our collective. Our events are also a huge part of how we drive community. They drive our omni approach, and they also happen to just be a lot of fun. Since 2019, we've seen over 100,000 people attend our online and virtual events. We know our guests are craving connection today more than ever, both in person and virtually. We are thrilled to be bringing some key events to cities across the globe this year. Although we can't announce locations, for those of you in the U.S., definitely keep an eye out for a fun 10K coming your way. Okay, our final approach focuses on innovation. Innovation really does remain at the core of everything we do from a guest experience perspective. I'm excited today to share two key innovations that will create for us an even more powerful model. Our first focus is Like New. For those of you who do not know about this program, our Like New program is built on a circular model where our guests can trade in the Lululemon product they love in exchange for an e-gift card. We first debuted this program in over 80 stores in Texas and California this past May, and the pilot was met with a hugely positive response. More than 200,000 pieces of items were traded in by our guests, and the majority of those were able to be categorized as good as new, which really does speak to the quality of our product and how it sets us up to continue to create unique programs, creating second and third life cycles. As we announced last week, we will be expanding Like New to the entire U.S. this week. All of our U.S. guests will now be able to trade in their current product at a Lululemon store for a gift card, and now guests will be able to purchase across the U.S. our Like New gear on our site. The pilot taught us so much. We know our current guest is loving the trade-in, and we're seeing quick redemption of our gift cards. This really shows that this is a perfect way to give our existing guest an excuse to expand their wardrobe and do good at the same time. We're also really happy with what we're learning in the resell space. We are currently one of the top brands in most third-party resell sites, so this gives us an opportunity to have the guests who love resell now buy directly from us. This really continues to strengthen our direct-to-consumer model today and into the future. Again, this week we will have U.S. guests be able to participate with Like New. You'll also learn more about Like New in an activation during the break. Okay, our second big key innovation, and Calvin mentioned this quickly in his piece, but we are launching a two-tiered membership program this year. I'm going to talk to you now about our base tier program, which is called the Essential Membership Program. As I know you would expect, we are not just having this be focused on shopping. Although shopping will be easier, we really see this program bringing community to the forefront with our guests and giving us more ways to create more meaningful connections. As you'll recall, we conducted a membership test in 2018 in four cities across North America, and we learned a ton. We were able to take all of the learnings and insights from that test, and it helped us to inform exactly what our guests would want most from us in this Essential program. Our Essential membership will launch this fall, and it will provide our guests with a suite of benefits at no cost. These benefits will include things such as monthly events where we bring speakers and fitness experiences fueled by our Mirror content and Mirror ecosystem directly to our guests. It will bring early access to product, and those are just to name a few. Within the next five years, we expect 80% of our guests to be a member of one of our membership programs. This will give us more meaningful ways to create even deeper connections with our guests, as well as more data to leverage to optimize the entire experience. We are so looking forward to this launch, and our pilot in 2018 really set us up to be prepared for creating something really, really special. Our ultimate goal is to get our guests sweating and connecting together even more often. As someone who's been with Lululemon for over 15 years, I am incredibly excited about the future, and I really see this moment as just the beginning. This five-year opportunity is there for us, and I cannot wait to see what we are able to deliver. We will double down on product, connection, community, and innovation to scale our core strategies. We will continue investing in the synergies between physical and digital, and all of this will support us living into our global potential. With that, well, I will actually be up here after lunch as well to talk more about North America specifically as that is also a key piece of our five-year plan. Now it's my pleasure to introduce the newest member of our senior leadership team, Michael, the CEO of Mirror and lululemon Digital Fitness. Thanks, Celeste. Thanks so much. Really excited to be up here today. By way of introduction, I joined lululemon and Mirror about three months ago, having come from Twitch, which is an Amazon-owned company. When I started at Twitch, it was known as a place where people watch other people play video games. In my time there, Twitch evolved from this niche service into one of the world's largest live interactive platforms that now spans across gaming, sports, music, entertainment, politics, and many other verticals. Prior to Twitch, I spent some time at an interactive startup that was sold to WarnerMedia and AT&T, and I was also one of the first employees at PlayStation Network back in 2008, where I was on the management team that led the global community or the creation of a global community that today reaches hundreds of millions of daily active users. I come into this role having spent about the last 25 years of my career leading high-growth companies of all different sizes at the intersection of streaming media, consumer tech, and building community. One of the main things I was drawn to is this combination of lululemon and Mirror and the wonderful brands and communities that we've already built. As you heard from Celeste and Calvin, lululemon has been a pioneer in creating community in retail. Stores were always a place where you could go take a yoga class with one of your favorite lululemon ambassadors or go listen to a lecture about living healthier lifestyles. In other words, one of lululemon's strengths is being able to build communities at a local level, but also delivering outstanding products. Mirror is one of the most flexible platforms that can adapt to the many constantly changing fitness trends. It allows members to create meaningful connections digitally through fitness. I'm really eager to be here to connect these two brands in creating the most immersive fitness marketplace in the industry. Let me walk you through a bit through the strategy and vision that we've been developing over the first few months. What we've learned in connected fitness is that consumers are looking to blend both in real life and digital experiences, and they wanna do this as part of a connected community. We know the pandemic has shifted consumer behaviors. 40% of adults say they use technology in new ways than they have prior to the pandemic. That's not a surprise. The shift for us in fitness was obvious. It was an almost immediate shift to a pure play digital environment that we and others in this space benefited from. Today, as we shift back to a new normal, which is a good thing, we're seeing consumers wanting both hybrid experiences as well as physical experiences. Here's some of the data to support this case. 60% of consumers prefer working out either solely in a gym or in a studio or in a hybrid environment, and 81% of millennials and 66% of all consumers prefer working out at home. These are all behaviors adopted during the pandemic, as technology enabled and replicated some of the community experiences of in-person fitness classes. The data also supports our acquisition thesis that in-home fitness can be and is a very important part of what we can do to engage with guests on a more frequent basis. This shifting consumer behavior is also significant because it impacts our studio partners and our ambassadors, and these folks are very critical parts of the lululemon ecosystem. The pandemic forced a lot of our partners to launch their own digital services in order to retain their guests. Today, there are hundreds of these studio apps, 300% more than there were prior to the pandemic. This has obviously led to a lot of fragmentation, a little bit of confusion in the marketplace. At Mirror, one of the things that we know is running a digital service can be very challenging. You have to build tech. You have to acquire and retain subscribers. This is all a massive undertaking. We believe there's a big opportunity to be... For a connected fitness platform that can bridge this gap and create a connected fitness platform for studios to thrive. I think the combination of Lululemon and Mirror makes us the perfect company to be able to be that solution. Celeste just shared with you our Essential Membership program, which is our entry-level offering at no cost. Our intent is to provide the ultimate membership experience that drives stronger engagement and a deeper connection with guests and our members. Guests under our plan will now get more value for their membership than any other fitness membership in the market. This will build on top of the Mirror subscription model, which today already offers over 10,000 classes across 50 different fitness modalities, all for $39 a month, along with the purchase of a Mirror hardware device. They'll have access to content from our popular Mirror instructors and from our studio partners. Guests will receive discounts to in real life classes and programs offered by our studio partners, and guests will also receive benefits and early access to lululemon products and services, which we know that they love. I'm really excited to introduce you to lululemon Studio. We are extending our relationship with our studios, partners, and our ambassadors to add hundreds of hours of their content on our platform, all exclusively within the lululemon Studio tier. I'd love for you to hear a bit more directly from the studio partners ourselves, so let's watch this video. I'm so excited to bring Y7 to lululemon Studio so we can bring yoga to more people wherever they are. This partnership with lululemon Studio is gonna increase our reach, and it's gonna give everyone a chance to experience AARMY in a more fully connected way. Dogpound's mission is to create community, to deliver a premium experience, and to drive results. We are ecstatic about this partnership and the ability to impact more people. Thank you so much for joining me and bringing the heat. Being a part of the platform really speaks to my heart because it gives me an opportunity to really take the message of yoga to more people all over the world. What's up, Team 100? I am Gerren Liles, and this is your 15-minute total body strength class. Don't forget to. I'm so excited that everything that I stand for as a fitness professional is being elevated to this point, and I'm proud to be a part of this community alongside some of the best talent in the world. This is lululemon Studio. Our partnership with these eight inaugural studios will again add 800 hours of content from their services each year, along with access and discount to classes in real life and in their studios. Our partners are. Let me just give you a quick rundown of some of them. Dogpound, a personal training gym that turned global lifestyle brand along with a long list of celebrity clients. Y7, founded by Sarah Larson Levey. Y7 is on a mission to break down traditional barriers to make yoga more inclusive and accessible. AARMY, co-founded by our lululemon global ambassador and former SoulCycle master instructor, Akin Akman. They offer one of the most intense and fun indoor cycling and boot camp fitness classes. Forward Space, founded by celebrity dance choreographer, Kristin Sudeikis. Forward Space is a sanctuary meets club environment that's accessible to everybody at all levels. Pure Barre, one of the most established barre franchises in North America. Pure Barre has 500 studios across North America, and their popular technique