Hello, everyone. Welcome to everyone on the webcast. Very pleased to be hosting Revolve this morning. With us from Revolve, Co-CEO Mike Karanikolas, and in the audience here, Erik Randerson. Mike, just to kick things off, for those, you know, newer to the business, why don't you give us an overview just on the origins of Revolve, your involvement, the core competencies of the model, and so forth? Yeah, definitely. So Revolve was founded a little over 20 years ago. From the start, we were a different kind of retail company, digitally native, really founded in technology and data. My business partner and I did not have a background in fashion. I was an engineer, he was a business analyst. So we've always taken a different approach to the market than the legacy players, and it served us really well in terms of gaining share over, you know, the past several decades. You know, we're still, you know, we're really pleased with what, you know, the size that we've gotten to, $1 billion in scale, but it's a huge market, $300 billion plus. Legacy players still have tens of billions of dollars of share, and we're continuing to gain share against those players. And for us, our core competencies are, you know, certainly data and technology. As I, as I mentioned, we manage inventory in a different way, we manage marketing in a different way. I think that shows in our full price sales numbers, our really high gross margins compared to those legacy players. And then our history of innovation. You know, brand marketing, we're really known for one of the pioneers in influencer marketing. Our ability to connect with that next generation consumer has been key to our ability to grow market share and take from those legacy players. And we think we have a really differentiated strategy versus those players. A lot bigger investments on the brand side of things that helps us continue to grow awareness and brand strength with consumers, and then manage our inventory and our operations in a tighter way that allows us to operate at higher margins than many of those players and continue to invest in growth. Even in times where the consumer isn't feeling quite as good, like, you know, now, where consumer sentiment continues to be low, we're able to make those investments for the long term. And so I think that's been a big factor in our historical success. We've been profitable every single year of our history, but one, we've grown the company revenue-wise in nearly every single year. And, you know, so I, I think those will continue to be drivers in the future as we continue to gain share in the industry. You mentioned the profitability. The economic model is something that distinguishes you as well. Can you just talk about, you know, how you see the landscape today, opportunity for continued share gains from those legacy players, and the next phase of growth for Revolve? Yeah, definitely. So there's a number of opportunities for growth for Revolve still. The biggest one is certainly continuing to grow our awareness. We're still only 3% penetrated in terms of customers within our target customer demos in the U.S. Obviously, there's international on top of that. And then beyond that, category expansion. We've done a great job historically in certain categories that we've been known for. The Revolve brand is centered around having fun, being social, looking and feeling your best, living your best life. And so we've really gained large shares in categories like party dresses and going-out clothes, and things like that. We're really under-penetrated in areas like everyday essentials, workwear, beauty, which has been a big growth driver for us of late, activewear, and a number of other categories. So, you know, those are probably the two biggest drivers. You know, another thing that I'd put out there that we've seen some really encouraging success with recently is our first physical store, which actually started out as a marketing activation in Aspen, Colorado. And the metrics were so good that we had discussions with the landlord and turned it into a multi-year lease. And so, you know, online has been a great growth driver for us over the years, but at the end of the day, it's still only about 40% of penetration of the apparel market. And so we've... You know, offline is a huge opportunity for us. We've built what we think is an incredible brand. There's no reason it shouldn't translate to physical retail. We're seeing, with the Aspen store, some metrics that look really encouraging, indicating that it is translating to physical retail. So that's another big opportunity. Certainly not in the year 2024. That's the kind of thing that takes time to build out in terms of physical retail. We need to continue to validate proof points there, but the initial data point that we have is quite encouraging. You touched on this earlier, a lot of focus at this conference on the health of the consumer. Can you characterize who is that sweet spot Revolve consumer and what you're seeing from that consumer's behavior? And maybe also touch on the more luxury-focused Forward platform consumer and behavior with that consumer cohort as well. Yeah, definitely. So the sweet spot for the Revolve consumer is women aged 25-45 within the U.S., and in particular, consumers that are looking for premium merchandise, that like to live an aspirational lifestyle, that respond well to that kind of marketing, which we think is certainly a large portion of consumers. But because Revolve is premium price point merchandise, and because our brand is centered around living your best life, looking and feeling great, you know, kind of showing off and being flashy a little bit, it's the kind of brand