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Good morning, and welcome to day two of our Global Retail and Consumer Conference at Goldman Sachs. My name is Brooke Roach, and I cover the apparel, brands, and soft lines sector here at GS, and I'm thrilled to introduce our next session with Urban Outfitters. Here with me today is Frank Conforti, co-president and COO, Melanie Maureen Efron, CFO, and Dave Haynes, CTO and president of Nuuly. Welcome, Frank, Dave, and Mel. Thank you very much for having us. Brooke, Goldman, thank you all for being here. I missed my morning workout this morning, so I talked back normally already, and I'm probably going to be a little sped up even more so than normal. So opening remarks, it was just another incredible second quarter and quarterly performance for us, 10% top-line growth to $1.7 billion. All brands, retail segment brands, comp positive again. Both channels, comp positives. three people clicking on all cylinders at a 10% urban outfitters just you know continuing their their turn and their momentum here in North America global Brent global the brand comp was an 8% and anthropology at 3% which I think is something almost like five years of positive comps now for anthropology newly another just impressive quarter at 29% of top-line growth and doing it driving that type of growth while while increasing profitability dollars and rates and wholesale was was up 19% it was our most profitable operating profit quarter ever we grew quarter year-over-year quarter by by 11% so just a fantastic performance I as proud as we are of honestly of all of the brands I think the the one thing that I want to continually stress and I think that maybe is, you know, can be a little underappreciated for us right now is the strength of the collective. You know, I think we've now had eight straight quarters of record sales and record operating profits. And, you Know, I sit here and I start to reflect now being here 20 years. I'm not quite the tenure Danny's gotten in the front row, but, you KNOW, there's the both spots growing for sure but you know I think about 20 years ago we really had two significant brands at you know with Urban Outfitters and Anthropologie and when both were clicking at the same time it was great and then you know when one would you know stub its toe a little bit you know it definitely caused some some inconsistency in our performance now we've got three meaningful brands with the size of the size free people between urban anthropology and free people. I think we've got two of the best growth stories in the industry with Newly and FP Movement. And the power of the collective is just incredible. If you think about a few years ago, you had Urban Outfitters that we were going through a leadership transition and the business wasn't performing up to expectations. We had a startup that was just starting to find its way in operating profit, but we were still delivering top-line growth and bottom-line growth on the backs of free people and anthropology. Right now there's a lot of conversation about anthropology being a little bit off of the bullseye, but you've got free people clicking on all cylinders, you've gotten newly delivering robust growth, and you've had the Urban Outfitters turnaround. I think that the strength of the collective is honestly the thing that we're the most proud of right now, the quarterly results and the individual pieces. We're certainly very proud of the brands and our leaders, But I think the strength of the collective is really something meaningful right now that is a strong differentiator for us and something that we're very excited about going forward, just that diversification in the model. If you think about the age demographic from urban to free people to anthropology, think aboutthe channels from stores to digital to wholesale to subscription rental. There's just a lot of ways and a lotof levers that we can win sort of quarter after quarter. Great to hear. Thanks for those thoughts, Frank. Maybe we can dig in to anthropology, given that it is one of the most discussed topics by investors. What gives you confidence that the encouraging fall rates and positive regular price trends that you saw in July can translate into stronger performance for the balance of the year? How are you thinking about the cadence and timeline to return the brand to mid-single-digit comp? Great. So we choreographed a little bit, so I'm going to hand this one to Melanie so she's not just sitting down there. Melanie, you want to talk to anthropology please? Absolutely. Thank you, Frank, and thanks again for having us. we are you know very optimistic that you know they as Frank said they're slightly off the bullseye and that they will return to a new single-digit comp growth at some point and it's really the confidence we haven't is really based on the leadership and team that they have you know Tricia Smith joined the group over five years ago and they've had 22 quarters of positive comp growth and I think it's almost four years of double-digit operating profit rate so you know we have they've had strong results and it's really driven by the team that she's brought around her and the strategies that they've put in place you know modernizing the product bringing in new consumers into the brand without you know like losing any