incorporates a range of low-impact to high-impact class offerings. Rumble, founded by Noah Neiman. They have 15 locations across North America that offer a one-of-a-kind high-intensity boxing fitness routine. YogaSix, with over 100 studios across North America. YogaSix offers a broad range of yoga, boot camp, and meditation classes for everybody at all levels. Lastly, we have AKT, a full-body workout that combines toning, interval, circuit, and dance-based workouts. We chose these partners for a variety of reasons. First, lululemon is a premium brand, and we seek premium partners who have a high degree of overlap with current and potential guests. We also seek to balance partners with larger physical footprints, Pure Barre was a great example, with those with smaller footprints, but with brands that have high potential based on social or press engagement. Dogpound is another good example in that video. We seek only a handful of the best brands in very specific modalities, so we can ensure we focus on helping our guests find those brands and vice versa. This studio partner content is additive to already the massive library I mentioned, and on top of the current Mirror classes that are taught by our best-in-class trainers, who you see here. Again, on top of additive on top of the library that we've already built. Our goal is to build a platform that connects lululemon guests who wanna live healthier lives with premium studios and ambassadors with the most dynamic content available. We've attracted the best studios, ambassadors, and trainers to Mirror so far. This will create more access to more types of premium fitness routines. We'll continue to supplement those experiences with better products, like more personalized fitness programs leveraging the massive library, both on-demand and live, as well as the physical and digital data that we will have about our guests' fitness needs. We'll amplify these experiences through local events, in-real-life studio experiences, more access to Lululemon product. This will drive a larger base of members that will power more reach, relevance, and revenue for our partners, and this includes access to our extensive base of Essential Members that we expect. Our goal is simple, be the go-to platform for fitness and wellness, whether it's in real life or on the Mirror. For us, this is all just a natural next step for Lululemon. Our data today shows that we're converting Mirror members who have never shopped with lululemon before into paying guests, and we know that guests who work out more buy more. We've already seen that guests who work out more on Mirror buy significantly more lululemon product than the average guest. We also bring a level of guest data and insights that other retailers could only dream of. We'll know our members' goals, who they like to train with, how often they like to work out, and what motivates them. This will help us deliver a truly personalized guest experience from special discounts to studios they love, personalized product recommendations, and invitations to local experiential store events. What we're delivering against the strategy to create the future of hybrid fitness, we're also building a growth engine for lululemon. We will launch lululemon Studio on Mirror later this year. We'll follow that up with a digital experience that allows our members to enjoy their fitness content wherever and whenever they want. We're really eager to bring on our incredible studio partners to lululemon Studio and provide our members with the ultimate community experience. We'll be sharing more in the activation space. I'll be there to talk more a bit about this, so I'll see you there. Thank you very much, and I'd love to pass it over to Nikki now. Thank you. Thanks, Mike. Mike's been very busy in his first three months, as you can tell. My name is Nikki Neuburger. I am the Chief Brand Officer. I'm meeting many of you for the first time, and so I thought, "Howard, can I go last right before lunch because I think it'll make the best first impression?" I promise to do my best to get the information out to you and on to the next thing. We've got some exciting things to show you. What I really want you to take away from what I have to say is that people who know us love us, and there are millions more people who are not yet aware of the brand, and that's really where me and my team come in in terms of what we are setting out to accomplish. I am going to talk to you about how we plan to raise brand awareness today, and that's really through four important strategies. The first is, and Sun spoke to, expanding into new product activities and categories. The second is really gonna be focused on capturing a larger audience through a more integrated marketing approach. We're also gonna be focused on growing our community through the spectacular membership program both Celeste and Mike spoke to you about. Lastly, we are going to leverage our authentic position in wellbeing. I'm gonna start with the consumer 'cause that's what I focus most of my time on, and I really wanted to talk about why that position in wellbeing is so important right now. There is a lot going on in the world and in the lives of consumers that's changed over the last few years, and it's important that we really understand where they are at. A global pandemic has happened, social crises, many of them, political tensions, and now even war. Really consumers are changing what their expectations are from brands, and they are expecting brands to take a stand on some of these issues. With this in mind, it was key for us and remains key for us to really get an understanding of their mindsets, their needs, their behaviors, and their expectations of brands like ours. It's become very clear that personal wellbeing is going to continue to be a priority now and into the future. Earlier this year, just to back that up, we released our second annual Global Wellbeing Report, the results, a 10-market study that benchmarks the state of wellbeing around the world. This explores the drivers and barriers to being well, and while we saw rises in mental health, which indicate people are finding better coping mechanisms to deal with all that's going on in their lives, the lack of a support network and the desire for connection have emerged as top barriers. Our index found that only 29% of the total population indicated strong wellbeing around the three dimensions that we measured, which were physical, mental, and social. As a result of these factors, there is a growing demand for brands to support both consumers as well as our employees, where we focused a lot of our energy, with tools and motivation and opportunities for connection, whether that be physically or virtually. The great news for us is that the increasing focus on wellbeing as a result of everything that folks are going through right now uniquely positions us in the marketplace against our competitors. In a category that positions wellness as gimmicky, as exclusive, and largely unsustainable, lululemon has the credibility and tools to ignite a key shift. What drives us at lululemon is elevating human potential to help people feel their best, and we strive to create transformative products and experiences that build meaningful connections that ultimately unlock greater possibility and wellbeing for all. I feel really great about the job that I have to do. Together, this serves as a center of gravity for every decision everyone you've heard from today makes, and it's a truth we want more people to know about around the world. As Calvin shared, the growth we've achieved has been incredible, but imagine the growth potential ahead of us as we increase brand awareness. As you can see, there is significant room to grow across the board in this area, even in our most mature markets. In North America, where the brand is most established and we've been operating the longest, tremendous opportunity still exists, and in our less mature international markets, the opportunity is literally enormous. In China, our unaided awareness is at 7%, demonstrating the potential that still remains in a market that large, and there is also substantial runway across EMEA, where awareness currently sits around 5% across both Germany and France. For reference, as Calvin mentioned earlier, the largest players in the industry who have also been around the longest are sitting around 85%-90%, so it shows you the potential and the runway we have to capture a greater audience. I also wanted to highlight the outsized opportunity we have with men, which I know many of you are aware of. While we have made notable gains, our brand funnel is consistently stronger with women regardless of our duration in market. It's a key objective for us to grow awareness and consideration with men comparable to the coveted position that we already hold with women. In the U.S., for example, men sit at about 11% unaided awareness compared to 38% for women. You get the picture here. Tremendous opportunity. The great news is that we have begun to chart our course to growth in this area, and men are already taking notice as we've made some key moves just this last year that have driven that. In Canada, the announcement of our first games for Team Canada has already made an impact. We saw consideration jump from 39% last year to 43% in 2021, and that's really just over two quarters. Pretty substantial growth there. We have also seen impact by introducing a diverse range of ambassadors to our community that we know influence this audience. Wanna introduce you to some of them whom you may or may not know. Joe Wicks, over here on the right, is out of the U.K., a fitness coach and YouTube star who has one of the largest social followings in all of training. Jordan Clarkson, any of you have any money on the playoffs, star guard for the Utah Jazz, was the NBA Sixth Man of the Year in 2021. Known for having great skills on the court, but almost as known, if not more known for his style off of the court and what he's been wearing in the tunnel photographs. Finally, Matt James, a former NCAA football player, turned America's love interest, thanks to The Bachelor, who's got significant reach with both men and women, so a really powerful advocate for us there. These are just a few of the examples of the ambassadors that we've signed just this year, because they're awesome people, they are great athletes, and they inspire large groups of people. I'm gonna shift gears slightly now. I wanna talk about another key lever we are pulling as a means to bring more guests into our brand, and that's through expansion into new products and activities. Our play categories that Sun mentioned, as well as footwear, allow us to continue to innovate while simultaneously driving awareness for our brand and our core offering. Expanding our assortment provides us the opportunity to be a bigger part of our consumers' wardrobes, while footwear also has helped us to gain even more credibility in running and training, as you already heard. Launching a new category and innovation has also been an amazing tool for us to drive brand awareness off the back of. I am excited to share some of the early results from our footwear launch, to help paint this picture. We generated more than 10 billion earned media impressions since the announcement of our shoes. With that announcement, we saw traffic to our site increase by 4x what was typical in a week, and we've seen a jump in overall brand awareness in just weeks since we launched this campaign. Another product avenue we're very excited about is to both market and leverage collaborations. You've seen us dabble in this space before with success, but not only will these collections drive revenue for us, they also allow us to reach new audiences. Building cultural relevance and currency is an added bonus and benefit, and we'll have more to share on that strategy soon, but suffice it to say, we're very, very excited about the potential. Now let's talk about our integrated marketing approach. Our growth so far provides us with the ability to invest in new strategies that we believe will drive future and sustained growth. While we plan to maintain a strong commitment to our grassroots community-building and efforts, we will also layer on amplification efforts, which you've already seen us start to do, enabling us to more