where when the consumer isn't feeling as good, which she isn't right now, and you see that in the consumer sentiment numbers, which are still at fairly low points, historically speaking, she just doesn't spend as much with us. So, you know, we haven't seen the growth that we'd like the past 18 months. We believe that's largely due to that consumer sentiment, combined with what our brand stands for and represents. And, you know, certainly, we've seen some improving trends in March and April, which we talked about on our earnings call, but we're still not where we want to be. We want to be back to driving double-digit growth, along with increasing profitability levels. So, you know, we haven't seen the inflection that we'd like. It continues to be a difficult environment, but, you know, we feel good that things, you know, should improve. The consumer can't feel bad forever, so we're hopeful to see improvement there. And- Now, Forward, on the luxury side of things, you know, that's been lagging a bit behind Revolve. So Revolve's growth was better than Forward's in Q1. And I'd say Forward is maybe 9-12 months behind Revolve, both in terms of its inventory position, in working through inventory gluts that were caused by the big overshoot in consumer demand in 2021 and parts of 2022. It takes longer to work with that inventory. There's also a lot of disruption in the space, which I think is long-term big opportunity for Forward, but in the short to midterm, it does apply pressure as retailers continue to work through their own gluts of inventory. Companies like Matches and Farfetch experience, you know, bankruptcy or sort of fire sale type disruption. But we feel like by the back half of the year, Forward should be in a much better place in terms of its inventory position, and hopefully, starting to see some inflection points from a growth standpoint. Good. You had a lot of interesting dynamics to talk about in that luxury category. Yeah. We'll get into that for sure. Staying big picture for the moment, as you think about recruiting new consumers to the franchise, how does the business think about that? Is it more of the same type of consumer, still a lot of opportunity with that, or is there incremental dimensions which you feel are more important drivers? Yeah. You know, I feel great about the potential to expand the awareness. You know, I mentioned the 3% penetration in our target demo. Another data point that's really interesting is that physical store in Aspen, we saw a really large portion of the sales were coming from new customers, right? Which validates, I think, not only the physical opportunity, but also our, you know, that there's plenty of new customers out there to continue to reach through, continue to build brand awareness and expand our message in various ways. And you know, online, in general, the past 18 months has been a bit more challenged than it's been, you know, certainly in the post-COVID period and even some of the period leading up to COVID. But, you know, we expect to see some improvement there, and, you know, for us, it's about just continuing to invest in those things that build our brand. Continue to be smart about, okay, what are the different places we can place our marketing dollars in efficient ways? So we have some interesting things coming up in the back half of the year that we think will be nice for growing share. Again, physical retail can be great for not just offline share, but having this big billboard to reach new customers. Then, you know, the other thing I mentioned, the category expansion, not only does that allow us to sell more to our existing customers, but there's probably a lot of consumers out there that may, you know, respond in a different way, right, to marketing that we can do around categories like basics and essentials, you know, that maybe haven't responded to some of the other marketing that we've done that can really allow us to grow our brand and mindshare. And so, you know, opportunity across the board, and, you know, we see that in beauty, right? So beauty is one of those nascent categories. Still a lot of room to grow. It's currently about, call it, 5% of the business in terms of share. Still very under-penetrated versus what it could be if you look at versus, like, legacy department stores and things like that. Beauty is one of our biggest sources and drivers of new customers, so we know that when we expand it into a new category, not only does it expand wallet share, but it helps us recruit more and more new customers. Great. And just for perspective, since 2019, you've added 1 million new active customers, currently, roughly 2.6 million active customers. Net sales have rebased, 2 times the pre-pandemic levels at a $1.1 billion run rate, doing 79% full price sales. Growth spend more difficult, but you have seen some more encouraging trends recently, in March and acceleration into April. Can you talk about some of the, you know, durable consumer trends or the categories where you think shopping behavior is an opportunity to, capture more share with that consumer base? Yeah, so, you know, so yeah, we have seen some acceleration and inflection in March and April, which is great to see. You know, it's still not where we want to be in terms of the growth levels that we expect from the Revolve brand and the share that we've taken historically, but we've seen improving trends there. You know, in terms of the different categories that we're seeing, beauty, as I mentioned, has been a great growth driver for us. You know, and then in our core categories, we're starting to see improving numbers as well. So, you know, at this point, I'd say, you know, we're seeing improving