Good day, and thank you for standing by. Welcome to the Olaplex Holdings, Inc. second quarter earnings conference call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star one one on your telephone. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Allison Malkin of ICR. You may begin. Thank you, and welcome to the Olaplex second quarter fiscal year 2022 earnings call. With me today are JuE Wong, Chief Executive Officer, and Eric Tiziani, Chief Financial Officer. For today's call, JuE will begin with a review of our second quarter performance and highlight the progress we made on our strategic initiatives. Then Eric will provide additional details regarding our second quarter and first half financial results and fiscal 2022 outlook. Following the prepared remarks, the operator will open the call to take the questions you have for us today. Before we start, I would like to remind you that management will make certain statements today which are forward-looking, including statements about the outlook of Olaplex's business and other matters referenced in the company's earnings release issued today. Each forward-looking statement is subject to risks and uncertainties that could cause actual results to differ materially from those projected in or implied by such statements. Additional information regarding these factors appears under the heading Cautionary Note Regarding Forward-Looking Statements in the company's earnings release and in the company's filings that it makes with the Securities and Exchange Commission that are available at www.sec.gov and on the investor relations section of the company's website at ir.olaplex.com. The forward-looking statements on this call speak only as of the original date of this call, and we undertake no obligation to update or revise any of these forward-looking statements. Also, during this call, management will discuss certain non-GAAP financial measures which management believes can be useful in evaluating the company's performance. The presentation of non-GAAP financial measures should not be considered in isolation or as a substitute for results prepared in accordance with GAAP. You will find additional information regarding these non-GAAP financial measures and a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures in the company's earnings release. A live broadcast of this call is also available on the investor relations section of the company's website at ir.olaplex.com. I will now turn the call over to JuE Wong. Thank you, Allison, and good morning, everyone. We are pleased to speak to you today to share another period of outstanding performance. Our second quarter results were highlighted by robust sales and profit growth that continued to outpace the overall strength of the U.S. prestige hair care category and beauty industry, capping off a strong first half for Olaplex. Net sales increased by 39% in the second quarter and 47% for the first half of the year. Once again, this growth was broad-based across products, channels, and geographies, reaffirming the benefits of our mutually reinforcing synergistic omnichannel model. Adjusted EBITDA rose 26% from the second quarter last year, with an adjusted EBITDA margin of 63% for the second quarter, 2022. For the first half of fiscal 2022, adjusted EBITDA grew by 36% to 65% of net sales. The second quarter of 2022 was our fourth quarterly period reporting as a public company, with each quarter delivering industry top-tier net sales growth and profit margins. This reflects the successful execution of our strategy as we lead, shape, and define the prestige hair care market with science-based, patent-protected products that are designed to fix real hair problems from the very first use. With a compelling strategy, a strong track record, and deep competitive advantages, we believe we are well-positioned for future success in a very attractive and resilient category. We believe prestige hair care remains a resilient, high-growth category with strong long-term tailwinds. We continue to see strength in prestige beauty and the prestige hair care category as consumers are prioritizing their own well-being, even during uncertain times, which is consistent with how the beauty consumer has acted in past downturns. Prestige beauty in the U.S. was the only industry with rising unit sales year-to-date across 14 discretionary retail industries tracked by NPD. Olaplex remains well-positioned to benefit from this consumer behavior, given our patent-protected product portfolio, highly efficient and productive innovation model, and highly engaged community of stylists and consumers. We are also at an accessible price point within prestige hair care, which combined with our product performance, offers excellent value to the consumer. You can see the evidence of this as we continue to outpace the category. According to the NPD Group retail tracking data, which excludes salon, Olaplex U.S. NPD tracked sales were up 54% in Q2 2022 versus Q2 of 2021, as compared to total U.S. prestige hair care category sales up 24% during the same period. We also continue to see a normal level of competitive intensity, which is healthy