Okay, great. We're gonna get started. So to wrap up the day, we have Olaplex, and we have the company's new CEO, Amanda Baldwin. Amanda, it's so great to have you here. Happy to finally meet you in person. Likewise. So I'd love to spend the next kind of thirty minutes or so to talk about your impressions of the company. You've been there now about seven months, I think. I think we decided today was nine, but give or take. Okay, nine months, and ultimately, kind of what you think it'll take to return to- Mm-hmm sustainable, consistent growth. So maybe let's start with your background. I mean, we took the bold leap of writing about what we thought were some parallels between- Yeah Your prior experience at Supergoop and Olaplex, but I thought it'd be maybe better to hear what you think the parallels are. Yeah. Yeah, kind of what drew you to Olaplex? Yeah and based on your prior experience. Yeah, no, I, I appreciate that, and I did appreciate that note- Good And thank you for having me here. So I think that for me, the journey always begins with product and distinctive product, and that was certainly the story at Supergoop, and it's certainly the story at Olaplex, is the power of differentiated product. And what do I mean by that, right? So it's about innovation that truly moves the industry forward. There's certainly, you know, in our industry, lots of products that are launched every year, but everybody that I talk to remembers when Olaplex launched because it just fundamentally changed how pros, and they are the heart and the soul and the muse of this brand, could do their jobs, and also how the consumer felt about his or her hair, and that's a pretty profound thing. So I always start there. I think you can build anything off of a great product. The second thing, and my background, and really the place that kind of gets me up every morning, is the love of brand. I think in both Olaplex as well as Supergoop, there was the beginnings of something special, but a lot to be built. That really comes with connecting with the consumer on an emotional level, in our case, also connecting with the pro, and figuring out not just how to build a marketing engine, but how to build the story that that marketing engine is telling. That's pretty new muscle for Olaplex. That is a big and exciting new thing that we've been talking a lot about, and a lot more to come, and something that I've certainly spent a lot of time on. And I think that also one of the things that I saw in Olaplex that was quite different was the power of scale. So I started at Supergoop at the very beginning of... You know, the business had actually been around for 15 years when I joined it, but it was. Yeah, we could all sit in one row here, that team at that scale. I think there's something really interesting about getting to build off of already a global brand that's in 100 countries, that has this unbelievable channel mix behind it. So if you layer your brand and your product on top of that, that gets to be really interesting, and that was something that was really exciting for me. And it's all gonna come down to building a great team. And every story, it's always about the people that you surround yourself with and the people that make it real every day. Okay, great. You've been pretty clear in the webcasts or phone calls so far about your three priorities. Mm-hmm For 2024. So I wanted to start with the first one, maximizing the impact of your sales, marketing, education, investments to generate demand. So maybe first, how much of the work that you've been following through on this year or executing this year was a continuation of things that were already put in the works versus newer platforms and programs? So one of the first things I did was to slow us down so that I could have an impact, and that we could put the right people and the right strategy in place. So we certainly talked about how in the first half of the year, we slowed down in order to... Now we're speeding up a little bit more in terms of having new innovation on the market, of really putting marketing into place, that I think is living up to what this brand deserves. So there certainly are my fingerprints on things and the team's fingerprints. We have a new CMO and a great team behind her, who's really starting to, you know, the beginning of hitting their stride. Again, I think it's still early days, so I tried to make sure that when we were spending money, that we were spending it well. So that was certainly something we put into place. With respect to sales and education, those were things where we're certainly putting the basics in place now. So having a field sales force, having the right educational materials, being in the right places for the pro, being in their salons, being at the right events, like, these are things that... One of the things that I've always admired about this brand is that it got to a place pretty special, without a lot of the things that we now get to go back and build. So that, to me, is also a really interesting set of circumstances that we're excited to take advantage of. Okay. The go-to-market engine that you've been building, can you talk about kind of what that