powerfully drive demand with a broader base of consumers. We will be doing this through a modern marketing approach, one that is more integrated and impactful across both physical and digital touch points. This approach will drive more demand with more efficiency. What will we specifically be focusing on over the course of the next five years? First, coordinated campaign moments. We're also prioritizing earned and paid media, which I'll talk a bit more about, sports marketing and partnerships, and finally, community events and activations. We plan to show up with more impact through globally coordinated and locally relevant moments. We have now tested and proven that the impact we can have when we get behind a unified product message at the same time around the world. With smart yet deliberate investment, we can also leverage these product moments to drive brand awareness, as I spoke to with the footwear example. Our Q3 Feel campaign was our first attempt and significantly exceeded industry benchmarks with adults ages 18 to 49 across both awareness and consideration metrics. Most notably, the campaign raised awareness by 10.8 points, and by design, it worked harder and faster with our male audience, raising awareness with men by 19 percentage points to 63% in key U.S. cities. We have also been making smart investments across both earned and paid channels, creating a more efficient and cohesive guest journey. We saw investments pay off not only with the Feel campaign, which I spoke to, but again with footwear, where guest response has far exceeded our expectations. A focused investment and plan led with earned media through a considered PR reveal, set the table for owned and paid channels to convert all those exposed to the coverage while also raising awareness at the same time. Double bonus for us. Next, I wanna talk about sports marketing. I spoke to some of our male athletes, but what I really wanted to reiterate here is that we see an opportunity to support our growth into new markets and into those new product categories through strategically building out our roster. We have been focused on expanding the diverse representation of our roster to reflect the communities that we serve, enabling us to more powerfully inspire and influence a larger group of guests. While we've continued to invest into and support our local ambassador pipeline, you've also seen us begin to welcome a handful of elite athletes, who are not only at the top of their game, but who share our values and extend our reach and credibility with a large audience. Like Colleen Quigley here, an Olympic Track and Field Athlete, and also one of the faces of our footwear campaign. It's worth noting that while sponsoring elite athletes is not a new playbook, we are calling our own shots, and we'll be taking a pretty different approach than most. It's not our end goal to have the most athletes or to sponsor leagues or franchises, but instead to build a roster and maintain that roster of folks who share our values and who place a premium on deep, long-term relationships. Said differently, we plan to leverage a tight roster of incredible people with a large reach frequently. Of course, we are very, very excited about the studio partners that Mike shared, some of the world's best sweat studios, in fact, enabling us to create a more connected community for both those partners as well as our guests. Finally, there is no denying the power of events in driving a sense of belonging and well-being. Activating our community in powerful ways not only increases brand awareness, but it builds retention and ultimately loyalty. We have an incredible opportunity with membership to innovate on our community DNA, both through the Essential tier as well as lululemon Studio, which both Celeste and Mike spoke to. Access to community activations and larger scale events, both physical and virtual, will be a key benefit of the membership program moving forward. Strong relationships have been a critical ingredient of our secret sauce since the early days of the brand. It started in our stores, and now membership will allow us to do the same digitally and at scale. Our new program is a critical tool to enable our connections, deepening our relationships with guests who engage with our brand through product, through content, and ultimately through the community itself. As Celeste mentioned, we intend for 80% of our guests to become a member of this two-tiered program. Essential Membership creates a value exchange that benefits both guests and our business. Guests get perks, and we get a better understanding of their preferences and behaviors. In turn, that's gonna allow us to serve them more personally with product and community connections that we know are relevant and matter to them. Those who opt into lululemon Studio will unlock access to premium content, Studio partner benefits, and exclusive experiences from lululemon, creating opportunity for daily engagement with our brand. We believe that that is going to fuel growth and loyalty. We know if we've got a loyal guest, when it's time to buy, we will be top of mind with these folks. Of course, we'll have the opportunity to move our guests through the lululemon membership funnel, converting Essential Members to lululemon Studio Members at a lower CAC, which Calvin spoke to. Eventually, our lululemon Studio digital-only experience is going to enable us to meet guests whenever and wherever they are. I think I was pretty quick, but I'm gonna sum it all up. We feel great about what lies ahead. We are building an iconic global brand that brings our purpose to life as it fuels business success. As you can see, the runway is significant. We're early innings. Hopefully, that's the other thing that you've not been beat over the head with today. We are really, really passionate about it. Through impactful brand moments, product launches, ambassadors, and the experiences we create, we will continue to cultivate a loyal and a large community whom we'll now have the ability to connect with more often and more personally through all of the exciting programs that we shared with you here today. With that, thank you for allowing me to close this out. I'm gonna hand it back over to Howard. Thanks, Nikki. We hope you guys are excited about everything you've heard this morning, and we have more for you this afternoon. Let me lay out the next couple of hours. We made our Power of Three ×2 plan very simple. If you understand the next two hours, you're gonna have to bear with me here. We're gonna take a two-hour break. If you're on the webcast, you can tune off now and you can tune back in at 1:00 P.M. If you're in the room, I'm gonna split this group into two, and each group is gonna go to lunch and is gonna go through our activations separately. To make the activations a bit more intimate and give you guys a bit more access to contact with our team members who are gonna take you through the activations, we're gonna split each of the larger groups into smaller groups. If you look at your badges, you'll see a letter and you'll see a colored circle. If you have the letter B on your badge, if you could stand up and you could see my friends at the door, they'll take you down to the restaurant, and while you're down there, they'll tell you how you're gonna walk through the activations. That's group B. Group A, just hang out for a second. Yeah. Yeah. Yeah. Yeah. Okay. If you're still here, you should have an A. You should have an A on your badge. Okay, if you have a pink or purple circle, head over to the door and we will guide you to your activation. You have the activation list up here? Yeah. That's pink and purple. Head to the door. Pink and purple. Yeah. Yep. Okay. If you have a blue circle, now head to the door. This is why you said that they were done. What'd you say? Told them that they were done. Yeah, exactly. The last group, yellow, you can head to the door now. Mitch, do you have a circle? Do you have a yellow circle? I do. Okay. I lost some color though. No, you're good. All right, everyone, we're going to hope you guys enjoyed lunch. Hope you guys enjoyed our activations. Our teams were so excited to talk to you guys. Hope you got to ask your questions, get your questions answered. In a little while, we'll have a Q&A session, so there's time for some more questions. This afternoon when we get started, we have some more of our leaders coming up. To start the afternoon session, we're gonna bring Celeste up again. She's gonna talk to you about our North American business. Thanks, Howard. Yeah. Welcome back. I hope you all had a good lunch and a good time at the activations. As you've heard from us this morning, we are in the early innings of our growth across product, channels, and geographies. While North America is our most mature region, we still see huge opportunity in both channels. In our new 2026 growth plan, North America will grow at low double-digit CAGR, getting us to more than $8 billion over the next five years, and we have proven that our model works. Since 2018, our North American store base grew 11% from 349 to 387 mainline stores, while at the same time growing traffic to our e-commerce site on average 37%, and we grew conversion online by nearly 10% on the same basis. In the same timeframe, we have grown revenue over 80% from $2.9 billion to $5.3 billion last year. This represents a CAGR of 22%—a three-year CAGR of 22%. We did do all of this despite being in a global pandemic. This speaks to our strength across our business, across our omni-operating model, our incredible educators, and the agility and dedication of our teams. We still see ample opportunity to grow our North American business. We can leverage our channels even more seamlessly into the future, and we are also in the in the early innings of growth in men's footwear and our brand awareness. Let's talk about our stores. Our stores truly are our secret sauce and a huge competitive advantage. They blend product, our incredible people, and our community relationships in one. We believe this experience is more relevant than ever. Today, our store productivity and traffic levels are trending above 2019, and our store productivity remains high at over $1,400 per sq ft. Over the next five years, we will grow our square footage by 5% annually, including new store openings and optimizations. Yet on top of that, we will also leverage our pop-up and agile strategy to ensure we have a physical presence in communities big and small. It's important to note that our stores actually don't get credit for everything they do for us. Ship from store, BBR, and buy online, pick up in store are additional ways we leverage our stores and their infrastructure to drive the entire omni-operating model. They also over-index on new guest acquisition year-over-year. Our stores play a critical role in the entire omni experience. Our store portfolio in different formats provide us with an opportunity to enter each market with a tailored approach that makes sense for that specific community, from small community stores to our largest experiential expression. We will continue to use all of these formats to be able to drive the best guest experience, to create community hubs, and to drive the best P&L results. Outside of our permanent store strategy, we will also continue to leverage our agile approach, which is comprised of pop-ups and cool new concepts like our campus strategy as one example. Okay, so I'm sure there's some University of Michigan fans out here. There we go. I knew we'd have a few. This past fall, we opened our first showcase experience on the University of Michigan campus, and it had incredible results. Although I am an Ohio State fan, I was so excited to see our ability to leverage our innovative way to build relationships, connecting communities, and show up in the most powerful way on one of the biggest Big Ten college football weekends of the year. Our pop-ups will also continue to be a big part of our future. They allow us to test new markets, reach new guests, and to grow our overall brand awareness. We currently have 60 pop-ups operating in the U.S. or in North America. This strategy not only allows us to capture seasonal demand, acquire new guests, and it also gives us an opportunity to test and learn in new markets to help inform our permanent opening