for a high growth category. As the creator of the bond building category and as the only brand using patent protected Bis-Aminopropyl Diglycol Dimaleate technology to truly repair hair bonds from the inside out, we stand to gain the most from growing awareness of the category. While we do not expect the category to be immune from potential pressure related to an economic slowdown, we also believe that current sentiment for the category and Olaplex remains strong. Based on our June Ipsos brand health survey of U.S. premium hair care consumers, we found that of those respondents who have purchased Olaplex in the last 12 months, 55% anticipate greater strength in premium hair care in the next 6 months versus the last 6 months, as compared to only 8% who said they would spend less. The global prestige hair care category remains in the early stages of long-term growth, and Olaplex is playing a leading role in developing this market. We are excited about our long-term initiatives to grow awareness, increase penetration in existing channels, grow distribution internationally, and expand our portfolio, which only consists of 13 products today, with ample white space for highly incremental future launches. The second quarter saw us advance on each of these growth initiatives, which we believe positions us well for the second half of the year. To this end, our core remains strong. According to our independent brand health survey, all key metrics held steady or improved in Q2 as compared to Q1 of 2022, with best-in-class conversion from awareness to purchase intent among other prestige hair care brands tracked. Our unaided awareness increased 2 points, and aided awareness jumped approximately 5 points from first quarter of 2022. In retail, per NPD, Olaplex remained the number one prestige hair brand in the U.S. in Q2, with seven of the top 10 performing items. In professional per Kline, Olaplex had the top four best selling hair care products sold at salons in the U.S. in Q1 2022, with seven out of the top 10 performing items. In DTC, per an Amazon U.S. report, Olaplex had three of the top 10 overall hair care products in Q2. We surpassed a billion hashtag Olaplex views on TikTok in Q2, reaching 1.1 billion, and our Instagram following rose to approximately 2.3 million, with 13.9 million hashtag Olaplex user-generated posts. Second, we continued to introduce highly incremental and best-in-class innovation. Our Nº.9 Bond Protector Nourishing Hair Serum, introduced in Q1, acts as an anti-damage hair shield from pollution and heat damage, bringing body, wave, and curl memory retention properties. Nº.9 continued to be a strong performer in Q2, achieving number one status within hair serums since launch at Sephora, and was cited as a best-in-class hair care launch at Ulta Beauty. In June, we launched Nº.4C Bond Maintenance Clarifying Shampoo, which removes hard water minerals, chlorine, excess oil, and product built up from the very first use, and marks our second highly incremental product introduction for the year. This clarifying shampoo launch fills a void in our portfolio, as current Olaplex consumers were previously required to go outside of our brand to serve this need. Our clarifying shampoo is off to a strong start across salon, online, and in specialty retail, starting with Sephora. Third, we continue to drive our synergistic omni-channel model with broad-based success. Our close connection with our community of professional salon stylists and consumers provides us with powerful insights, which we aim to capitalize on to create new opportunities for growth. To this point, at the end of the second quarter, we introduced a new offering in our professional channel. A 1-liter size of our No. 4 Shampoo, Nº.4C Clarifying Shampoo, and No.5 C onditioner for use in salons and for sale to consumers through salons exclusively. Liter sizes are a standard in the salon industry and are the preferred size for salons to use at the back bar, but there is generally limited space. We expect this offering to help increase penetration with new salons in the U.S. and abroad, helping to raise awareness and trial of our brand. In retail, we continued to build awareness for the brand through our highly successful expansion into Ulta Beauty, Sephora at Kohl's, and Douglas in Germany. In direct to consumer, we enhanced our own olaplex.com offering with several new capabilities, including the May launch of an upgraded version of our hair diagnostic with more personalized recommendations, the launch of new technologies to drive engagement and conversion, like shoppable videos and live streaming, and continued expansion of our international, digital, and dot-com in France. In a highlight from our pure-play e-commerce business, Olaplex was the number 1 haircare brand by sales on Tmall cross-border, and the number 12 on Tmall overall for the 618 event in China. Lastly, we continue to prioritize investments to enable our future growth. As we have previously advised, we have and will continue to invest ahead of our growth. We continue to invest in our talent pool, growing our employee base +44% since the start of the year, investing