Good morning. I am absolutely delighted to be here this morning to present our full year 2024 results. 2024 has been a year of transformation at Revolution Beauty. We have a strengthened leadership team, an independent board in place. We've returned the company back to profitability and implemented processes to ensure financial control and cost optimization moving forward. We have also built a clear strategic path forward, which will deliver sustainable and profitable growth. Now, I'll come back and talk more about our strategic and operational progress in a little while, but first, let me hand you over to Neil, who's going to walk you through the main results.
Thanks, Lauren. Good morning, everyone, and thanks for logging on to watch the webcast. This slide shows the financial highlights for the year that ended on 29th of February. To summarize, I'm really pleased to tell you that we achieved growth at the same time that the business saw a much-needed return to profitability after a turbulent time. Revenues were just over GBP 191 million, up 2% year-on-year, helped by a significant level of clearance activity in the first half. Our gross margin... Our gross profit margin improved by 5.8 percentage points to 46.2%, and our adjusted EBITDA came in at GBP 12.6 million. That represents a turnaround of over GBP 20 million on last year's loss.
All other adjusted measures and statutory measures were positive, and we've reported a profit before tax of GBP 11.4 million. We finished the year with GBP 8.6 million cash in the bank, and net debt was contained to GBP 23 million, and that was despite high levels of cash exceptional costs. Overall, a great turnaround from where we've been and a great platform to build on from here. This slide shows our revenue split by business channel and by geographical region. You can see here that we saw strong growth of 9% in the stores business channel, which more than offset the declines in our digital channels. The digital channel is made up of our own direct-to-consumer business, as well as the online sales of Revolution products on other platforms.
In the year, we saw a significant decline in our direct-to-consumer business, as, along with other e-commerce businesses, we observed that customers returned to the high street in the first full year with no disruption from the COVID pandemic. This was exacerbated as we reduced marketing spend and promotional activity to improve profitability of our online business. Sales on other platforms were in line with those in prior year. We're optimistic about the potential of our new Amazon first-party relationship and TikTok shops, which Lauren's going to talk about in more detail later. On a regional basis, the U.K. showed a decline overall, but the stores business channel in the U.K. saw growth, while the digital business declined for the reasons I've just talked about. The U.S. business declined 15% year-on-year, with less investment in marketing and new product development, along with challenges in achieving service levels.
The US is a key market for the business, and we expect to be able to invest in the future and return to growth, and we're really pleased with the progress that Erin Kast, our US President, and her team have made since she started in December last year. The rest of the world region grew strongly throughout the year, particularly in the Middle East and Nordic regions, by both expansion of retail distribution and growth in digital sales. This slide shows our summary profit and loss account and how that return to profitability was achieved. The biggest factor was the increase in gross profit margin. You can see the gross profit was GBP 12.5 million higher than last year, an increase of 16% year-on-year. The gross margin increased by 5.9 percentage points to 46.2%.
This crucial improvement was a result of a few key factors. Firstly, a significantly improved stock turn meant that we were able to sell products with less discount than we have done historically. Secondly, we were able to clear a lot of old inventory at a higher margin, as it had been written down in previous periods. In addition, we saw that freight costs came down from relatively high levels. At the same time, distribution costs decreased 15% year-on-year as our reconfigured distribution network yielded operational efficiencies. Distribution costs as a percentage of sales were 13.8%, which was a significant decrease on last year, when they were 16.7%. In addition, marketing costs were nearly GBP 6 million lower than in FY 2023. The net result of all these improvements was that we achieved an adjusted EBITDA of GBP 12.6 million.
That's an EBITDA margin of 6.5% and a significant turnaround from last year's GBP 7.5 million loss. It's also good to see a positive adjusted profit before tax result after depreciation, amortization, and impairment charges of GBP 5.2 million and interest costs of GBP 3.1 million. In the text box on this slide, you can see that the adjusting items and how much they impact the reported measures to show an underlying level of profitability. The summary for this slide is that the company has shown that it has an underlying profitable business model. It depends on an efficient level of stock turn and effective marketing campaigns, but nevertheless, we can see the potential to improve profitability in the future.