trends. You know, we're hopeful the back half of the year, we're gonna see much better results in the trends. Then, you know, we've combined it with, you know, you know, the return to top line with, you know, doing things like improving gross margin, you know, really strong gross margin improvement year-over-year, really high full price sales in the first quarter. So, you know, you know, we, we think we're making the right investments to build the brand in the right way. And, you know, and through this time, you know, our ability to drive profitable growth, you know, high cash flow generation, first quarter, I, I believe, had close to $40 million in free cash flow, I think $38 million in cash flow, allows us to continue to invest in long-term opportunities as well. So we're investing in a number of key areas, right? You know, AI and software. You know, I mentioned our background is in engineering and technology, so some nice investments there. We're investing in kind of internationalizing the business in a way that really takes advantage of the new world landscape, right, which is very different post-COVID than pre-COVID in terms of ability for remote work and things like that. Initially, those investments add to G&A expense, which is up year-over-year, but, you know, our view is we want to make the right investments for the long term. My co-founder and I are still the largest shareholders of the business. We collectively own nearly 50% of the business. So, you know, we always think in terms of investors, obviously operators, but, you know, we're looking, you know, what's gonna provide the best ROI over the long term. You know, for me, those long-term investments need to show payoff, you know, relatively quickly. When I say the long term, I don't mean, like, you know, we'll worry about it in 10 years when we get there, right? You know, but we're making investments that we think are very impactful and should lead to good results in the medium term, and so we're very happy about that. Well, let's talk about AI for a moment. A lot of discussion about AI across these different sectors at this conference. Data, digital competency has always been part of your competitive advantage. Yeah. Can you speak to some of the areas where you see are most compelled by the opportunity to put AI to work? Yeah, you know, AI realizes the ability to transform nearly every aspect of our business, and, you know, we've had data scientists and AI capabilities for a number of years, even before it kind of blew up in a much bigger way, right, with ChatGPT and Stable Diffusion and a lot of, you know, these newer generative technologies. You know, some key areas of the business I'd highlight, you know, certainly on the image side, both editorial images, category images, there's a lot of opportunity there. We're actually already using AI-generated imagery as part of our catalog, or sorry, I'm sorry, as part of our editorial images. And I'd say, you know, it's gotten to the point where it's competitive with, you know, kind of naturally produced images. And I think, you know, as is always the case with these newer technologies, you know, you kinda see it start to gain a little share, you know, and it's, but it's not getting large share yet, right? But it's about when it reaches that inflection point, right, where all of a sudden it goes from not quite as competitive or just about as competitive to a much more competitive. And so, you know, with the rate at which things are improving, we think that's gonna be a huge opportunity, really within the next 12-24 months, and again, we're already utilizing it within our business. And I think another big area, and one that we've done historically, but as, you know, the technologies are opening up things in a much bigger way, is just, you know, website experience and search and browsing and using AI to power that. I think the way in which consumers browse is gonna be completely transformed over the course, you know, of the coming years. And we already see with, like, AI-powered search, for example, our internal teams have, for example, a new AI-powered search in testing right now that is producing, as a whole, comparable metrics to a best-in-class third-party provider that we currently use. But then in some segments, it is massively outperforming the third-party provider, right? And again, you know, these are very nascent technologies at this point, and so, you know, seeing these cases where we're already quite competitive with existing solutions and then seeing where it's gonna go, like, as you know, continue to improve the efficiency, I think it's quite exciting. And then I think the last area is, like, just general business process and efficiency. Huge opportunities. We mentioned on the first quarter earnings call, a couple areas that we deployed recently. So one is routing of customer service emails, and, you know, it's kind of boring from an excitement standpoint, right? But these little things you can do to improve the efficiency of your business, and we used an internal solution for that. We actually benchmarked it versus best-in-class third-party solutions. The internal solution outperformed them, right? You know, not only do we save on the external software costs, but we get better results. So that was quite exciting. Also, warehouse inventory optimization, we've deployed AI technologies to produce some nice gains. Our selling and distribution costs were actually down year-over-year in the first quarter, you know, despite a number of cost pressures, including a return rate that continued to be elevated. So we're already seeing the impact of the business, and I think it's gonna be huge in the coming years. Maybe