plan. We will continue to lean into exploring and testing new markets through this approach. Okay, our experiential stores, they remain a compelling physical manifestation of the sweat life. They bring together our guests in super cool ways and are very relevant to their local communities. We currently have two experiential stores, one in the Lincoln Park neighborhood in Chicago, and the second in Mall of America in Minneapolis. These stores offer studio space, food and drink options, as well as our pinnacle product offering. They truly are a connection and community hub for all of the ambassadors in that community. We are thrilled to be opening our third full expression experiential store this fall in Houston at Highland Village. Since community is very important to us, we've also layered in a key city strategy. This strategy will help us drive growth in North America by ensuring local relevance and credibility of our brand. We currently have five cities in North America that fall under this key city strategy, and this program has been instrumental in helping us create an even bigger community and guest impact. Okay, shifting gears now to our digital business. We have the ability and opportunity to scale our digital business even greater, and we continue to make strategic investments. In our digital ecosystem, we are most focused on product storytelling, personalization, and core experience optimization. Earlier, I talked to you in detail about product storytelling and personalization, so now I'll spend a bit more time talking about core experience optimization. This experience optimization will support our ability to drive conversion and AOV, as well as elevate the entire experience. Some of our key investments include implementing our next-generation commerce platform and payments infrastructure, which will make it easier for our guests to transact on our site and in our ecosystem, as well as outside of. A focus on our product detail page, which is really the workhorse of the e-commerce site. This will elevate product storytelling and support increased conversion. Scaling our omni programs. We will be re-platforming our RFID program to a cloud-based solution, which will help us continue to innovate and elevate our omni experience and truly leverage our physical footprint and digital experience together. We're also leveraging AI and machine learning across all of our key experiences to continually be able to optimize and personalize the overall experience. These are just some key examples of our focus on optimizing our digital business as we grow. We truly believe e-com still has a lot of growth ahead. As you can see, we have a lot of opportunity for the future. We will grow our North America square footage by approximately 5% CAGR over the next 5 years, driven by both new store openings and optimizations. On top of this, as I mentioned, we will continue to use our agile strategy and pop-ups to continue to show up in communities big and small. Our e-commerce business has continued growth opportunity as well. From product storytelling, personalization, and core experience optimization, we have a clear line of sight to short-term and long-term growth opportunity within the digital ecosystem. Finally, layered on top of everything, we will constantly innovate and adapt for what is needed most by our guests to create the most relevant and deepest connection we possibly can with them. With that, I will now turn it over to André to talk about all things outside of North America. Thank you, Celeste. Hello, everyone. I'm André Maestrini. I joined lululemon 14 months ago to lead our international expansion, and I'm thrilled and honored to be able to share the fantastic potential that international markets are for our company. It's great to see the momentum that we have in the business, thanks to great brand reputation, the premium positioning, and the expansion of our channels. We have great teams in place, and we are accelerating our growth leading us to achieve our 2023 targets ahead of plan. In the last analyst convention, we committed in front of you to quadruple the business in international. We look at 2021, we reach net sales of $957 million, which is 15% of our total enterprise net sales. In uncertain times, it represent a 39% CAGR over these three year. Yes, we are on track to quadruple the business ahead of time. In numbers, when we look since 2018, we've been driving that by both channel expansion, retail and e-commerce, while expanding through geographies. In retail, we move from 91 stores to 187 stores, more than doubling the number of stores that we have in our network. When it comes to e-commerce, we invested, and from five sites in two languages, we reached nine e-commerce sites in five languages. Now we operate in 17 countries internationally, adding four if we account with our licensed partner. All that fueled by our teams, team efforts, and we increase our international teams from 1,500 associates to 3,300 associates. Calvin mentioned our commitment to culture, and Celeste highlighted the importance and the role and the impact of our educators. People are the core of who we are and what we do. I was struck when joining the company of how strong is the culture, and it makes us special. Yes, this is so important because if people that are the core for international, it means that we have people empowered in the marketplace that know what to do and also are sensitive to the nuances of the cultures in which we operate. It's a formula for success. Now, the vision of Lululemon to unlock greater possibilities and wellbeing for all is a very compelling proposition for guests around the world. Nikki mentioned, however, our brand awareness is really low compared with North America, leaving a reservoir of potential acquisition of guests almost untapped. When we go to market share, the sum of the revenues of the U.S. market and Canada, if we compare it to the total adult activewear market as measured by NPD, the share is above 5%. In the countries where we have NPD data in international, at most, we have 1%. We are at the innings, you know, of our growth in international, and I'm highly motivated to go after it. To do so, we have gathered a lot of information and data to fuel our proprietary Sweat Index model to measure market holding capacity for each one of the countries, the potential of the premium activewear market, and check the sweat readiness with our guests to prioritize our country approach, and also the intensification of our investment in some of the countries. Yes, with the momentum and the knowledge we have combined, we're ready to commit to you our goals for 2026, which is to quadruple our international business towards the year 2026, starting from a much higher base. We're going to unpack now with you how we are going to do that. To do so, we are going to have a three-pillar approach. We're going to unlock the primary and the biggest opportunity, which is Mainland China. Second, we're going to double down on our core markets, which are U.K., Germany, South Korea, and Australia. I can tell you that Australia is the most mature market, but we see still the possibility to double the business in Australia. Third, to scale some markets that we seeded the brand recently and also selectively enter new markets. These are the three pillars of our strategy. Before unpacking them, I'd like to share with you our operating model and how we go after that. Here, the idea is to build on our strengths. We have a successful model. Celeste, you touched on it just in your presentation. This is how we're going to do business. First, leverage our superior product offering powered by the Science of Feel, and have our direct to consumer model to access directly our guests and elevate our brand presentation consistently across the globe. With our grassroots approach, community-based and inclusive culture, create these relevant one-to-one relationships, fostered by our guests and our educators to create enduring success and strong relationships. That's our operating model. In product, when it comes to product, we have the same approach. You heard Sun, we have a lot of leverage still in our core offering. Recruit guests for what we are famous for. We will also leverage the pipeline of innovation and at the same time curate the assortment to be relevant in the different geographies and create capsules for cultural moments or on-top needs as we are building teams and capabilities in each one of the three regions. That's the playbook. Now I'd like to unpack the three pillars of our geographical plan. The first one is mainland China, and I'd like to take the opportunity as maybe China to showcase how our global local model plays. The first element of our strategy in China, which is a five-tiered initiative, is store expansions. We're going to open big flagship stores with the full breadth of our range. At the same time, then, you know, core product locally based community stores concentrating our approach to tier-one cities that are going to represent 40% of our network by 2026. We are going to intensify our network in tier-two cities. In total in China, we're going to grow from 70 stores that we have now in operation towards 220 at the end of the plan. The second is to intensify e-commerce. To do that, we're going to leverage the success that we have in our shopping show in Tmall. We're going to diversify by entering in jd.com and also tap into the opportunity of social commerce by WeChat Mini Programs and to develop our.cn. This while developing uniquely tailored omni solutions to the market, which is virtual shelf. We just launched footwear and virtual shelf. We're really successful in accelerating the acquisition of guests and also tapping into the trends. You know you have live commerce, which is live streaming that's becoming very popular in China. The third, I tap into that, which is product. Yes, it's to build on the key stories globally and at the same time, you know, curate the assortment for the China market. Second, for the close-to-body items to develop Asia Fit to fit the physique of the guest there. Also, create local capsules for cultural moments and the unmet needs and more to come on that. The fourth initiative, it's about brand amplifications. You heard that in the morning too. It's about telling our stories louder in the market and bring the brand awareness complemented by curated local content that resonates with the guest. As an example, in February the Olympics, the world stage of the Olympics give us the opportunity to showcase our outerwear and winter products at this global stage. It created an enormous buzz in social media in China, generating a lot of traffic to our stores. At the same time, we're activating the Chinese New Year with a locally developed capsule for the guests, showing us the way to say, if we can tell these global stories loud, complemented by the local relevancy, we will be a global brand, but really meaningful for the China guest. The fifth initiative, it's of course, if you want to have a sustainable business, is to build a team, an empowered team that knows what to do to take accountability for the actions there and create this enduring relationship with the local guest. The second pillar when it comes to geography is to double down on our core markets. We have a big runway still in those, and it's South Korea, Australia, U.K. and Germany. The approach there is to fully leverage the Power of Three that you referred to, Calvin, which is first product diversification, right? About the occasions, run, train, OTM. Second is also about gender and double down on men and introducing new products like footwear, so new product types. Product as one engine. Second, e-commerce. I think you heard from Celeste, we are really leveraging the best practice of North America, and some markets like Europe are going to reach soon 50% of their business done in e-commerce. The third is market expansion through stores opening. Post-COVID, we see ourself in a very good position to access primary locations with high traffic at a cost of entry much lower than pre-pandemic. That allows us to be confident and keep opening and having our NSO, new store opening plan fully operational. It is in those markets, these four markets, where we're going to concentrate our amplification dollars to