in our R&D team and infrastructure, where today it represents 10% of our total workforce and expanded our research facility on the Pfizer campus in New York. We also continue to invest in marketing, having brought our CMO on in January, and she has and will continue to build out our marketing team to drive all funnels of marketing. As a result, we have seen our unaided brand awareness increase 21%, maintaining our number one EMV ranking for the hair category for the first half of 2022 as tracked by Tribe Dynamics. We are one of the fastest growing beauty brands on TikTok when it comes to engagement and user-generated posts. We continue to be the number one prestige haircare brand on Instagram with the most followers and the largest and growing user-generated content library. By the end of 2022, we expect to begin manufacturing with a new contract manufacturer in Europe to directly supply certain of our core products to that market. We believe this will help reduce transportation costs, shipping time, and environmental impact as we continue our efforts to build further resilience in our supply chain. We continue to advance our ESG initiatives. As a remote company with no direct supply chain operations, we have engaged EcoVadis to help us evaluate the sustainability practices of our suppliers and contract manufacturers, helping us to drive transparency and continuous improvement in our ESG practices. As we approach the one-year mark of Olaplex being a public company, we are pleased to see our passion and dedication pay off with a consistent industry-leading performance we have experienced through the second quarter. We truly believe that we remain in the early innings of our growth. We see tremendous future potential for science-based beauty solutions. Through our investments, we are building the capabilities and infrastructure across our organization to enable these growth opportunities. We are grateful to our team and our community of stylists and ambassadors, and we continue to be excited about the incredible opportunities that lie ahead for Olaplex. Now I would like to turn the call over to Eric to review our financials and guidance in more detail. Thank you, JuE Wong, and good morning, everyone. We believe our strong Q2 performance is a testament to the attractiveness of the prestige hair care category, our proven strategy, and the stellar execution capabilities of our team. As we look ahead, we are reaffirming our fiscal year 2022 guidance range, which remains top tier in our industry. In Q2 2022, net sales increased 38.6% to $210.9 million, driven once again by broad-based growth across channels, geographies, and products. I will note that Q2 net sales included approximately $10 million in shipments that we believe were made in advance of the price increase implemented on July first. Excluding the $10 million in shipments, our Q2 net sales were in line with our original expectations for the quarter. By geography, the U.S. led our growth with a 41.3% increase, with broad-based strength across channels. International sales were also strong, rising 35.2%, with strong contributions from Italy, Germany, France, Canada, and our emerging cross-border e-commerce business in China. By channel, professional sales grew 32.7%, increasing to $105.5 million. As JuE mentioned, this was aided by the long-planned launch of our new one-liter offerings, with those launch shipments happening in Q2 for the U.S. Specialty retail sales increased 68.5% to $64.2 million, aided by incremental distribution since the year-ago quarter, particularly in Ulta, as well as from Sephora at Kohl's and Sephora Europe. Direct-to-consumer sales rose 19.3% to $41.2 million. This level of growth was consistent with our expectations, as we noted on our Q1 call that we were seeing the trend of more consumers shopping in physical retail and in salons, which we can continue to capture due to the strength of our omni-channel model. Moving down the income statement. Adjusted gross profit margin was 75.2%, declining 550 basis points from 80.7% in Q2 2021. The contraction in gross margin rate was driven by logistics and input cost headwinds, which drove 330 basis points of the decline, with product and channel mix accounting for the remainder. That mix impact included the pipeline fill of our 1-liter size offering. While 1-liter carries a higher margin than the 2-liter, the overall mix shift to professional caused by the sell-in lowered our overall gross margin. We expect the introduction of the one liter to be highly incremental to sales over time, as it is often the preferred solution for the professional community, making this a strong ROI and part of our plan to build awareness and increase penetration of salons worldwide. We expect gross margin to improve in H2 2022 versus Q2 2022 as a result of the approximately 5.5% average price increase taken on July 1, as well as from the moderation in logistics and input cost pressures that we are seeing versus earlier in the year. Adjusted SG&A increased 42.1% to $24.4 million from $17.2 million in Q2 2021. The $7.2 million increase in adjusted SG&A from prior year reflects investments made