Moving on to look at the building blocks of the return to profitability more visually on this waterfall chart. The big thing to call out here is that there were a number of factors involved, and the improvements were across nearly every line in the P&L. However, the other call-out is that the clearance of excess inventory and the corresponding release of the stock provision accounted for approximately GBP 3.7 million of our gross profit improvement during the year. That number represents the level of stock provision releases over and above what we'd normally expect, resulting from the fact that we were able to sell old inventory that had largely been provided for in previous periods.
We expect to clear old inventory on an ongoing basis, but in FY 2024, there was a major one-off exercise to clear out the old inventory that had built up over many years. Overheads increased by GBP 2.8 million, largely as a result of a bonus provision and high professional fees associated with the disruption over the last two years. Moving on to talk about cash flow, this slide shows our major cash flows during the year. You can see that on an underlying basis, we were cash flow positive, thanks to the return to underlying profitability with an improved working capital cycle as our stock turn increased. This meant that we were able to retain GBP 8.6 million of cash at the end of the year, despite continued high levels of exceptional costs.
Back at the capital markets event in February, we spoke about how improving our stock turn improves our ability to convert profits into cash. We believe that there's still a lot further to go on this, and we continue to expect to turn the inventory more quickly. At the same time, we expect the burden of the exceptional costs to reduce, which will enable us to fuel our return to growth. Our financial strategy is shown on this slide. So far, I've spoken about the first two elements of the strategy. We've gone through how we achieved the return to profitability, and we've been through the balance sheet efficiency that we saw and now seeing with a vastly improved stock turn. The other vital element of the strategy is our cost-saving programs.
As far as those cost-saving programs are concerned, the main point here is that we're making good progress on these across all of our P&L lines. We've seen the return to profitability in FY 2024. That was assisted by the release of our old stock provision and clearing old lines. We need to replace that with savings on the cost base that we're on, and we're on track to do that. We can see genuine improvements on our cost of goods, we're seeing efficiencies in our distribution costs, and we've reduced our administrative costs significantly. We're stepping up our investment in marketing, but we will be carefully testing our approach to new marketing channels and media so that we can get the marketing mix as efficient as possible to then reinvest in powering the growth of the Revolution brand. Moving on to talk about the outlook for FY 2025.
Our strategy is to focus on the core Revolution brand and power our core product categories, where we have demonstrated real competitive strength. As we implement that strategy, you can see from this slide how our revenue run rate decreases, as we no longer sell the brands that we're discontinuing or deprioritizing and the non-core product categories, and also the non-core SKUs of the master brand that have been discontinued. In addition, we do not expect the clearance sales of old inventory to continue at the same level going forward. This focus enables us to turn the inventory much faster. It also enables us to capture the benefits of our cost-saving programs and drive further improvements in our profitability, and that, in turn, enables us to invest in new product development and marketing and return the business to growth.
So in terms of what that means for the current financial year, FY 2025, the impact of discontinued brands, product categories, and SKUs will have a short-term impact on revenues in the first half of the year, and the year-on-year decline will also be impacted by the stock clearance that we saw in the first half of the prior year. So we expect to see a year-on-year decline in sales in the first half at a slightly higher rate than we saw in the second half of FY 2024. As the impact of the strategy takes effect with a reinvigorated pipeline of master brand-focused innovation, we expect the business to return to growth in the second half.
With cost-saving initiatives kicking in and improved stock turn, we expect to generate EBITDA at least in line with FY 2024, with a significant weighting towards the end of the year. With that, I'd like to hand over to Lauren, who's going to update you on our progress with Reigniting the Revolution strategy. Thank you.
Thanks, Neil. As outlined at our Capital Markets Day in February, we have launched a very clear and refined strategy called Reigniting the Revolution, which is built to deliver long-term, sustainable, and profitable growth globally. It was clear from my investigations into the company when I first started at the end of last year, including speaking to leaders at our major retail customers, that the company had become distracted from what had made it so successful and disruptive in those early years. The business had stopped focusing on fast, disruptive innovation in its core category: makeup. It cannibalized the strength of the core brand by launching smaller and less profitable variants.
The company had become bloated with too many SKUs and too much stockholding, which meant cash had become tied up, and that had resulted in poor service level provided to our retail partners on the brands and SKUs that mattered. Overall progression with major customers had therefore stalled and, in some cases, started to decline in areas like the U.S. Now, the previous management team had rightly focused on relisting the company and stabilizing, starting to stabilize those financials, but a gap in the strategic growth plan and a reduced innovation pipeline had emerged as a result. Now, my new management team have quickly addressed all of those issues, and our new Reigniting the Revolution strategy provides both clarity and focus on three major initiatives to get this business quickly back into profitable and sustainable growth. Now, these growth pillars are, firstly, the master brand.