has meant? Yeah. You know, what have you, you've needed to do, and maybe some early successes you've had with these activations? And how are they varying U.S. versus international? Mm-hmm. So building marketing engine is a constant evolution, right? Because the consumer changes, the pro changes, the tools that you can use can change, but some of the principles really always hold consistent. So first is, what am I trying to say? And making sure that I really have the right... and I've talked a lot about content creation, so am I clear on what the communication is? I think this brand has always had a product that really speaks for itself. Now, we've got to speak a little bit more crisply about what makes it different, and how to - how do I actually use it every day? And a lot of things that are kind of, again, basics in this industry. Do I have the right imagery and aesthetics, and am I communicating that message in a way that... You know, I think you were just showing me a can of Coke that, see, I was like, "That visually appeals to me." The way humans interact with content is very visual and, you know, auditory as well, if you're on TikTok, and so making sure you're connecting with the consumer in a way that's very visceral. That's, I would say, like, kind of squishy stuff that doesn't fit so well into a spreadsheet, but it definitely separates the great brands, the ones that really understand that... So what are we trying to say? Do we know how to say it? And then there's an engine of, do I have the right money in the right place at the right time? So all of those had to be looked at. Again, I think we're at the beginning as we've put a couple of launches out into the market in the last couple of days, where I'm like, "Okay, this is starting to feel like the kind of thing that I know is really great marketing," but we're just getting started. Okay. And then, returning to the stylist roots- Mm-hmm. I mean, you've mentioned the professional already a couple of times, and we've been talking for five minutes, so it's clear that this is a- Mm ... much bigger focus in returning to that, than had been the case in the last couple of years. What are you starting to hear from the professional community? What do they wanna see more of from Olaplex? And I think also you have the new Pro Collective- Mm-hmm, mm-hmm. So you can talk a little bit about what that entails. Yeah, I mean, I think the way forward is often written in something in the origin story of a brand. And so as thinking about strategy and where do we need to go, really have sort of distilled it down to the power of the science and the product, what happens in the lab, and then that science becomes real in the chair. And by that, I mean the pro. And so one of the first things I did was just listen, just sort of say. And I've done this both, like, literally sitting in chairs and kind of experiencing what it's like to be a consumer in a salon, but also through, we did do quantitative research and make sure we put some real rigor behind what does the pro need to hear from us? And I think what came back loud and clear was the sort of power of this brand, the receptivity to it, the excitement to see what we would do next, but the importance of doing something. The importance of, like we were saying, showing up, being in the right places, being in the salon. There's all these incredible events where the community gets together, like, being a part and participating in that, also delivering new innovation. So the Bond Shaper, which is one of our two new launches that has just come to market, is an in-salon service. So if you're gonna support the pro, you've got to support their business, and their business happens in that salon. And so giving them more reasons to attract a consumer to coming to them in a way that only they could do, to me, is also really critical. With respect to the pro collective, that's how we really talk about the pro when it comes to their ability to create content, and there's lots of complexity to different types of ambassadors that we have around our brand. But one of them, you know, one of the ones that's really exciting is to work with people who really have a voice on, on social media. They have a voice directly to the consumer as well as to their fellow pros. I've met every single one of them, and sat down and gotten ideas from them. But also, they can be a really important communicator for us because they can explain to you a lot better how our product works and what the... Answer a question from a consumer about, "Well, how do I use this," or "What, which one should I pick?" Way better than we ever could, and I think, giving them the microphone is really important. Okay. And the Bond Shaper, the in-salon treatment. Mm-hmm ... correct me if I'm wrong, it's the first product that's like dedicated for curly hair also, right? Yes. Sort of more explicit. Yeah, it's a really incredible science. It's brand-new science. Something that I feel very lucky to have had as our first launch. It's many years in the making, but getting it to market and getting it to market first was very important to me, because I think it is a really important statement of two