to support the long-term growth of our business, including a $2.4 million increase in sales and marketing expense, a $2.4 million increase in workforce expansion, a $1.9 million increase in public company costs, and a $0.5 million increase in distribution and fulfillment costs related to the increase in product sales volume. Adjusted EBITDA grew 26.2% to $133.1 million from adjusted EBITDA of $105.5 million in the 2021 second quarter. Adjusted EBITDA margin was 63.1% compared to adjusted EBITDA margin of 69.3% in the 2021 second quarter. Adjusted net income increased 35.5% year-over-year to $98.8 million, or $0.14 per diluted share. From $72.9 million or $0.11 per diluted share in the 2021 second quarter. Adjusted net income benefited from lower interest expense year-over-year, resulting from our first quarter debt pay down and refinance. Now turning to the balance sheet. Inventory at the end of Q2 2022 was $140.3 million compared to $98.4 million at year-end 2021, and $117.5 million at the end of Q1 2022. We have strategically maintained a higher level of inventory months on hand to support the growth in our business, compensate for longer transit times overseas, and to help mitigate macro supply chain risks. We remain comfortable with our inventory position and our ability to meet future demand. Turning to cash flow. We once again generated strong cash from operations of $128 million and ended the quarter with $198 million in cash and equivalents. Long-term debt, net of current portion and deferred fees, was $657 million. Now turning to our outlook. We are reaffirming our fiscal year 2022 guidance for net sales of $796 million-$826 million, an increase of 36% at the midpoint. Adjusted EBITDA in the range of $504 million-$526 million, an increase of 26% at the midpoint. Adjusted net income in the range of $363 million-$379 million, an increase of 35% at the midpoint. We would also like to provide the following comments related to guidance. The fiscal year 2022 guidance range implies a H2 net sales growth range of +22% to +31% as we anniversary tougher comps from 2021 new product launches and the pipeline inventory we shipped to Ulta in Q4 2021. The approximately +5.5% average price increase we implemented at the start of the third quarter was contemplated in our reaffirmation of guidance that was provided during our first quarter earnings call in May. In addition, as I mentioned, Q2 included a sales benefit of approximately $10 million from orders placed in advance of the price increase, which we believe would have typically occurred in Q3. This impact was primarily in our professional channel. Finally, given the impact of current interest rates on our floating rate debt, we currently expect interest expense to be approximately $42 million for the year, up from our previous expectation of $40 million. In summary, the second quarter represented another excellent performance. We are operating in a resilient, high growth category. We have a proven strategy, strong track record of execution, and significant growth opportunities in front of us. Finally, we remain confident in our outlook and believe the best is yet to come for Olaplex. This concludes our prepared remarks. We will now turn the call back over to the operator for questions. Operator? Certainly. As a reminder, to ask a question, you will need to press star one one on your telephone. Please limit yourself to one question and a follow-up. Please rejoin the queue for additional questions. Please stand by while we compile the Q&A roster. Our first question will come from Dara Mohsenian of Morgan Stanley. Your line is open. Hey, good morning, guys. Morning. Just given the state of the consumer is more in question here with macro pressures, can you give us an update on revenue growth trends sequentially towards the end of Q2 on an underlying basis, so stripping out the impact of the timing shift with pricing, more on an underlying basis and perhaps revenue trends so far in Q3? Just in general, an update on how you think about the potential for weaker consumer spending in general to impact prestige hair care in your business specifically, now that we have three months of additional information on the consumer here relative to your comments on the Q1 call? Thanks. All right. I'll take that first part of the question on the trends we saw in sales through the second quarter, and then, JuE, I think you wanted to take Dara's other questions. Dara, on the sales trends through the second quarter, backing out the, you know, $10 million that we referenced related to the price increase, we saw consistent strength across channels throughout the quarter, so nothing really to remark on there. Right. You know, Dara, on your question on the consumer sentiment, the beauty resilience, I mean, you've heard us say in our prepared remarks that while the category for prestige hair grew at 24% in Q2, Olaplex was up 54% during that same time period. We have also seen NPD reporting that prestige beauty was the only industry with rising unit sales and they tracked it across 14 discretionary retail industries. It is pretty impressive to see that beauty held on and