We are focusing back on the brand that started it all, Revolution. With the removal of the less profitable brand variants, we are able to focus those resources and investment into our most powerful asset, and that asset has significant global growth headroom. This will also be supported by our secondary brand, Relove, our value brand, which we are actually pivoting to be focused back on outstanding value for money moving forward. Relove will allow the company to sell makeup into new retail chains all around the world. Powering the core. We're a makeup and skincare company, and are refocused on doing that absolutely brilliantly first. We have reinvigorated our NPD pipelines at speed in both of those categories, and we'll be delivering double-digit sales growth in innovation, in NPD, from the second half FY25 ongoing. Thirdly, focused global growth.
We're ensuring we deploy the right level of internal resources to where the greatest sales opportunities exist, including the utilization of our unique distributor network and pivoting back to growth in the U.S. But we can't do any of those growth initiatives if we don't have the core enablers in place, which are the best team, a healthy balance sheet, and very smart operations to service our customers correctly. All of this should drive us towards delivery of our vision to become a top five mass beauty player by 2030. Now, to get from where the company was at the end of FY 2023 to now and moving forward, the company has had to go through a major transformation. This transformation has been essential for the future success of both the brands and the company, and it is progressing well, as you can see in the results.
We are progressing quickly through the exit of the less profitable brand variants and non-core categories. Now, as Neil has already outlined, this will have a short-term sales impact in the first half of FY 2025, as we will not be anniversarying those discontinued brand sales or the clearance activity. But as a result, we're now only holding GBP 48.5 million of stock versus the GBP 100 million+ last year. We have already been able to improve our retail service levels to 90% + around the world, and our customers are much more willing to partner with us moving forward as a result. We have already been able to reinvigorate our innovation pipeline with the relaunch of the company's digital test, learn, and then scale NPD process, which will start to positively impact the business from this month.
We've also moved seven markets back to distributors who are able to accelerate growth faster for us on a local basis. All of these changes are enabling us to get back to year-on-year growth in the second half, and our team are very excited about the future. So let's talk about the future. As I talked to the Capital Markets Day, our ambition is to become a GBP 1 billion retail beauty brand business by 2030. That makes us a top five beauty company globally in mass makeup, and I feel confident in our ability to deliver on this ambition, and I'm excited about seeing progress as we accelerate through fiscal 2025. So let me show you how this strategy is already coming to life, and I'm just going to run you a very brief video to share some of it, how it's all coming to life.
Run the video.
These are way better than the Drunk Elephant.
... Okay, as you saw from the video, we're making great progress. Our new innovation has launched exceptionally well, with a particular strong performance in our largest market, the U.S., helping to significantly improve our underlying retail performance there. We are ready to launch our first new Revolution master brand assortment with expanded space in the Australian market and are expecting strong lift in retail sales from Q2 this year. This optimized assortment will be landing globally throughout calendar 2025. We've just launched our Amazon 1P new partnership and are excited to see the impact in one of the world's largest beauty online retailers. We've already launched TikTok Shop in May in the U.K. and are launching TikTok in the U.S. in the second half of this year.
Our core category innovation pipeline, it has been reinvigorated from Q2 onwards, and on the master brand, we have already agreed new distribution, landing in Boots U.K. and in dm in Germany from the second half of this year, with further discussions taking place with many retailers around the world. But the growth can only be delivered with a strong team and financially stable platform. The changes we've already made over the last few months are setting us up for brilliant success. We have established a new strengthened leadership team and independent board. We have already improved our service levels to over 90%, as I've already said, with a target of 95% at the end of the second half. We have a much improved stock position and are driving for further improvement in inventory turns as FY 2025 progresses.
We have a much tighter grip on internal processes, especially around financial, stock management, and governance practices. In summary, FY 2024 performance reflects a major strategic shift. The return to profitability is a result of greater financial rigor, and that will continue to strengthen as we move through this year. While we are at an early stage, we are already seeing positive signs the strategy is beginning to deliver, and this will accelerate in the second half of this year. We remain fully confident and excited in our goal of becoming a top 5 global mass beauty player by 2030. In closing, I just want to take this opportunity to thank my amazing team. These results and the plan for fiscal 2025 and the next several years are truly a testament to the amazing hard work across this organization.