keep raising the awareness and complement our global stores. As an example, our ambassador programs, we're going to be faithful to our grassroots approach. The local coaches, instructors that are local heroes for their community, but add on global key cities ambassadors and then global ambassadors. Joe Wicks, that we partner with in the U.K., immediately raised the brand awareness, he aided the brand awareness in the U.K. among men by 10 points to reach 56%, and the consideration of the brand from 12% to 21%. We see the potential of this global local approach when it comes to our markets. The last and third buckets of country is the countries where we have seeded the brand already. Here we are. We are going to scale and selectively, according to the Sweat Index, enter new markets. When it comes to Europe, the focus is going to be there in France with a Paris key city approach. We're going to open a flagship in the Champs-Élysées by the end of the year, while we will enter Spain with openings in Barcelona, Madrid, and opening our proprietary e-commerce site.es. It is quite unbelievable to think of Europe as a developing market, and that today, on the Big Five of Europe, we're just present in three out of the five countries. It shows us the potential of this geography. When it comes to Asia, we see a trend of our guests reaching for more and adopting a more active lifestyle. Wellbeing is higher in the agenda than ever before, and the thirst for premium brands for their quality and their status is a trend that lululemon is ideally positioned for the future. To tap into that, yes, we're going to focus on scaling Japan with an approach specifically on Tokyo and e-commerce. Southeast Asia is still untapped territory, and we will open Thailand quite soon. A lot of opportunities ahead, and to bring that together, I'd like to share with you the sources of growth while we quadruple the business. As you see, stores are going to be generating the majority of the growth, but it's very balanced with e-commerce. We come to geographies, the sources of growth are first. If we can have the next slide, please. It's first, here we are, Mainland China. At the same time, you see that a region like APAC or even EMEA contributes highly to the plan, de-risking our ability to hit the numbers and be at the rendezvous of quadrupling the business by 2026. To conclude, yes, quadrupling the business is our ambition. I think you did the math, Calvin, is to nearly reach $4 billion net sales in the course of the plan. When you think it is just to generate a business of the size of what North America was in 2020, and we are ready for it. Thank you for your attention. Now our CFO, Meghan Frank. Thank you very much. Hi, everyone. I'm so excited to be here with you in person and not on Zoom. What a treat. As most of you know, I've been with lululemon for five and a half years. I stepped into the CFO role a little bit over a year and a half ago, and I'm incredibly grateful to be part of this team during this phase of our scale and growth. We're coming off of a period of incredible growth that you've heard a lot about today, achieving our overall Power of Three revenue and earnings goals two years early while navigating a global pandemic and ongoing supply chain and macroeconomic challenges. We leaned into our strengths over the last two years, supporting our people and our partners. We did not have any layoffs, and we maintained our commitments to our merchandise orders and our rents. Our philosophy in terms of our approach was to protect against downside while positioning for growth, and we've certainly done that. We ran countless scenarios. We reset our priorities, and I'm so proud of what this team accomplished together and really excited about what we can accomplish in the future. We are moving into our next five years from a position of strength, strong momentum in the business, and considerable runway in front of us. I'm gonna walk through some highlights on our last three years in a little bit more detail, and then share more details on our financial outlook for the next five years that underpin the strategies and initiatives that you've heard about throughout today. Before I do, let me reiterate what Calvin said this morning. We remain comfortable with our Q1 and 2022 guidance, that we just provided on our last call. Let's start with our 2023 plan and all that we accomplished from a financial perspective. We grew revenue at a three-year CAGR of 24% versus our plan of low teens. Adjusted operating margin grew from 21.5% to 22% in 2021, and adjusted EPS grew at a 27% three-year CAGR. Looking at some additional details, as you know, we're delivering on our three key growth pillars. We doubled men's in 2021 relative to 2018. We more than tripled e-commerce, and we're on track to deliver on quadrupling international by the end of this year. That's not all we did. While we doubled men's, we grew women's at a 21% CAGR. We grew accessories at a 28% CAGR. While we tripled e-commerce, we grew stores at a 10% CAGR despite pandemic impacts. In terms of international, we grew China mainland at a 79% three-year CAGR, while the rest of the world grew at a 22% three-year CAGR. Going a little bit deeper into stores, these you've heard a lot about today, they remain a really important part of our ecosystem and important to our growth story. They're not only highly productive for us, but we also have sales per square foot over $1,400. They're also highly profitable with operating margins in the mid-20s%, and they're also a vehicle to acquire new guests, particularly men's. They're a platform to enable connection and community. Since 2018, we grew square footage by 49%, adding 134 stores and ending with a total store fleet of 574 at the end of 2021. As Celeste and André shared, we have significant runway in front of us, in terms of store opportunity. Before getting into the details on our next five years, I did wanna highlight the strength of our financial position. So it's this strength that enables our strategic initiatives, powers our Impact Agenda, and allows us to support our people and our communities while also returning excess cash to shareholders. In 2021, we generated $1.4 billion in cash flow from operations. We ended the year with $1.3 billion in cash, $1.7 billion in total liquidity, and we have no debt. We restarted our share repurchase program. We bought back a record amount of stock at $813 million during the year. We've repurchased $1.2 billion since 2018 and $2.4 billion since 2014. The board has just approved a new $1 billion program, which we're excited about. The strength in our vertical omni business model and our financial flexibility have allowed us to achieve our goals early. We've seen the strength of our results reflected in our share price performance, which is up over 200% on the three-year time horizon. I know you've seen a few beautiful videos, but I think we can agree that this is the most beautiful slide of the day. Okay. Looking forward and switching gears. I wanted to share a little bit about how we're thinking about macro trends that could or are potentially impacting our business as we thought about the next five years. We are benefiting from several tailwinds which aren't new. They've been impacting our business over the last several years and likely got stronger even during the pandemic. You've heard about some of these today, so they include consumers wanting to live an active and healthy lifestyle, strength in the athletic apparel segment, desire for versatile products while working out and also in everyday life, and also the expectation of ease and convenience when making a purchase. We're also navigating some headwinds, including supply chain disruptions, inflationary pressures, the ongoing impact from the COVID-19 pandemic, and then also the current geopolitical landscape. While we do believe that many of these headwinds are temporary, we are well-positioned in a rising cost environment given our growth trajectory, which sets us up well with our partners and vendors with scale. Rising labor costs are likely less transitory in nature. However, our people-first policy positions us well from that standpoint. As we mentioned on our earnings call, we will continue to price for innovation and take select price increases as appropriate. Now let's take a look at our new growth plan. What's really exciting is that we are expecting the engine, the core engine of our next five-year plan to be what drove our success over the last three years. The key components of this are omni revenue growth, really fueled by existing and new guest opportunity that you heard about today across all of our markets. We've got ongoing traffic and conversion opportunities across both our e-commerce and store businesses. Another key component is the strength of our core product margin. We've got scale efficiencies, we have high full price sell-throughs, and low markdown rates, and we expect that to continue. We've got strong omni segment margins with productive unit economics continuing to fuel our store expansion strategies, and our e-commerce operating margins remain strong. All of this will allow us to continue to innovate in our products, including our existing and new categories in our guest experience, and then also importantly in our foundations, to make sure we can scale as well as our impact agenda. This equation and the balance of our strength from our core business model augmented with innovation will allow us to deliver on our long-term goals that we've outlined. We doubled our revenue from 2018 to 2021, and as you've heard, we're expecting another double. Our Power of Three ×2 plan contemplates that over the next five years, representing a 15% CAGR. We do expect balanced growth across category, channel, and region, and we'll be focused really on achieving these goals on a CAGR basis over this time horizon. The growth pillars, as you've heard, will remain consistent, so doubling men's, doubling e-commerce, and quadrupling international. Sharing some more key stats here. Revenue targeted to grow from $6.25 billion-$12.5 billion. If we look at category growth, we're expecting men's to grow at a 20% CAGR, women's at a low double-digit CAGR, and accessories at a low-teens CAGR. It is important to note that while footwear and our evolved lululemon Studio Mirror model are exciting long-term opportunities for us, we have taken a conservative approach to how we've contemplated them in this plan. Over the next five years, we are forecasting the combined penetration of those two pieces to be in the mid-single digits. Lower in the near-term years and higher in the outer years. Okay, within channel growth, we're approaching the business through an omni lens. We've definitely further developed that muscle over the last few years, flexing between channels. We'll continue to take that approach as guest behavior evolves. We've had tremendous growth in e-commerce. We were at a 26% penetration in 2018, and it grew to 44% by 2021. We do expect to continue to grow off of that higher waterline. We're currently planning our channels to grow in a range of 14%-16%, with stores on the lower end of that range and e-commerce on the higher end. Again, we will adjust based on guest behavior. For regional growth, we continue to see outsized growth in our international business. As you heard, international in 2021 remained a relatively small but profitable piece of the business at 15% of total revenue. We are expecting, as you heard, for it to quadruple, which means a 30% CAGR over the next five-year time horizon. While we expect North America to continue to grow at a healthy low double-digit CAGR increase. Okay, switching over to operating margin. Over the next five years, we expect to see modest operating margin expansion annually. We will continue to give guidance on SG&A and gross margin. Over the course of the plan, we do expect both of those metrics to improve relative to historical levels. Given that we're taking an omni approach to the business, we are going to be looking at operating margin as the key metric within our Power of Three ×2 plan. As we think about our investment profile over the next five years, we have some drivers in terms of North America business, e-commerce, and then opportunities with scale and cost efficiencies, as well as