held on really well. One data point that was also in the NPD report was that average household income earning more than $100,000 is actually now 47% of the beauty shopper base. If you look at that's an increase of about 3 share points in 2020 versus 5 share points over 2019. We feel like all of this really drives home the point that consumers will prioritize their own well-being, because primarily what is happening is beauty is that little luxury that can help them feel better about themselves. Great. Thanks. Thank you. Our next question will come from Andrea Teixeira of JP Morgan. Your line is open. Thank you. Good morning. I was wondering if you can give us an idea of specialty retail like for like, as you extrapolate obviously the new distribution. Also related to that, I think you, Eric, called out the negative mix impact of having growth in professional this quarter. I guess one of the things that I've been getting feedback from the buy side is that margins obviously came in soft. As you parse out like the price increases in July, 5.5%, and then normalizing with seasonality and having that build through, should we expect margins to recover? I'll have a follow-up question on the top line. Thank you. Thanks, Andrea. I'll take that second part of the question first, which is around gross margin. You're absolutely right. Last quarter on our call, we talked about the fact that we were seeing worsening cost inflation as well as some mix impacts that we were expecting in the second quarter, and that gross margin in the second quarter would be lower than the first. That's exactly what you've seen play out here. We also talked about the fact that we were taking mitigating actions to offset that and give us the ability to reaffirm our fiscal year profit guidance. That's also exactly what's playing out here. The combination of the average 5.5% price increase that we took in July, the moderation of input cost inflation that we're seeing in the back half of the year versus the first half of the year, part of that is market driven, part of that is also our own actions, with our suppliers. Lastly, part of it is just that normalization of mix. We do expect gross margin in the back half to be improved versus what we saw in the second quarter. Still pressured versus last year, but improved versus the second quarter. All consistent with our reaffirmation of fiscal year EBITDA guidance and net income guidance as well. On your first- Sorry, can I- Yeah, go ahead, JuE. On specialty retail. Yeah. I was just gonna answer, you know, your question on regarding distribution. I mean, if you saw what we presented in Q1, we advised that, you know, we've just gotten into the full distribution with Ulta, all 1,300 stores, both salons and retail. It is performing better than expected. 25% of services at their salon use Olaplex. We are now in full fleet in Sephora, which is close to or up to 800 stores, where we are actually kind of leading and defining and shaping that prestige hair category for Sephora in Europe. We just launched, as you have heard from us in Q1, again, 200 stores at Douglas, and we are maintaining our number two hair brand status. All this just means that we want to continue to be bigger, fewer and better in terms of how we approach our distribution and how we partner up. Because if we are the number one haircare brand and then move on to the top five and 10 beauty brands, we do believe that this will continue to bode well for us in terms of partnership. We are confident that as we continue to do this, we will see material growth through our omnichannel, regardless of how the consumers decide to shift or move, you know, from one channel to the next. That's helpful, JuE. In terms of like how the stores, have you seen any cannibalization from the existing stores as you roll out into more Ultas, into more Sephoras within the same geography, or all with the strong awareness to the brand on a like-for-like basis and a same-store sales basis? Yeah. That's a good question. If you look at the NPD Q2 reporting that we just shared, it does show that while the category overall channels other than salons, because NPD does not report salon distribution, so it is specialty retail, it is DTC. The overall prestige haircare category grew 24%, and we grew 54%. Therefore, you can tell that ultimately what it means is that our growth is sustainable, and therefore our distribution is also very complementary. Thank you very much. Hope that's enough. Thank you. Our next question will come from Lauren Lieberman of Barclays. Lauren, your line is open. The growth in the U.S. this quarter, you know, was obviously very strong in terms of, you know, percentage growth year-over-year. In terms of dollars, the business looks like it was flat sequentially with the first quarter. Just really wondering how we should be thinking about kind of phasing of growth in the U.S. You know, are you starting to see some slowdown in Sephora as Ulta has been, as you just said, ahead of plan, and Sephora also bringing other, you know, brands in prestige hair care. Curious and focusing on, like, the aggregate picture of U.S. performance, sequentially, and