things. One is that pro-first mentality of saying: We will deliver innovation that really is thinking about the pro and what can we do for them. But also, how do we service the breadth of hair types? And it is not one size fits all. It's really important, and I have certainly geeked out in our lab trying to understand, well, what's different about curly hair, and why are its bonds weaker, and why does it have more of them, and, like, that actually deserves different treatment. But the real magic has been watching this be put on somebody's head and the before and after, and the pride with which they walk out of that salon and how they feel. That's really what we're in the business to do. You're making me consider embracing the natural curliness. If you want to, you know- So we'll see. ... we'd love to have you. We'll see. I'm not missing anything for next year. Okay, let's move on to the second priority, which is strengthening capabilities and culture. Mm-hmm. You've mentioned, you know, talent- Mm-hmm ... and the team a couple of times also already. But how would you say, you know, where do you see now? Culture, morale, you know, where are things today versus, let's say, nine months ago when you first arrived, and what still needs work? It's everything. People is everything. I think I've talked about them. The first thing is sort of everything else is a PowerPoint. It's not real. It's gotta be. It's made real by people, and the team is the thing that I think about first, second, third, every single day, and so that's about both bringing in new talent that has new capabilities that the business requires going forward, and also unleashing the talent that was, you know, already in there, and it's been both that's happened in the organization. I think that's appropriate, right? It's appropriate for a business going through a transformation, but I think my most important job is to set a big goal, set a very clear strategy, and help everybody get to the place they sort of almost never dreamed they could get to. That was certainly the story of Supergoop: to hire great people and set them on their way. And that, I'm sure, will be the story here, too. Okay, and you've made some key senior leadership- Mm-hmm ... appointments in the last six months. So where do you stand on filling out the bench? I mean, how much more is there to do in terms of, like, key things that happen? We're getting there, so feeling really good about it, and you know, look, change takes time. Transformation takes time. I think I've been very upfront with everybody from the very beginning that there's, you know, there's not a magic wand or a light switch that you get to flip, so I judge ourselves and myself every day by, like, are we on pace? What was the to-do list at the beginning of the year? How many of those have I checked off, but you know, we're September. I've still got a few months to go before I get through what was this year's new list, and there'll be another one for next year. Okay. All right, great. And I forgot one more question, sorry, on innovation related to the Bond Shaper, 'cause that's a big new platform. Mm-hmm a new idea. So what's the right balance between, like, core innovation- Mm, mm. -the more, I don't know if you call them flankers, but the sort of big breakthrough kind of product- Yeah -versus newness to keep engagement? It is a balance. I think when you look at a full calendar and a full innovation calendar, and, you know, we stood up an innovation team day two or so of my joining because it is a balance between those things, right? How do you take the incredible capability in R&D and in science, and how do you put that into a calendar and hold the timelines and hold the strategy? That's what an innovation team really does, and part of the role of a team like that is to find the right balance, right? Are we delivering things that are gonna continue to harness our core? Maybe you've gotta evolve it, you've gotta change it, you've gotta have better products, so, like, that's very critical, and then how do you have those breakthrough innovations, and there's always gonna be a balance in that. I think newness and innovation is the heart and soul of this company. It's a critical lever in how you drive a beauty business. Certainly was the story and something that I've been a part of in my whole career. Started off in product development when I was really, you know, early on. Been looking at a lot of goop in a lot of jars over time and always trying to find the next thing that's gonna really move the needle. Okay. Okay, great. The final strategic priority, so defining and developing a long-term roadmap, right? Mm-hmm. The future vision for Olaplex. There's a lot going on behind the scenes. I'm guessing- Absolutely. Again, that checklist, I fear what it would look like. But maybe you can give us an update on kind of where you stand on the process- Mm of building out this roadmap and this longer-term Yeah -future vision. I think when you come into a business, you always are thinking a little bit about how decisions I'm making today are gonna influence the long run, right? So you kind of had to have a hunch coming in about what the