it's worth spending a moment talking about your approach to technology. Revolve has historically done a lot in-house- Yeah. versus using third-party solution providers. Can you speak to that philosophy, please? It's interesting, you know. My background is an engineer, and so certainly, you know, I think it's something that, you know, we always had a core competency, and that may be an organization that wasn't engineer-led or co-led, you know, wouldn't have. But you know, my partnership with my business partner is interesting, has been a big reason for our success, right? You know, he is very data driven, but he's not an engineer, right? And so, you know, he's certainly not keen to use internal over external in any particular way. He wants just, like, whatever is the best solution for the business. And of course, I'm the same way, right? But we can all have our biases. So our approach has always been, we benchmark and test and try out the best of what third-party solutions have to offer, but we also build things internally, and we're able to do so with very small, efficient teams. I think in part, just, you know, kind of our background in that DNA, knowing how to get things done. And so, you know, we do sometimes use third-party solutions, but we often find the internal solutions are the best. And I think there's a number of reasons for that. And I think, you know, one reason is that you're able to customize things to your own business, right? So even if, you know, you don't have the same size team, right, as a software company that's putting all their resources on this one solution, they're not putting on that solution to the very specific domain in which you operate. And so I think that's one reason why we're able to develop efficient solutions that outperform. And I think the other thing that's been key is it allows us to carve our own destiny. You know, that's been really key. You know, we've been known historically as innovators, right? Certainly innovators in branding, influencer marketing. We've gotten a lot of press around that. But even before then, and this is back when we're small upstarts with no funding, no reason to succeed, right? Really innovating in areas like home is the dressing room, free shipping, free returns, you know, really knowing how to optimize the catalog and shopping experience for consumers. The fact that we've never been on third-party platforms for the core of our website allows us to carve our own destiny. And if we have an idea, if we see an opening in the market, we can go after it instead of kind of being boxed into what everyone else is doing. And so I think that's been very key to our success historically. Great. We do mean this to be an interactive session. If any questions from the audience, please signal, and I'll repeat it for, for those on the webcast. Digging in on the financial algorithm, 2023, 4% operating margins, that's about a 10-point spread from your low teens objective. Certainly some unique pressures in 2023 that weighed. Can you help us think about the building blocks of leverage to close the gap? You know, G&A leverage opportunity, opportunity for gross margin expansion, and so forth. Yeah, definitely. Yeah, so, so we came in at 4% in 2023, and that's certainly not where we want to be. You know, I'm certainly very proud of our history of profitability, and again, profitable every year, but one, and I think versus other online retailers, we really outperform there consistently, but 4% is not where we want to be. You know, the shorter to midterm goal is to get back into the high single digits and then call it mid to long term, back into the low double digits or even mid double digits. I think there's a couple of key drivers of that. You know, one, and probably the nearest term driver is gross margin. We're already seeing big gross margin improvement year-over-year in the current year. Last year was kind of abnormally suppressed gross margin due to that inventory overhang we had from the 2021, 2022 consumer demand overshoot. You know, we also think we can continue to drive gross margin as we continue to expand our algos and the way we manage inventory. And, you know, and we've seen that, like, if you go back to 2019, our full price sales are actually much higher on Revolve in the current year even than in 2019, and that's due to changes we've made in how we manage inventory and the various algos and technology behind it. Selling and distribution costs, those have gotten, you know, certainly got very pressured in 2022 and 2023, combination of factors. That's something that we think we can drive down in hopefully a substantial way. And we're already seeing some improvement there in Q1, driving that down year-over-year, that we've got a lot of focus on that, more efficient logistics, a lot smarter routing of things in terms of how we're doing things for the consumer. A lot of focus on return rate initiatives, which, and I know we haven't really gotten into, that I think can be really beneficial, both from improving our position in the marketplace in terms of it's a win-win experience for the consumer. Not we're making it tougher for them to return, we're providing them better information on the product, things of that nature. We're already seeing some nice early wins there. And then G&A is a percentage of sales. You know, we've historically shown the ability to drive leverage there. If you go back to 2019, you know, we've about 200 basis points of leverage on G&A versus where we were even there. And that's something that we expect to drive in the coming years. Combination of getting back to meaningful growth will help drive G&A down. And then as we work on some of these other