how to think about growth. Yeah. Hi, Lauren. I'll take that. We're obviously really happy with our growth in the US of 41% in the second quarter. I understand what you're saying, that the absolute dollars were pretty constant from Q1 to Q2, but we expect the U.S. and international to continue growing in a balanced way. What we're seeing is broad-based growth. You all know that in our long-term growth strategy, we see even more white space and opportunities internationally. Over the longer arc, we expect international to you know to grow very nicely for us. While we continue to grow in the U.S., we expect it to remain balanced. Okay. I was just curious if you think about that international rollout, and Europe, you know, Western Europe is a big part of this story and will be certainly longer term. But as we're dealing with this, you know, real dramatic pinch on consumer wallets, does that impact at all your decision on the pace with which to move internationally? Are you seeing any sort of, and maybe it's still early, but buying patterns for consumers in a market like Western Europe, where maybe they're buying, you know, one or two elements of the regimen, you know, for example, like not using the shampoo and the conditioner, but using the mask. Just, you know, curious how the consumer environment may be impacting your approach to that international rollout, at least over the next, you know, couple quarters or whatever it may be? I'll take that question. Yes. I mean, one of the things that we do know is that we have just started really rolling out into what we call, you know, larger chain stores, because up until then, we were in professional hair salons establishing our credibility and our authority. As you saw that when we started rolling out in Sephora Europe and Douglas, we are now leading that category. What we are doing is that we're doing exactly what we have done in the U.S., that same playbook, where we want to get deeper with each of our trade partners, our retail partners, so that we can help with programming and initiatives and merchandising to really help the consumers to understand exactly what the regimen or what products could be doing for them. If you look at what is happening, every time Olaplex gets into a market, the prestige hair category gets more awareness. When that happens, that category also grows. We feel very confident that given our authority that we have established with pro, now that, you know, retail is expanding distribution, but at a pace that we have no control over, we feel like that message and that awareness will continue to accelerate. When that happens, it will bode very well with how we continue to educate and merchandise and partner with those retailers. Okay. That makes a ton of sense. I'm sorry if I can sneak in one more, Eric. We did notice the inventory levels was higher. We've seen that with a lot of companies, you know, this quarter just given inflation. I was just curious if you're happy with the level of inventory, you know, if that's related to kind of product rollout timing or, you know, how we should think about that if sales growth kind of slows from here, just given the macro. Yeah. Absolutely. No, we're happy with the level and quality of the inventory we have on hand. It's been a big part of our strategy to maintain excellent customer service, which we've been able to do over the past several years. You know, that means we made a strategic decision to hold more months on hand of inventory. We made that decision way back in the middle of last year. It served us very well. That's exactly what we're continuing to do here. That months on hand level of inventory remains pretty stable. Okay, great. Thanks. I'll pass it on. I appreciate it. Thank you. Our next question will come from Jason English of Goldman Sachs. Just let me in. Your line is open. I heard you loud and clear on the $10 million buy-in ahead of price increase in pro. You also mentioned a pipeline fill for the 1-liter product. Was that also a transitory boost to professional sales this quarter? Should we also expect a bit of an overhang as that channel looks to run through that inventory in the third or fourth quarter? Hi, Jason. Yes, there was some additional pipeline related to the 1-liter offering in pro in the U.S. And yes, for those two reasons, you might expect to see, you know, quarterly phasing for professional to be a little bit lighter in the third quarter, and then better in the fourth quarter, for those specific reasons. I'll just note, though, even without those impacts, we're seeing, you know, good momentum and strength in our professional business globally and in the U.S. It's had a little bit of a lag, but, you know, we monitor client data here to watch what's happening with the category in our own business, and we continue to outpace the category handsomely in terms of our sales growth in U.S. pro versus the total market. That's encouraging. Do you think that's because you're gaining more distribution or is it just sell through or touch rate within the salons where you already exist? Both. Absolutely both. We're continuing to increase penetration. That's a