moderation of airfreight impacts. This will allow us to continue to invest in our long-term growth opportunities. These would include men's footwear, our international business, as well as our lululemon Studio and Mirror model. Importantly again, foundational investments to ensure that we're able to scale to support our growth, which include important investments in our distribution centers and then also in technology. On Mirror, I wanted to give a little bit more detail here. Given the evolution of our model, and connection to our membership program, we won't be discussing Mirror as a separate business. However, given the goals you heard around deeper guest engagement, we continue to believe that Mirror will contribute profitably overall to our financials. On a standalone basis, the path to profitability is within our control. I'd also note that the evolved model and investment in content and experience was contemplated in the 2022 guidance, that we just provided. That was to share our expectation for dilution to moderate in 2022 relative to 2021, providing a few additional metrics. As we navigate supply chain challenges and comparisons to being under inventoried, we are gonna be providing unit inventory CAGRs, as we did on our last call, which we plan to manage in line with revenue growth. In terms of square footage, we expect on a global basis, square footage to grow in the low double digits. This would be inclusive of new stores and expansions. Capital expenditures will be in the range of 7%-9% of sales. Key investments again are in our distribution center network, to support our growth as well as key investments in digital in our stores, and then also technology foundations investments. We expect our tax rate for 2023 onward to be approximately 30%. Finally on EPS, we expect growth in excess of sales growth on average over the five-year time horizon. In terms of cash flow, we expect our cash flow generation to continue to be strong. Our approach to capital allocation will remain consistent. Our top priorities are investing in our growth opportunities in the business, fueling our growth initiatives, investing in our people, investing in our impact agenda. We'll also wanna maintain financial flexibility. The strength of our balance sheet enables us to consider strategic opportunities as they arise, Mirror being a perfect example of that. While the guidance today doesn't include share repurchase, it does remain our preferred method to return excess cash to shareholders. With that, I will end by expressing my excitement and confidence in our next five-year plan and how we're positioned to capitalize on the opportunities that are in front of us. Again, our plans are focused on growth from our proven core in our growth pillars in men's, digital, and international with modest contribution from new ventures, including footwear and our evolved lululemon Studio Mirror model. Each of these are really supported and underpinned by our strong financial position. With that, I'll thank you all so much for joining us. It was a pleasure to be with you all today. I'll hand it over to Howard for our Q&A session. Thank you. Okay, we've got some time for Q&A. We'll take questions from the room, and if I can figure out how to work this thing, we'll take some questions from the webcast as well. If you could do me a favor, we have two mic runners in the audience, so if you raise your hand, I'll call on you. If you could state your name and your firm, and then you can ask your question. As our team gets up here. Oh, you're here. You changed your. All right. If I can see anyone. Definitely got brighter up here. Let's start with Kimberly right here in the front. Thank you. Kimberly Greenberger, Morgan Stanley. I wanted to ask about international. Obviously, that represents one of the largest future growth opportunities for Lululemon. Can you reflect on the experiences that you've had internationally, where profitability has been highest and most successful and where profitability has lagged a little bit, and what were the keys to getting the profitability improvement internationally? You wanna start? No. Am I supposed to? Do you have the mic? I think we have our. No. Okay. Not all are mic. Just yell. I can't really. I would say in terms of international profitability, we were really excited that we got Europe to profitability in 2021. I would say we've been further along in some areas of APAC, particularly China. I would say the key to that is really scale. There are some structural differences between markets in terms of just cost structure, particularly occupancy. I think where we've been really pleased is when we've got, you know, scale in terms of store expansion coupled with digital. You heard a lot about today how we think about that ecosystem of when we have guests that are shopping both channels and have a deeper relationship with the brand. We tend to see higher spend and view that as a key unlock, I think, to profitability in all markets. Yeah. Let's go to the way back. Oh. It's the couple two rows back. Yeah. Thank you. Patrick Corval from CN Rail Pension Fund, based in Montreal. Usually, retail, I think, you know, densifying a market is very important before going to the next one in general. But I'm wondering if the fact that your sales per square feet is so high that you can still cede some market without losing money for too long. You know, you do have, like, you know, high-value items that you can ship by plane sometimes even. So just wondering your thoughts on that. Yeah. I think we certainly benefit from our highly productive sales per square foot, you know, and view that as an important opportunity. I think it's also about you know, staging our growth and making sure you know, we feel we're ready to enter markets powerfully. You know, I think André teed up some exciting new markets for us, and we have you know, more on the radar in terms of how we move forward. Michael. Hi. Thanks, everybody, for all the detail today. Michael Binetti with Credit Suisse. I think maybe dovetailing off Kimberly's question, last time we talked, you gave some targets on what you thought profitability in the international business could get to. I think it was 10%-15% of earnings. Anything that you guys are shooting for with the new revenue targets you gave us in international to think about alongside the new plan? I guess as you think about the model, it looks like it moves towards more of the growth coming from stores and new store growth and less from same-store sales growth, just relative to the old plan. Does that have a delta on the ROI of the stores business, given how high the returns are on just adding a point of sales in an existing store? I'd say in terms of international. You were asking, sorry, the first one was about international operating profit. We haven't broken out anything specifically on that, but we do see opportunity in international to continue to expand. We are profitable today. We did reach our overall goal on a dollar basis. Obviously, North America outperformed a bit relative to expectations. When you look at penetration, a little bit different, but we're really pleased overall with the profitability. We continue to see opportunity for international to expand operating margin, but we also see opportunity on the North America side. Both would be, I would say, embedded in, you know, our targets. Sorry, can you repeat the second part of the question? Just on the ROI. Stores ... More of the growth coming from same-store, from store growth than same-store sales. Yeah. I'd say nothing material there in terms of differences. Still really overall pleased with the productivity of our entire store fleet. It's definitely a mixture of new stores and then expansions and that square footage growth. We've got a nice, healthy combination of particularly new stores in our international markets, and then a healthy expansion number, I'd say, in North America as we continue to scale and can, you know, present a fuller presentation of men's, women's accessories, and then importantly, footwear in those markets as well. I'm gonna take one from the web. Calvin, I think this one's gonna be for you. Can you clarify the difference between lululemon Studio and the Essential Membership program and provide any more details on both? Just to clarify, I would look at the Essential program through the lens of a traditional loyalty program, where it's free to every guest, with benefits. We're not gonna pursue a discount benefit at the Essential level. We think there's a lot of other benefits that the brand brings that we can leverage our product, leverage our community, and leverage interaction and relationship with our communities to really establish exciting benefits that we anticipate majority of our guests to participate in. That's the Essential. That's how you should view that program. The lululemon Studio membership is gonna replace the Mirror membership. If you're a Mirror member today, when we activate and launch, you're now a lululemon Studio member. The Mirror brand continues, but it's the hardware. It's the Mirror. It's a device you can purchase to interact with and experience your lululemon Studio membership. As Mike mentioned, we'll also be launching a digital app, which is another way in which you can buy and activate and participate inside the lululemon Studio membership, be it on your smart TV, your iPad, your phone, on mobile. The notion of the two working together is we're excited about being able to leverage that content into the essentials to both drive engagement as well as opportunity to explore some of it, and then have them want to participate and buy into the lululemon Studio membership program, where there's additional benefits, not just the content for your $39 a month, but as Mike alluded to, there'll be benefits with our studio partners, discounts to participate in their live classes, how we tap into our own community events and activations, as well as early access to product and other benefits across the lululemon ecosystem as well. That's the two programs, and that's how they will coexist. Okay, great. Let's go to the other side of the room. Mark. Great. Thank you. Mark Altschwager from Baird. You talked about the low global brand awareness and the opportunity there, but also a lot of the innovation is really focused on driving wallet share with your existing guests. As we think about the double here over the next five years, can you help us understand the balance you're thinking of between the two, new guest acquisition versus spend per guest? Then a separate question, but somewhat related. It seems like your approach to marketing is evolving a bit with some of the channels that you talked about earlier. Can you just remind us what's your marketing percent of revenue today, and where do you see that going over the next five years as you pursue these growth plans? Thanks. In terms of marketing percent, I don't think we've broken out the actual percent, but we are thinking about it as relatively consistent. As you heard, you know, I think we have different opportunities and different marketing programs, and we've, you know, really studied and gotten more efficient and we, you know, feel like we're headed in the right direction there. No material change to the penetration. Then- Did you wanna- Yeah. Oh, there I go. Go for it. Yeah, maybe one nuance I was alluding to it with the global coordination is up until pretty recently, our markets have been driving marketing entirely on their own. That's where some of the efficiency comes in. It does increase on an absolute dollar basis, but as Megan alluded to, the percentage of sales, we don't anticipate a big increase. It really is just building a more efficient and cohesive engine. With the paid media, there's also an effort to build our media mix model. Again, we can just be smarter and more deliberate with how hard each channel's working for us and invest into those that work really hard for us and divest of those that don't. It really is just a shift in strategy more so than a shift in spend. What I'd add to the first part is all the above relative to our growth in guests. This brand, we have incredible retention with our guests, and the ability to continue to migrate them up, increase share of wallet through experiencing products and categories across different