We are very lucky to have such a talented and committed team at Revolution Beauty. Their passion and belief in our company's potential and their excitement about its future is enabling a fast recovery, and we are all energized about accelerating growth as our new plans come to life. Now, Neil is going to join me, and I think we are ready to take some questions. Okay, thank you. Okay, thank you.
We will now begin the question and answer session. If you would like to ask a question, please press star followed by one on your telephone keypad. If you change your mind, please press star followed by two. If you have joined us through the webcast, you can submit a written question on the Question tab and on the Webcast page. When preparing to ask your question, please ensure your device is unmuted locally. So that is star followed by one on your telephone keypad to ask a question. We will now make sure a quick pause for questions to be registered. Our first question comes from Wayne Brown from Liberum.
Morning, both. Just two questions from me. On the plan of SKU reduction and brand reduction, can you just talk through if there's been any availability issues on shelf and how you're managing that with the retailers to ensure that you offset some of that disruption, obviously, with higher availability of the core master brand and how that's been going? I suppose there's a few moving parts there. Then, Neil, just on in a normalized world and environment, when we're looking at the stock provision, where do you think that should settle out at in the future? Thanks.
Yeah. So I'll... Hi, Wayne, thanks for the question. So just on the first question about availability as we're sort of transforming with the SKU reduction, I think the one thing that I would say was that the retailers, the major retailers around the world, are really asking us to do this because of the fact that we weren't able to service the full portfolio in the right way. So, you know, I think it's definitely been very well received, and we've had very positive feedback from the retailers that we're actually going to be transitioning and focusing on what I call a global planogram around the world. Much more A SKUs, which mean that we can really make sure that we've got the right levels of inventory all around the world for those SKUs.
We, as we've transitioned, actually, our transition is progressing very, very well, and we see it pretty clean by the end of this first half, which is gonna be great. And already, service level is at 90% + in all our markets around the world, and we're expecting it to be 95% in the second half, as we complete the move. So the transition's gone very well. The transition's actually gone very smoothly operationally. And we're working very, very closely with the retailers, with their timings, to make sure that, you know, we don't get any gaps on shelf, it doesn't impact the consumer experience.
But, you know, so far, you know, it's actually been a massive positive, not just for our company, but also for our partnerships around the world. And on the second one, I'll-
On the stock-
Hand over to you.
Yeah, thanks, Lauren. Hi, Wayne. On the stock provision, a normalized world, we've definitely not been in that place recently, but we're getting there. You can see in the accounts that the stock provisions at the end of the previous year was over 40% of the gross stock value. You'll be able to work those numbers out from the notes to the accounts. And then at the end of FY 2024, it was down to 26%. The gross inventory had come down with that faster stock turn, and the provision had come down accordingly, and it was a lower percentage of the overall stock. So we want to improve that trend. To do that, we have to accelerate that increase in stock turns, which is what we're striving to do in the business.
With that, I think an overall ambition would be to get that stock provision as a percentage of gross inventory down below 10%. That's perfectly possible, and I think others in the industry operate with those kind of levels. So that would be where we'd want to get to in a normalized world.
Okay, thank you both. Can I just have one follow-on question, Lauren, if you don't mind? With regards to, you know, if we look a further a year ahead, you're gonna have some great NPD coming out. If we're looking at the shelf space and the stands that you have throughout your retailers, is there gonna be a need to kind of reinvigorate those stands in due course, or are you pretty much happy with that said infrastructure that you've got at the moment?
Yeah, I mean, the estate is in all sorts of different sort of ages, I would say. I think, you know, We definitely need to make sure that each of the stands around the world, you know, is representing the best of Revolution Beauty, but making sure that's obviously localized for that local market and that local retailer and for the consumers there. But there definitely needs to be a consistency, and therefore, there will definitely need to be some level of, you know, improvement, I would say, with our stands. But a lot of that we can actually do when we put the new assortments in anyway. So I think that's an opportunity.
And then, you know, I think in certain retailers, there'll be an opportunity for more space, given, you know, that we're expecting our new innovation and some of our new ranges to, to be highly productive, and therefore, that's very attractive to, to retailers, too. So, you know, I think there's, there's a lot of opportunity, but we will definitely phase it and make sure that from a CapEx and OpEx perspective, we're, as I said, we're very focused on going after the most important markets, the most important retailers, the biggest, growth headroom opportunities first. And we will, you know, sort of, through a very phased program, make sure that we elevate everywhere that Revolution Beauty shows up in the world.