big part of the strategy behind this one-liter offering as well, getting into new stylist hands and into new salons. But per usual, we're also seeing those stylists that have adopted the brand in year two, year three, continuing to increase their purchase rate as well. A little bit of both. Very encouraging. Like Lauren, I'm gonna try to squeeze in with third one real quick. So she referenced sequential growth or not lack of sequential growth in U.S. retail. DTC, we also saw a sequential dip despite Prime Day coming in June and 618 arguably being sounds like a much bigger event for you this year than last. Did you ship that in the prior quarter? Is that why we see a sequential dip, or is there something else offsetting what I would think would be sequential growth from both of those events? No, the direct-to-consumer sales and growth, the 19% growth we had in the second quarter was consistent with our expectation and really the signal that we sent on our last call, which was this consumer behavior shifting to physical retail and salons. You know, any sell-in for Prime Day was included in the quarter. I'll just remind you that our business in cross-border e-commerce, while emerging really exciting, you know, remains pretty small in the grand scheme of things. Yeah, makes sense. Thanks a lot. I'll pass it on. Thank you. Our next question will come from Korinne Wolfmeyer of Piper Sandler. Hi, good morning. Thanks for waiting, Korinne. Congrats. Good morning, and thanks for taking the question. Kind of a follow-up on that last one on some of those big selling events you saw, more recently, you know, on Amazon and Nordstrom. I'm curious, generally, how did those go, and what kind of insights were you able to gather from those events, whether what was it from, you know, reaction to the pricing, or some of the kits you offered? Just any color there would be helpful. Thanks. Thanks, Korinne. I'll take that question. Whether it's Nordstrom, whether it's Amazon, what we do is we do it very strategically. As you are aware, we have, you know, in tradition, we do not participate in Amazon Prime, but we also have started this year to look at Amazon advertising. Because it was such a tight process where we can actually say all things being equal, we did Amazon advertising. If we ran a Prime programming that was very small, we wanted to see whether the advertising really had any impact. The insight on that was there was solid impact. There was an increase in verified purchase reviews, which was very important in the scheme of our ranking for our consumers. Because of that insight, we now have an opportunity to say, do we want to do more advertising with Amazon. That was the reason why we looked at the Amazon initiative. When it comes to Nordstrom activation, VIB activation with Sephora, these are consistent with our strategy of years past, and we will continue to discuss during market weeks and meetings with those retailers to see what makes most sense so that we serve our customers at the end of it, what they want to get from those retailers, specifically with Olaplex as well. Helpful, thank you. Can you just expand a bit more on the consumer reaction to the pricing increase? You know, have you seen any sort of impact to demand from this, or has it been pretty well received? On the offering of some of the kits, we've seen a lot more kits be offered amongst the retailers recently. Can you just talk about your strategy on that, something that we should expect to see a lot more going forward? Thank you. Yeah, great question, Korinne. Let me start with the price increase. We are confident that, you know, our price increase is at the right time and at the right price point, primarily because we are an entry-level prestige price brand, plus the fact that we don't do anything without making sure that we run the analysis and also do the research. In this case, we actually, with our transformation team, conducted an independent market research which supports us that our products actually could command even a higher price. We took that pricing on the backs of knowing that we wanted to maintain the entry-level prestige price point. Then while it's early days, we are not seeing any pushback. In fact, we have had retailers who kind of told us they were glad that we did it. That's the first point. On your question on kits, I can't speak for everyone else, but on our end, every kit that we put out has a purpose, whether it's for trial and then for consumers to then buy into the full line or whether it is an anniversary kit or holiday kit that we are anniversarying. We don't just put out kits because we want to or need to. We put them out because it serves a purpose to acquire new customers and then to eventually convert them. Thank you. I would now like to turn the conference back to JuE Wong, CEO, for closing remarks. Well, thank you everyone. It's exciting to have our fourth quarter reporting with all of you. Thanks for your participation, thanks for the questions, and we look forward to seeing you at the next earnings call. Thank you. You may now disconnect. This call. Thank you for participating. You may now disconnect.