long-term plan was, right? So in order to develop that checklist for the year, where are we gonna focus? What are we gonna launch? There's always already a kernel of where you're gonna take a business, right? Starting day one. But making sure that that is rigorously sort of road tested, and the numbers all add up, and you put all the real strategic rigor into something, that takes time. So you're right, there's a lot going on behind the scenes. One of the things we talked about before was that we did put a lot of consumer and pro research behind our thinking, making sure that where I believe that this brand should go is aligned with where the consumer is going. You need those. You know, you wanna have a little wind at your back when you're doing these things, so I think that was really important. Having the right financial framework and making sure we're thinking through that and that we really are putting something out there. I have taken time to make sure that when we do put something out there, and we talked about early 2025, that it's something we can stand behind. Okay. And I know, Olaplex recently undertook a perception study of the brand. Mm-hmm. So anything within that that kind of stood out to you, was surprising in a good or bad way? I was really pleased to see the level of passion for this brand and the level of interest in what we would do next. I also saw the things that I thought were the disconnects, probably are, right? That we had a lot of opportunity in brand, and what's the emotional resonance of the product relative to the brand and the connection between those two, but the thing that excited me the most was the receptivity to sort of saying, "I've always known this brand. I know it does great things. Show me what you've got. Okay, okay. Because one of the things that I remember that really struck me back at the time of the IPO, and you started at time at scale, right? Mm-hmm. Was just this sort of moment you step back and say, "Wait a second, Olaplex," at the time of IPO, right? Mm. The forecast was for the revenue to be the same size as Estée Lauder's entire hair care business. Mm-hmm. Right, with two. You know, Aveda and Bumble that had been around for a very long time. Yeah. And at the time, that really struck me as unhealthy, right? But it was just the explosive growth- Mm-hmm ... and how quickly Olaplex scaled. So as you thought about and you talked about needing to slow down, what's the potential, right? I feel like a lot of the, let's say the core. core. The brand is very well distributed in the U.S. Mm-hmm. Mm-hmm. It's very well known among the pro community and was attached. So, as you think about that future growth runway, we used to have conversations on the TAM. Mm, mm-hmm. You know, like, how could this brand be bigger than $500 million, right? That was at the time of the IPO. Yeah, yeah ... with what's the TAM? I don't know if you have any thoughts on that broadly, without having to- Yeah ... give me a number. Yeah, exactly. Well, what I would say broadly is that we're in an incredible category, and it was something that I was really excited about because I believe we're at the beginning of growth for prestige haircare, and if you think about kind of how penetrated hair is relative to its skin and makeup counterparts, fragrance within the... There's a lot of room, so I think we have a lot of reason that if we can deliver better product, the consumer and the pro should be excited about that. So I think that's a really important thing to recognize as we think about what the size of the prize is. And this is a business that has created its own category, that has sort of set its own path, that continues to lead its category, and has a lot of opportunity to sort of drive growth beyond just sort of what the existing TAM is, but really sort of have people reframe and rethink what the potential size is of the category. Okay, because it also, you know, it, effectively defining, or let's call it reawakening prestige beauty. Yeah. I mean, prestige hair. Prestige hair. Excuse me. Yeah, yeah. Because it existed, but It existed ... for example, you walk into a Sephora, it was, like, tucked in the back corner. A little thing. Yes, yeah. Right? And around the time of the IPO- Yeah ... you would walk into the Sephora, I forget where it is, in the fifties, in Manhattan, and the entire front section of the store was hair, which is a huge change- Mm-hmm ... from where it has been. Mm-hmm, mm-hmm. So you think about all the competition that has kind of come into Prestige haircare, and you've been, again, closer and closer to the Olaplex brand. The points of differentiation versus all the other activity- Mm-hmm. -that's been there in Prestige haircare? How does Olaplex keep its-- What, what is the lane, and how- Yeah much can that lane be expanded? I think it's about this mix of the power of the lab and the chair coming together. I think there is something really special in that, and again, I think the, the path forward always, you know, lies in that. I think it will come down to continuing to drive incredible innovation and really being focused on that, and having the resources and, and the strategic focus