initiatives, you know, they should allow us to make our organization operate in a more cost-effective way. Like I manage the internationalization of the business, and then certainly right now, we're making bigger investments into AI and things like that, and we expect those investments to pay dividends, you know, that should help, you know, alleviate some of that G&A pressure. One of the principles core to the consumer value proposition for Revolve has always been to allow the consumer to use the home as the dressing room. Yes. A by-product of that is higher return rates than many might be accustomed to, nearly 60%, in recent periods. Each percentage point change, as I understand it, is 30-50 basis points to contribution margin. So that's an area of focus for those paying close attention to the margin. Can you talk about some of the initiatives that hold promise to improve the return rates, and any sort of early evidence you're seeing of traction with that? Yeah, so we have a number, a number of initiatives in place, and some we've already seen progress on. So, you know, we deployed kind of an AR, augmented reality, you know, if you will, technology. Makes it sound fancier than it is, but, you know, in the fourth quarter and early Q1, with some of our categories, accessories and handbags, allowing consumers to understand how the item is gonna size up versus, you know, kind of what their person might look like. And we saw improvements in conversion rate, in conversion rate, we saw reductions in return rates, so that was a nice win. We also rolled out some improvements to how our fit prediction tools work. It's a third-party tool, but we work with that provider, and to roll that out on our app, and we saw some improvements there in return rate. And then we have a number of things that we're working on that we're quite excited. So, you know, we've been rolling out tests with videos to better communicate product fit to consumers. They can see it flow, they can see a person talk about it, understand in a better way than, you know, these kind of static photos, right, that we have on the website. And we've seen initial, you know, preliminary results that indicate success there. It's still on a fairly small sample size, but that's something we're excited about rolling out more broadly. Just improved information in general. We have also tests running where we provide better written descriptions of the product, you know, what the measurements are, how it's gonna fit different body types, and again, we've seen improvements there. Then you combine it with some other things that we're doing, to really, you know, maybe identify consumers that are taking advantage a little bit of the free shipping and free returns policy. We're very happy to do that. The home is the dressing room. It will always be for us, and you know, we have price points that can make that economical, but there's certainly a subset of consumers that are potentially engaging in wardrobing and things of that nature that we have some initiatives lined up against. And again, we've seen some initial data points that indicate there's potentially a big opportunity there, and that you know kind of these measures should potentially work. So, so yeah, we're quite excited about the things that we have in the works. And, you know, for us, the home will always be the dressing room, and, you know, we think we can continue to do that while getting the selling and distribution costs down and you know providing some moderation in the return rates. Great. Now, May 1, you did have a change of policy, back to pre-COVID- Yeah ... policies, as I understand it, taking the Revolve return window from 60 days to 30 days. Can you talk about, you know, kind of early learnings from what you're seeing for that? I guess we're now more than 30 days in, so- Yeah. Yeah, we're more than 30 days in, but, you know, it's still, you know, I think, quite early, you know, to, I wouldn't want to provide specific commentary there. But, and also, to clarify, we took the return policy from 60 days for a refund and 90 days for store credit to 30 days for a refund and 60 days for store credit, right? And so that's why I say it's still, you know, kind of quite early to get a read on that. But, to provide some context, that actually just takes the return window back to what it was pre-COVID. We extended the return window during COVID. You know, obviously, there were periods where consumers were having trouble getting out of the house and weren't as comfortable returning items in certain situations, and it's just to return to that pre-COVID policy. But we think there's potentially opportunity there, and we base that on the fact that we actually never changed the return policy on Forward. And so we're able to analyze the behavior of the different cohorts between Revolve and Forward, and indicated there may be opportunity. Now, there are differences between those businesses, right? And so it's kind of a one-of-one comparison, but the initial read was that there might be opportunity there. You know, certainly as we get data in on how consumers are responding to the return rate policy from, you know, kind of return percentage standpoint, well, we'll definitely share that. Good. I want to talk about the luxury category. A lot of interesting dynamics going on there. Inflation has weighed more heavily on that aspirational consumer, it seems, impacting Forward and other luxury players more meaningfully in recent periods. Given current visibility, how are you planning the Forward business against this backdrop, and can you give us an update on your progress working through Forward inventory excess? Yeah, so we think the health