activities or as we innovate, is definitely a big part of the focus and what you heard from. We continue to fuel and drive our growth through new guest acquisition. The awareness and the opportunity there is one way we're gonna continue to do that. As we enter into new categories and activities or get awareness, that will naturally pull, and as we enter new markets or new channels, we'll naturally bring in. New guest acquisition is still the fundamental driver of our growth. When you look at doubling this business, new guests is gonna drive it across all of our markets. At the same point, we're excited about the opportunity to migrate and continue to expand and extend the share of wallet. Retention of that LTV and bringing more in and migrating them up is really the fundamental drivers of the doubling the business. I think it's really important to note that our guest acquisition in stores year-over-year continues to be similar and very strong. We don't see our new guest acquisition actually dip when a store has been in market for three, four, or five years. We still consider that store base a very healthy and organic channel to acquire new guests as we look at also migrating them through the funnel. Let's go with Matt in the front. Matthew Boss, JP Morgan. Maybe two-part question. Calvin, a clear take today was growth remains in early innings. I think it was every part of the presentation. As we think about the $650 billion total addressable market that you laid out, I guess maybe high level, what's your excitement in the product pipeline today relative to when you laid out the last plan? Then Megan, maybe second part of the question is on the profitability. How best to think about P&L geography as we think about the modest annual operating margin expansion, maybe between gross margin and expense leverage in the five-year plan? I'll go first. I think it's just the clarity of the opportunity within our product roadmap and how we can drive sales through the core, through the key activities we identified, has just solidified and, quite frankly, even more cemented in the time in which I've been with Lululemon coming up four years and almost three years from the last Analyst Day. I naturally get excited about product as Sun does. I mean, it's what we love to do. But when I look at how we are going to continue the momentum and double the business, it is rooted in the opportunities we have in those three core activities that we identified, the opportunity around franchises. When I just simply lay out the assortment we have today and where we know we can continue to meet unmet needs, around those activities into the awareness, and then the opportunity that these play categories are proving to drive the versatility, of the product, is where I get both confident, and incredibly excited about the pipeline and what Sun and the team continue to innovate. Lastly, as I sort of mentioned, there's not a way in which I cut our growth across gender, activity, category, channel, or market, and you can identify an area of our business where you would say, "Okay, it's no longer early innings, it's mid innings of growth." So that to me just gives the again validation of the confidence that says all levers of this business are growing across all aspects and way in which we can drive growth. We know when we look at our product with that strategy, there's more we can create than what we've created. And it's resonating and driving with the guests. That's where I get that additional confidence and excitement. I was confident on the last plan and we arrived two years early. Yeah, I think we've had a chance to build on that, obviously, to see, of that original plan we shared with you all a few years ago, what worked, what didn't, and I'm happy to say that most of the strategies we laid in place around really starting to look at our business through the activity lens. I know we teed up for you all Science of Feel. I think we did a much better job today elaborating in more detail what that means and what that means to our pipeline and innovation. The cool thing for us is that we are multidimensional in terms of how we're looking at our product roadmap. We looked at activities that can turn into franchises. We also look at categories that a lot of other retailers do, like tops, bottoms, dresses, men's, women accessories, now footwear. It sounds complicated, but it isn't. It's making sure that we're laser-focused on how they each intersect. Ultimately, what I teed up for you all at the beginning, it's the three questions across all of those, which is what are they doing? How do they wanna feel? What are the unmet needs? It's really just the discipline and focus on answering those questions with everything that we build that gives us incredible confidence because that really is how we've gotten to today. Yes, early innings, Science of Feel, and excited about the future and growth from the core. Okay. In terms of your operating margin question, we're definitely looking at the business from an omni perspective. As I mentioned, we wanna maintain the flexibility to, you know, pivot between channels based on guest preferences. We will have gross margin and SG&A opportunity over the course of the plan. We're not putting a fine point on that today. We will continue to give updates on guidance annually, on how we see the position and gross margin and SG&A based on investments and particularly channel mix and where we see that shifting. Let me take one more from the web. Meghan, this is for you on inventory. Obviously, this is a very difficult environment to manage inventory and given you need to order earlier and earlier. Can you talk about the leverage you can pull from an inventory management perspective if demand comes in better or worse than predicted? Are there any lessons you've learned during COVID that you can apply to the post-COVID world? Yeah. We've definitely been leveraging air freight. The teams have been doing a nice job pushing into that, obviously balancing that with sales growth. We've been looking at optimizing our costs just in terms of leveraging a sea-air lane, which is slightly slower but more cost-effective. We're also looking at long-term opportunities. I think it's probably early to say how long the supply chain challenges will be with us. Just looking at opportunities to make some strategic shifts in terms of the calendar and how we place goods and making sure we're being prudent on both the cost and, you know, demand side. One add on that is, we have been placing early buys of our core product that really is seasonless, and so that allows us to at least ocean a portion of our inventory. Jay, right there. Thank you. Jay Sole, UBS. Calvin, my question is on footwear. You talked a little bit about it earlier, and we saw the nice presentation, you know, during the break. Can you just talk about what your ambition is for the footwear business in terms of, you know, the sales potential in a big picture way? You know, would, if the margins in footwear are lower, does that at all, you know, limit your enthusiasm for that business? Are you willing to grow the business even if it would be a lower margin business? Thank you. On the first, in terms of, you know, my enthusiasm behind it, I'm definitely very enthusiastic with the success of the launch and the way in which the guest has responded. We knew we had something that was truly an unmet need, and I couldn't be more proud of the work that Sun and the team did in terms of identifying it, taking the right time to create it, launch it, and get credit for that innovation. And the response has been overwhelming, both from, you know, sort of the editors and the pundits and rating reviews as well as demand and performance, and it's a test and learn. You know, we're leaning in on inventory. We're gonna continue to manage through. We launch Chargefeel and Strongfeel in the slides later this year. We're gonna continue to see the impact they have on the run and the train categories that we have, and learn and evolve it. As Megan shared, in our guidance and in the plan, it's a small percentage. Combined, they're, you know, less than 5% with the Mirror business, and we're gonna test and learn. You know the size of the category. We have something that's pretty unique and interesting. It's not baked into the plan that we need it to accelerate it and achieve a particular number, so I think we're in a good position. We have a product that's resonating well with pretty unique innovation, launching men's next, and a plan to double that's not dependent on it. We're gonna test and learn and see what we continue to lean in on. From a mix perspective, we take a mix across our categories from women's to men's within those categories, and accessories and footwear is no different, and that's considered into the margin that Megan shared over the next five years. Marnie. Thanks, guys. Marnie Shapiro, The Retail Tracker. I'd like to dive in a little bit to your sustainability and your goals there. Are these products more expensive to produce? Will the products that are made from them be more expensive? Will you be able to flow that through the margin line so you can maintain the margins or with higher price points? Just kinda dovetailing on that, you know, Lulu has always kinda leaned green. I mean, let's be real, you were the first grocery market bag out there, at least in New York City, for sure. But you've never really pressed the accelerator on the marketing of that. It's always kind of been an underpinning of the brand. I think it resonates, though, with a lot of your consumers. What's the marketing plan behind this? 'Cause this feels like a really big win on the marketing side for you and an opportunity to say, "Hey, we were your first grocery bag, too. Don't forget it. Did you wanna take the first and then pick up I can take the first on the potential price increase with sustainable products, and I would say not all things are equal. In the case of our recycled poly, that cost should remain the same. You know, when you're looking at these future technologies, certainly the three that I mentioned today, Mylo, LanzaTech and Genomatica, we don't know yet. It's still early days. We wanna be able to make sure we perfect the product so that there is absolutely no compromise for the guests when we do transition. Then we'll have to figure out what the costing looks like. It's a bit of a journey. First, our priority is to make sure that same fit, feel, and function is not compromised with these solutions. Yeah. From a marketing perspective, you're exactly right. Hopefully you've seen us start to lean more into it with specific programs like New is a big push for us in this space. We also just released our Earth Day capsule through Lab. If you're on the email distribution, you would have gotten that yesterday. Very excited about that as well. The strategy is really for us to get behind programs, especially because a lot of the feedback that we hear in the marketplace, not specific to us, but in general, is just being really sensitive to greenwashing as well. Instead of just talking about it all the time, making sure that we put a stake in the ground when we have something really meaningful to get behind. Genomatica and the consortium around Mylo is another great example. What you should start to see from us in our marketing calendar is just more moments identified, where we have something important to say, something that we wanna stand for, but we have some evidence of what we're actually doing. I did wanna call out something on the bags, too, 'cause they're amazing. Just to further lean into our impact goals, we've actually started piloting a program in the U.S. where we're offering folks the opportunity not to take one, which hurts a little from a marketing perspective, not to have more people out in the world doing it, but you do all know we have guests who come in a lot. They don't need probably 50 of those shopping bags. For every one that we save, we're doing a little bit of good work there, too. Got it. Let me take one more from the web. It's just a clarification on Mirror. It's either Calvin or Mike. Just to clarify, will you be able to have lululemon Studio membership via an app without having a Mirror? For example, can you pay for the app and use it on a smart TV? Sure. I can take that