on that, and also really harnessing our salon heritage. I think that's a very unique point of difference. Look, the reality of, of beauty is that it, it is competitive, right? This is part of the normal way of, of being, so you just kind of have to out-innovate and out-market everybody else. Yeah, okay, and I think also there have been conversations about Olaplex moving into other categories. Mm-hmm. Right? There was the lash builder- Mm-hmm. So little bits. Yeah. Do you have a view on that, on the shoulders of the brand and how far it can go, or are you more focused? I think the brand has incredible stretch, but I also think we've got a lot of opportunity just within the space that we operate now, and really heads down and focused on that. Okay, okay, and then distribution. Mm-hmm. So also thinking about prestige haircare, what do you think are the right distribution channels? You know, does Olaplex... Should there be, like, you can keep it as prestige hair. Mm-hmm. Should prestige haircare be in mass market channels, or does it need to be the way that prestige beauty has been historically, which is sort of a- Yeah ... more focused distribution around haircare? Yeah. Look, I think channels evolve constantly in this category, right? And, I'm now, I think, 20 years into this and have watched department stores and Sephora come on the scene, and Ulta come on the scene, and Amazon show up, and it's constantly changing. So I think it's important to acknowledge that there's no finite answer to that question, right? That will always evolve. But I think we have a really appropriate mix for where we are today, right, and where the consumer is today, and I think it's one of the things that I thought about the scale of the business was really exciting, was to actually have that omni-channel approach and to have the brand resonating in so many different places. But we need to make sure that we're focusing on the strength of each one of them, right? And that we really are leaning into the pro for the power of the pro, that we understand Sephora versus Ulta and their unique reasons for being, that we're thinking about our website, that we're thinking about third-party sites in different ways, right? So I think a lot of it has to do with how you do it, not just where you are. Okay. And I guess part of the conversations you've been having with the professional community broadly, you're managing the idea of channel conflict. I feel like that was sort of a burgeoning issue, as the pros feel like it's, they're being abandoned or- Right. If all you focus on are the retail and the e-commerce, I think you can feel that way, but that's certainly not the case of where we are now. Okay, okay. Last question in this sort of train of thought. Pricing, Olaplex has been pretty interesting in that it's had this la- Mm-hmm. This approach of line pricing. Mm-hmm, yeah. Does that feel like an area of opportunity for differentiation? Do you think it's... Is it, among the consumer perception- Yeah ... work that you've done, if you've touched on this, is that almost seen as a hallmark of the brand, or are consumers not even that aware? I don't think they're that aware, but I... You know, look, I think as we look at the long-range plan, we'll look at everything, right? We're looking at innovation, and obviously, with innovation comes price point. It's certainly a part of the history of the brand, so I'm really trying to make sure we respect that as well, so we'll see where we go. Okay, okay. Let's talk about international. So on the earnings call last month, you talked about the cleanup being- Mm-hmm ... work being done as sort of a multilevel layered effort. Mm-hmm, mm-hmm. So what does that mean? Let's start there. Yes. I think that, you know, really understanding where is the product being sold in international, that has to do with both the distributor partners that we have, as well as where they're eventually selling the product. The cleanup work that we are in the process of doing is making sure that where they are selling the product is a place we want to be, and really watching that, and making sure that we have a strategy and a plan to get out of relationships that don't make sense for this brand. And I do think it, to your earlier question, I do think it matters where you sell a product and the pricing integrity around where you sell the product. And so you have to be in business with people that you really are aligned with their, with in terms of their own strategy of how they're gonna build the brand. So that's where we're getting out of relationships that don't make sense for us. Okay. And so how should we think about timeline on that? I mean, so- Yeah ... example, you intentionally slowed down some activity- Mm-hmm ... but it sounds like cleaning up distribution internationally. Yeah. I mean, it's rarely short term. It usually takes a long time in my experience- I mean, look, we have to make the decisions, and then it'll take a while for the decisions to fully flesh through the system, right? So I think I can't put a timeline on that, but I would say the overarching philosophy of how we're thinking about life now is make the right long-term