It needs to, you know, to make sure that it's demonstrating the best of that brand, and so that's definitely the intention, Wayne.
Okay, great. No, thank you very much. Thanks for the questions.
As a reminder, to ask a question, please press star followed by one on your telephone keypad. So we now have a written question from the webcast. Will cash exceptional costs continue in fiscal year 2025 accounts, as you have ongoing legal costs?
Yeah, I'll take that one. We do have ongoing legal costs, but we don't expect the exceptional legal costs to be anywhere near the levels that we saw in FY 2024. But we do have ongoing legal matters, and they are... I would still class those as exceptional, but the level of cost on those will be a lot lower.
Thank you. And our next written question is: In FY 2024, there was a GBP 50 million outflow for movement in trade and other payables, which looks to be driven by the active reduction in legacy trade payables.
Can you provide any more color on that? And have these excess payables now been brought back to more normal levels? And second question is, can you explain some of the ways you've improved service levels in the US and what your plans are for the region now?
Okay, I'll take the question on the payables. So you can see that our payables have come down by over GBP 15 million from between the two balance sheet dates. And that is, as the question alludes, that firstly, we've improved our stock turn, so naturally, the level of trade payables will come down there with the less stock cover that we're holding in the business. But also, as we went through the investigation in the previous years, we were supported by our trade creditors.
We did have a level of excess trade creditors in there, which has significantly reduced in the year FY 2024 and is at more normal levels as we sit here today.
Then just to take the question on the U.S. in particular. The good news is that the U.S. is in a significantly better service level position. Actually, we got there quite quickly. By the sort of December, January time, we were over starting to tip over 90%, and it's continued to improve since then. I'm pretty sure last week a lot of the accounts were 95+ , and that's really important for U.S. retailers. Obviously, having worked for a U.S. retailer for a long time, you know, when you're managing so many stores, at once, it's really the number one most important thing is that you get the stock on the shelf for the customer, when you need it.
I think what's really helping the U.S. in particular is that focus on the core SKUs, and making sure that we're being very, very thoughtful with how we're launching innovation, and we're getting those forecasts right. So, definitely, that has our retailers in the U.S. are much happier with us in terms of what they call reliable service. And we will continue to improve that and continue to build really close relationships from an operational standpoint with those retailers to make sure that together, we're managing the forecast moving forward. In terms of U.S. overall, you know, I'm delighted with the progress that we're making in the U.S.
You know, as Neil said, we were very lucky to bring on board Erin Kast, who is our new President for North America, back in December. And Erin has amazing experience from the beauty industry in the U.S. in particular, a very thoughtful, pragmatic, you know, sort of leader who has great relationships with both retailers and really understands how to power a beauty brand. And I think, you know, her leadership and really starting to kind of pay dividends. And we're having some really positive conversations in the U.S.
The other thing I'd tell you is that we just did a brand study in the U.S. as well with consumers, and we can see that we really have an exciting, differentiated brand proposition for the U.S. mass beauty market. And therefore, it gives us, you know, 100% confidence to really start to accelerate that growth as we move through this year. So, very excited about the future in the U.S. It's obviously the largest beauty market in the world. And it is definitely a market that we are focusing on as part of the strategy. Thank you for your questions.
Okay. The next question is: Can you please talk about how you increase your stock turn and how much further you think this can go? With a follow-up of: Where do you see the in-store versus online offering settling in the future?
I can do the second one. You do the first one.
Okay. On the stock turn, you've seen, with what I presented previously, that the stock turn's gone from around 1.1 a couple of years ago to 2.2. So we're turning the stock twice in a year. So it's a great improvement, but I think there is still a long way to go, 'cause effectively, we've got six months of sales in inventory, and I think we can decrease that. And I think the real key to that is more effective demand planning and forecasting through the business, and also, end-to-end planning through product functions, marketing functions, and all of the functions, actually, in the business. So a big team effort will help us reduce that level of inventory and turn the inventory even faster in the future.
Where it can go, I wouldn't like to say at this point, but I think we can make significant progress, even from where we have made significant progress to get to today.