of the consumer there should improve in a meaningful way. It's been quite challenged, quite depressed. On our earnings call in the first quarter, I think we mentioned a stat from Citibank, that luxury spend in the U.S. was, by their measure, down, I believe, 15%-18%. So, you know, it's been quite challenging. You know, obviously, the luxury market is huge. It's not going anywhere. There were a lot of aspirational luxury purchases in a big way in 2021 and in 2022. That really benefited Forward in a huge way because Revolve and Forward are all about that aspirational lifestyle. Also, a big part of Forward's growth strategy is upselling and transitioning Revolve consumers to higher AOV Forward purchases, right? And again, it's that reach up, which is just more difficult in the current environment with, you know, with depressed consumer sentiment, with luxury spend down. But, you know, we feel great about our progress with Forward. Again, I think we should see things hopefully start to inflect in the back half of the year, and I think set it up for a pretty nice 2025. Mike, you alluded to this earlier, but there's a lot of distress in the category, other online players, you know, potentially sources of capacity, rationalization in the landscape. How do you see it all playing out? You know, A, in the near term, is that, you know, kind of polluting the environment and making things more difficult? And B, you know, what's kind of the long-run opportunity in the category, and what do you think happens from a competitive standpoint? Yeah, I mean, certainly in the short term, it applies pressure, you know, it does pollute things in terms of, you know, inventory available for sale at certain prices. And, you know, Revolve is generally fairly insulated from what price other competitors are offering things at. You know, not complete insulation, but fairly insulated. It's a lot of emerging brands that Revolve sells. Consumers are really going to Revolve because we're Revolve, and they're not paying as much attention to the brand name. Forward's a bit different. Those brand names matter, right? You know, big brand names like a Saint Laurent or a Balenciaga or something of that nature, you know, they're very meaningful to consumers, and if others are fire selling those products, it can have a big impact on Forward. But, you know, long term, I, I think it has to be good for Forward, obviously, to have, you know, reduced or sort of crippled competition in that arena, right? You know, maybe under new ownership, but with a less aggressive mindset. And so, you know, again, I think that should set things up in the coming quarters for us. Good segue, perhaps, to the balance sheet. One of the hallmarks of the business has always been the capital efficiency, $273 million in cash on the balance sheet, exiting the quarter, no debt. Given the dislocation that you're seeing, you know, is there potential for a M&A? And how do you think about this as you conceptualize risk tolerance on the balance sheet? Yeah, yeah. So there's definitely potential for M&A. You know, in terms of mindset, again, we're kinda owners and investors first. We view it as our cash on the balance sheet, and of course, our investors' cash on, on the balance sheet. And so, you know, the balance of risk versus reward is always a tricky one, particularly when it comes to M&A, right? M&A can be quite difficult to assess, but at the same time, you know, we know there's a lot of opportunities in the marketplace with the disruption, you know, certainly in those multi-brand players. Also, just looking for the right, smaller strategic pieces to fit in, right? Whether it helps us with category expansion, whether it's something that can sort of help us on the brand side and marketing side. You know, I think there's interesting opportunities out there, and you know, we're excited to, you know, to see if we can add something. Almost out of time. I'm gonna squeeze one more in. On use of capital, you're excited about the results from the Aspen store. Just give us a quick overview of thoughts on what might develop with retail from Revolve. Yeah. So as I mentioned earlier, you know, physical retail is 60% of the apparel market. We've built an incredibly strong brand, we think. Obviously, a big... You know, a lot of opportunity to continue to grow the brand, but it's already incredibly strong, and so, you know, we don't think there's any reason why physical retail can't be, you know, quite big and meaningful for Revolve, and then to see, you know, from the Aspen store itself, metrics that look really good with the initial numbers. Now, very seasonal market, so you know, we don't wanna release any of those metrics publicly at this point, but we're quite pleased with what we see. So, you know, it's not the kind of thing that, you know, we can roll out, you know, super quickly in terms of affecting top line, right? In the current year, we wanna be thoughtful about it, but my view is, if you have something that's working in a business, wherever it is, you wanna do more of it, right? Particularly if the opportunity exists to do more, right? Obviously, with physical retail, it's completely, you know, wide open green space for us, and there's potential opportunity to do a lot more. So it's one of the things, you know, we're certainly very excited about right now, but we wanna continue to optimize the Aspen store and figure out what a next location might be, and hopefully build up a couple proof points before, you know, we kind of get ahead of ourselves. A lot of opportunity ahead, a bright future for Revolve coming. Mike, thanks for being with us. Erik, thank you for being with us as well. Yeah. Thank you.