decisions, make them as quickly as you can to make sure, but do them with good information and in a way that you can really... You're gonna wanna live with them for the long run. So we're definitely moving as quickly as we can, but yeah, we have to take our time to make sure we're making the right calls on these things. Sure, and is it parallel path, like, that you can be cleaning up distribution and also investing- 100% in the product, the Pro? Okay, so you're still developing the business- Yes, yes ... following the plan as you're cleaning up? Yeah, mm-hmm. Okay. Mm-hmm. Okay, great. Let's touch- ... Yeah, absolutely, Will. Really are. And hello. We're- Hi ... somebody who's never really tried your product- Mm-hmm ... I think it's mostly for women, like, it sort of makes your hair feel better and- Mm. You know. Yeah. I mean, you mentioned you wanted distinctive products or differentiated- Yeah ... products. The core proposition is, you know, for the professional, I'm gonna treat- Yeah ... my client's hair, and it's gonna look better, and feel better, and be healthier. ... Yeah, so the Olaplex No. 1 and No. 2, what that really allows a pro to do is to color hair without damaging it in the way that color typically does, right? So here's yeah, basically, when you color hair, you're breaking it open and putting color in it. That is my non-scientifically approved analogy, but it feels it's about my level of how to explain it. Perfect. Olaplex, when you're using that while you're doing a coloring service, is reconnecting the hair and its disulfide bond so that the hair is actually strong and healthy after that coloring service. So that's a pretty big breakthrough from a pro point of view. And I've sat and talked to enough of them to know that they will tell you they can do their job better, and they can do things creatively and artistically. And this is a sort of a wildly, fantastically creative community that thinks about coloring hair the way someone else might think about painting a canvas. So in order to enable that creativity is why people remember where they were when they first tried Olaplex. Now, the consumer just wants their hair to look great at the end, but when you talk to a pro, you can really understand why this is so revolutionary. That's awesome, and the Pro still feels really good about the brand? Yeah. Yeah. That's all. There's a lot of enthusiasm for it. Super. Thank you. Okay, so we'll switch to near term for- Okay. Okay. So, the revenue outlook encompasses a pretty wide range. For sure. So what would have to happen to get to kind of the high end at this point versus the low end? Yeah ... and would you say there's still some risk of falling about below the low end? So I think what we've really been focused on for this year is making sure we leave the year better than we started it, right? That's really important, and giving ourselves enough sort of bandwidth to make sure we're making those right long-term choices. We need these products to be successful, the new ones that we just put out there, and that's a very critical piece of that. And we have to make sure that we're making the right long-term decisions and working through that, as I was talking about with the international, and kinda how that all shakes out and the timeline of that. We're gonna just continue to make the right choices for this business, and that's really the range that we're talking about. Okay. Maybe just given Will's question, it'd be helpful. So you talked about the Bond Shaper. Mm-hmm. Can you just share the other innovations that you recently launched so people? Right. Um- Bond Shaper is an in-salon service. There's No. 10, which is a take-home curl defining gel, which is a complement to that service. Again, a really exciting thing for us to talk about what happens in the salon and what happens at home, and how those are so interconnected. The other product is a consumer-facing product that is a leave-in conditioner that helps sort of seal and mend the split ends, which is definitely a very high on the list of consumer concerns. And that one is really leaning into... It has a Sephora exclusivity as well as in pro, because we're always gonna make sure we're pro first in our thinking. That's kinda how that one is operating. They happen to be launching at the same time. Okay. And- Amanda, if you wanted to tell Lauren, you know, like, to try my product, I mean- Mm-hmm ... do you sort of say, you know, "Lauren, Lauren, you look like a seven?" I don't know, or- Yeah ... "You're really, you're a ten! You're a ten. Yeah. But I mean, you know, like, as you do your job as- Yeah ... salesperson as well as CEO, it's just, "You've gotta try this. It's unbelievable. Yeah, I would say what we have is we have an in-salon service, which is one and two, and now Bond Shaper as well. We have their core hero SKU, and from the consumer side is No. 3, which is taking the essence of that service and letting you bring it home. We have a shampoo and conditioner and a few ranges around that, and then No. 6 through No. 10 are things that you're gonna use out of the shower to get the best possible effect. So are you trying to look for smooth? Are you looking