Mm-hmm. And is that... What was the second question?
Uh, I-
Can you just repeat the second part of that question for me, please?
Of course. Where do you see the in-store versus online offering settling in the future?
Yeah. So what I tell you is that, so digital is highly important to this business. So we definitely believe in an omnichannel model. We definitely believe in growth in both the stores and our digital propositions. I think we want to... Wherever we're playing, we want to make sure that we're doing it in a profitable way. So what you saw from the video was that from a digital perspective, what's happening is there's some interesting, some of our big platforms are performing very well. And actually, we're going to be, you know, sort of driving those platforms even more as we go through the year, Amazon being the prime example, but there's also other ones like Zalando, et cetera, around the world, too.
So we're definitely seeing growth from certain platforms around the world, and, you know, in a profitable way. So we're going to accelerate growth in those areas. We also recognize, given that we're normally either a top five or a top 10 TikTok brand around the world, that TikTok Shop was a huge opportunity that honestly, we just weren't playing in over the last couple of years. So we launched that successfully in May. We're launching the U.S. in the second half of this year. And we're working on activating that from really kind of Q2. So I'm very excited about what we're going to do digitally. Now, that's a little different to our direct-to-consumer.
Our own sites around the world, I think, play a slightly different role for us because they're a really important area where actually consumers come to learn about our brand, learn about what we stand for, learn about the ingredients we have in our products, ingredients we don't have in our products. So it's a very, very important part of our mix and will continue to be, as it's an important revenue channel, but we just need to make sure we're balancing the investment that we're putting into that.
Then stores, as I say, at the end of the day, when you're a beauty company, especially in makeup, people will always want to try, play, test, and explore our products, and therefore, the stores will continue to be, especially the major retail customers around the world, will continue to be a really important channel for us. It's a very balanced strategy moving forward. It very much is about omnichannel. It's not about stores or digital. It's very much about them coming together, but in a very sustained and profitable way, where they build towards a whole performance. Thank you. Thank you for your question.
The next question is, what is the status of the Chrysalis claim?
So there's not much more to say on the Chrysalis claim, and obviously, I can't comment too much about it. But, there hasn't been much of a development since the announcement that we made early in May, I think. But the claim's ongoing, and, we're contesting the claims, very strongly, and, that's really what we told you back in May, and that's still the case.
The next question is the GBP 10 million of cost savings over three years, what does the phasing of these savings look like?
So the phasing of the savings is intended to be evenly over the three years. But of course, that's an estimate based on activities that are ongoing and have yet to start in some cases. So I'd expect it to be phased reasonably evenly over the three years, but up to GBP 10 million of annualized savings in the third year. But what I would say on that is that I think there's a lot more potential, and while we're on track for that, I think we can go over and above that over the three-year period.
The next question: in a normalized environment, what type of sales growth can you deliver, and how much of this growth will come from existing retailers versus new retailers?
Do you want me to talk that from capital markets then?
Yeah.
Well, obviously, from a capital markets day perspective, we talked about our 2030 ambition and the billion. Now, that is in retail sales, so you'll have to translate that back into, into wholesale, into net sales. But you can see the level of ambition that we're going for over the next few years. It's, it's sizable. I think it's definitely a combination of there is still significant headroom within existing markets and with the existing retailers, especially as we power up the productivity, I call it productivity, of our stands around the world. We get more more from the space that we've already got. But there's also some significant global distribution opportunities that would be totally incremental for us.
There's also more of an opportunity on skincare, as I talked about at the Capital Markets Day, which we are already seeing fantastic growth out of our Pro range, as you saw on the video. But there's more opportunity actually to think about our Gen Z consumer, and how we really bring skincare to life for them. And then Relove, there's obviously a big opportunity for our secondary brands, which is much more the value, the opening price point brand. And that actually allows us to potentially go into, into new distribution too. So, you know, that hopefully gives you a bit of shape, just reiterating what we talked about at the Capital Markets Day.
We currently have no further questions, so we'll hand back over to the management team for any closing remarks.
Okay. So I think I would just like to say a massive thank you yet again to my team. Massive thank you to Neil and the finance team for, you know, getting the results out and putting all the preparation for today. A lot of work goes into it. Just like to thank our shareholders as well for their continued support of Revolution Beauty. Exciting time in the company. Yeah, we better now get back to work. Thank you very much.
Thank you.
Thank you.