one. We're planning later this year. We're gonna first launch lululemon Studio first, and then immediately after that, we'll have a digital-only app. That's the timeframe. Got it. You'll be able to experience both ways, through a Mirror or through the app. Yeah. Let's go to the other side. Brooke. Hi. Brooke Roach, Goldman Sachs. Thanks for taking the question. I'd love to dig a little bit deeper into the long-term aspirations in China, where you see the biggest margin and growth opportunity in that region. As you expand the fleet to 220 stores plus, how do you think about the puts and takes of that expansion plan over time? Yeah, I'd say from a margin perspective, it's a very healthy margin region for us. I think we're thinking about it more as capitalizing on the growth opportunity. I'll let André just comment on where he sees that opportunity. Yeah. From a margin perspective is covered. We've been choiceful in terms of where we want the expansion to happen. When I say tier one cities as a first main focus is the four main tier one cities in China, where we're going to have 90 stores in total. We know that these guests also are influential to other provinces to capture then the demand created and the brand awareness through online to reach the broader marketplace. The second-tier cities will provide us the breadth and the granularity moving from flagship stores to more community-based. We are witnessing that the profitability per square footage in the different formats is quite even. By tailor-making approach by tier cities and the format, we are just maintaining a high productivity of stores. We don't intend to go to tier three or tier four cities. Other brands went quite deep in their coverage of the market. We're cautiously, you know, making sure that we stay in a purchasing power of our guests represented by these tier-two cities to match the profitability and not be dilutive. The only thing I'd add is, as Celeste laid out, we have a very agile and balanced approach to store fleet, which we have and will continue to apply. Unlike others, we're not one size fits all. We have a very dynamic set of opportunities in terms of how we think of the physical retail location from, you know, a larger format, smaller number, but in key locations through to mid, small, into seasonal to test and learn. André and the team have been, you know, looking at applying that as well as we look to expand the stores. Omar. Thank you. Hey, it's Omar Saad from Evercore ISI. One quick clarification. On how much of your revenue plan comes from ASPs, and how does that kinda compare the ASP CAGR over the last few years? Maybe if you could talk a little bit more about the shift or evolution in the marketing strategy. It seems like with a lot of the conversation around unaided brand awareness and some of the new marketing media that you're using, there seems to be a bit of a shift from the old school, grassroots, local influencers, local studios, to some more traditional brand marketing approaches? A, confirm that's kinda what's happening, and B, it sounds like you're gonna fund that not by cutting back on the local grassroots, but just by the scale and efficiencies of just doing a better job at all of that. Is that right? Yes. Yeah. In terms of retail, we haven't taken anything meaningful in terms of pricing increases to date. We're taking some modest increases this year. It would be more a mix of business. And we have a very healthy, as I mentioned, full price sell-through, which we expect to maintain. Yeah. And then on the marketing approach, you're exactly right. We are maintaining our strong core and grassroots efforts. I think that's something, again, that's been in the DNA for the brand for a long time, and it's something that we think is highly meaningful, especially in our local markets. And then layering on top of that, we are leaning into, again, I mentioned earned media, so some very focused efforts around PR that you haven't seen from us before, as well as paid. That's being driven mostly by the growth that we have, and therefore we've got the room to do that on an absolute dollar basis, but not percentage. The other place I wanted to call out that we're getting some leverage is, Calvin mentioned a year ago or more than a year ago when we acquired Mirror, we were funding two brands and two membership programs. Now with the consolidation to say we've got one lululemon Studio membership program, the most pinnacle way you can experience that program is through the Mirror. I now really only need to partner with Mike on generating awareness for that under the lululemon name, as opposed to spending on raising awareness for Mirror as well. Putting our efforts together, I think, just makes one strong, connected community that also provides us with some leverage to invest into other areas of the marketing strategy. The only thing I'd add is I think it's hold and improve the traditional approach to grassroots and marketing. You heard a little bit of our city approach. The essential program makes more official the things that we've always done at a grassroots level and share it and invite more of our guests into it. The lululemon Studio membership in that local activation with the physical relationships we have with those studios and our event strategy. Definitely not changing the approach, and I think more tools that will allow us to do it more effectively to a bigger scale and impact and drive awareness to more of our guests. I think we'll do one more. We'll go with Adrienne. Adrienne Yih, Barclays. One of your secret weapons that is clear is the innovation and ideating new products. Sun, can you tell us how many individuals are in the product development team, what percent of headquarters employees that might be, and then any sort of industry metrics relative to other competitors on in that regard? Then for Celeste, my question is the 5% square footage growth over the horizon. Is that coming from fill-in locations or expansions of stores? I know you have the three different models, but just wondering where the 25% incrementality comes from. Thank you very much. I would say on the product development side, we have a little over 100 people in that organization. I would say, though, they are mostly focused on our mainline products, working really closely with the design team. On the innovation side, we probably have roughly 50 people. As a percent of total workforce, I'm gonna maybe phone in a friend and ask Susan if maybe she might know since she's in the audience, but if we don't have that off the top of our heads, we can certainly ask Howard to follow up with you on that. I think that was it for me. Yeah. Yeah. The only thing I'd add to that is the other thing that Sun and the team manages that's very unique for us is our relationship with a lot of our manufacturing partners. They are an extension of our innovation, and the fact that we are a premium brand that can command a particular price point, we're in discussion and innovation with them and creating things that no other brand can actually commercialize. So we're in a lot of discussions saying our brand commands a price point, and we work with them on helping them commercialize, and in doing that, we get exclusives as well as in a lot of cases, we own the patent with them. So there's the team, there's an extension of the team in a very unique proposition, again, partly because of our go-to-market price points based on the performance of the fabric. Okay. Thanks, Adrienne. In terms of the 5%, it's a split between both. I'm not gonna break it down specifically, but what I can say is both new store openings and optimizations are decently predictable for us today in terms of ROI and opportunity. We feel really good that that is a clear line of sight. On top of that, we have our pop-ups and agile strategy, which only improve our new store opening kind of success into the future. Optimizations, I'm hoping some of you have seen them. We have a decent amount of optimizations across our fleet today, and I'm really proud of the expression that those stores are creating from a store design perspective and brand experience perspective and how honestly it brings the product to life in such a beautiful way. The acquisition of new guests as well as the retention and spend of our current guests is something that we're really proud of in terms of what that's creating, again, on a decently predictable model. We feel really good about being able to continue to leverage both and pop-ups as well to continue to see how our physical footprint can support the overall omni opportunity. Okay, great. You guys can take your seats. Calvin, remain on the stage. Calvin's just gonna close the day out for us. Thanks, Howard. Howard was supposed to keep talking while they're taking the chairs off, so there's like this more seamless, you know, distraction. I mean, you've never been that quiet in like every meeting I've been in with you. I mean, usually, that's the easiest task. First of all, I'm just gonna be a few minutes 'cause I am appreciative of you taking the time and spending it with us today to learn more about our exciting story, where we're going, and get a chance to meet some of the new members of the team and hear directly from us, not just the plan, but hopefully the energy and the enthusiasm and the confidence in where we're going as an organization and what that potential is. I know you have choice in your time, so appreciate you choosing to spend it here with us today, and the fact that we were able to get together. The SLT team and myself couldn't be more excited, not just where we've been, the work that the team has done, as I alluded to, the results over the past two years. They just don't happen. We can point to all the macro trends of changing the guest behavior that has definitely played to the opportunity for us. The team that we all represent went out and got it. They proved through very tough times their agility, their ability to come together as an organization and make those opportunities happen. I know we couldn't be more proud of who we represent, and what they bring every day and make those opportunities. 'Cause we can sit here and show you a plan, but it's not gonna happen if we don't have the type of culture and the type of people that we all represent that are gonna go out and create and make that happen. I know we're enthusiastic to represent them and to work with them to go out and create something that's pretty freaking cool. Obviously, building upon the momentum we have in the business, what we continue to see, a ton of confidence in this plan. Yes, the theme is Power of Three. Why? Because it's a proven formula, and we are early in what we're driving and growing across the very levers of the business. We do not need to create something that's not proven in order to double this business. We don't need to extend into high-risk areas that is uncertain in order to achieve what we're committing to achieve today. The opportunities are continuing to innovate. It's not the newness in the sense of nothing new will be created, but we know what we can innovate in product and innovation and the pipeline that we have already sightlines to two, three years already ahead of us and excited about those opportunities with the strategy we laid out. When it comes to guest relationships, the program around Essential, formalizing that, formalizing our community grassroots and the relationship we have. D2C is the strength of this brand, but what differentiates ours is it's rooted in relationship. What we hopefully shared with you today is the opportunities we have of not just leveraging omni and digital to strengthen the relationship, but really exciting initiatives behind Essential or Lululemon Studio to strengthen it with a proven track record of how it drives loyalty, dollar spend, and the value that we see in continuing to build that out and test and learn and bring that to a number of guests. Then from a market expansion perspective, 17 markets, but with the awareness and the dollars and the percentage of our business at 15%, just getting started. Thank you, and look forward to our next earnings call, and we'll chat then. As I shared, we'll answer questions at that point, but we're just getting started, and I really appreciate your trust and interest in our business. Thank you.