for shine? There's five different signs of healthy hair, and each one of those is gonna amplify that in different ways. So probably would start with the question of, "Lauren, what do you-- what's important to you?" That's definitely what they teach you when you go to that-- to learn kinda how to is really connect with the consumer, is to understand what benefits are they looking for. But we're always gonna be... You know, the thing that's gonna drive us from a product development point of view is not just to make something look better, but to fundamentally make it better and healthier, and that's really something I think is quite distinctive, and it will really drive our innovation. If you, this would follow on actually Will's question, the quiz. I remember- Mm. I'll admit, I haven't done the quiz in a while, so I don't know if it's changed, but when I did the quiz, the quiz told me to buy everything, which isn't really, you know. So has the quiz evolved, you know, in terms of is it more of an educational tool? I think the quiz will have an opportunity to evolve. Yeah. I think one of the things that is important to me, as we think about something, and this is sort of linked to that marketing, sales, and education, is clarity about: What do I use? When do I use it? How do I use it? Which one's right for me? That's a big opportunity for this brand, so more to come. Okay. Okay, great, and then just also sticking with the near term, just competitive environment, you know, have you... You know, there's been a lot of talk this week, or this week? It's been a day. A lot of talk today, just about the consumer environment- Mm-hmm ... the macro. So you have a lot on your plate- Yeah ... that isn't even to be related to that, but to the degree you were seeing changed consumer behavior or conversations with your retailers- Yeah ... I'm curious what the read is on the consumer and how it is or isn't impacting- Yeah ... prestige hair. We can talk about it broadly. Yeah. And I think you hit on it in the 1st phrase, which is, like, we have a lot on our plate, and so we've been really heads down and focused on what are the things that we need to control within this business, and how do we change those, right? So I think for where we are relative to maybe some other folks that have sat on this stage, it's less about consumer macro trends and percentage changes in those kinds of things, in terms of what's gonna determine our business. I think the good news is that prestige beauty and the consumer that that tends to attract is probably more insulated from any other macro trend that might be affecting somebody else. But, I'm really focused on just, like, where are we in our journey? And, we're, you know, several steps before that becomes the big driver for us. Okay, and nothing that you're seeing in terms of the promotional environment that would be impacting your business at this? Not any different than it is on any other week. Right. Okay. Okay, great. I know you'd mentioned in the second quarter that sell-through trends in the second quarter were consistent with the first quarter. Mm-hmm. I guess just anything you're seeing that is still in this vein on less regimen usage or stretching out. Again, I know you have so much going on. Yeah ... but it was something I'd been curious about with the brand anyway- Yeah ... before you arrived, on sensitivity, on, you know, sensitivity. Not something that is on my radar at this point. Okay. Great. Okay. Great. Okay. So maybe just to wrap it up, I just realized what time it is. Is there anything else you'd like to share kind of with the audience that was on webcast about what you think is maybe misunderstood about Olaplex? Mm ... and the story today? Mm-hmm. I guess I think a lot about reframing the question about what this business is today- Mm ... versus what it was 18 months ago, and I think to understand why I took this on, and why I think many people come and join me on this journey, is to reframe it around that, and to say, you know, you have a business that's, call it $500 million of a business, right? Growth from sales, and then you have strong balance sheet, and you have a lot of flexibility, and you have a brand that people love, and product that really stands, you know, stands out, and you have this distribution around the world with a lot of the top players. Now, what are you gonna do? Mm-hmm. I think reframing the question around that versus what may or may not have been 18 months ago is probably something, if I could wave a magic wand, I think is pretty powerful. Okay. So when we're sitting here, hopefully, a year from now... you're joining us again. My hair's curly. Right, your hair's curly. The world is my oyster. What would success look like, you know, again, twelve months from now? Yeah. What would you hope we can be talking about? I think we will have shared a plan. Okay ... and we'll be well marching our way towards it. So I think we owe that, you know, that to everybody, and we'll just take it one day at a time as we get after it. Okay, great. So good to have you here. Yeah. Thank you so much. Please join me in thanking Amanda and Olaplex for being at the conference. Thank you.