of the diehard Anthropologie fans and modernizing the selling environment. The team is agile and kind of following the reads that they got this summer and they're confident that the business will improve. I think for Anthro right now you know we're in still such a strong fashion cycle and such a strong bottom cycle remains but you know they've gotten you know really strong reads with the early promotional event that they ran I think it was the in the end of July and we're just so excited about where the fashion is going and excited about the reads that they felt like some of the things that were winning they just needed to transition out of faster and pour into pour into the new which which is the model so you know they're not you know it's sort of we always talk about the bullseye they're sort of just throwing darts right now they've got a strong amount of conviction as to where they're going going and where the business and what the assortment should look like. You're able to see it on digital first because, you know, it takes a little bit of time to transition and transition the penetration in stores. So you're able zu see it digital because, you know we can merchandise digital a lot easier than you can the store. And they're seeing that strength in digital and then they're starting to see it in stores as that new product assortments comes through. That being said, you we talk about anthropology and just transitioning to what they're excited about. It was still a 3% comp with a low teens operating profit. So as a business is transitioning to being slightly off the bullseye, it's still very stable and a pretty good place to be. You mentioned margins there. Let's talk a little bit more about anthropology margins, which I think are on track to be low teens this year versus mid-teens last year. Is mid-teen still the right long-term range for the business? And how should we be thinking about the building blocks to get back there? And can that be achieved if you continue to comp in the low-to-mid rather than the mid-single-digit range? Yeah, absolutely. Mid-teens is how we think about anthropology and free people running on a normalized basis. We think about those brands and how we like to plan those brands as sort of a mid- single-digits comp and a mid teens operating profit. And when brands like free people are clicking on all cylinders right now. They're going to deliver better than that from a top and bottom line perspective. And when they're going through a little bit of a transition, they're going to be able to deliver a little lower than that. But like I said, low teens isn't so bad. They don't need a mid-single digit comp to get back to mid-teens. Most of their degradation right now is largely about markdowns. So once they're lapping an anniversary, it's an opportunity actually for next year. Some of the higher markdowns that it's taking to transition out of the product that's not performing as well, they're able to recover those margins. In addition, when you think about the macro events, we're now starting to, and maybe hopefully it'll stay, it's starting to transition into a more favorable tariff environment for us on a year-over-year basis. That'll be the case for the back half of the year and into the first half of next year. Of course, there's always something, right? So we'll see what happens with fuel and what those surcharges look like as those prices continue to rise. But at least from a tariff perspective, it is a favorable environment and that should be able to help them and their margins as well. Dave, let's bring you into the conversation and talk a little bit about Nuuly. You just grew over 30% year on year, which is impressive given the scale of this business, where you briefly surpassed over 500,000 subscribers, a real achievement. What do you see as the U.S. subscriber TAM today? Where are you most penetrated and where do you See the biggest opportunity? Yeah, so talking a little bit about Nuuly, you know, where we are now versus where we started, you know, a little back over 500,000 subscribers now. We started, when we started this in 2019, you know, we did a fair amount of research up front and really wanted to understand the market potential of this idea before we got into it. So one of the benefits we have is we can survey our existing customers across the brand so we did a lot of that survey work and there's around 23 million or so women in the US between the ages of 20 and 44 and we surveyed a population of that group and found that roughly 70% of them responded favorably to the idea of rental you know as a business model before we had even gotten live so we have a good sense that there's a population somewhere in the range of 15 or so million or so and just based on that survey response that you know we think is an addressable audience for this business model and I understand why this question gets asked of newly because it's a very it's a new business model it's not a business model that's very you know common here in the US so it's you know everyone in the room probably is curious about what the potential is here the interesting thing though so we think that that market out there exists and as you were saying earlier right you were you know wearing your newly hat and a lot of women had known about the brand but they didn't they haven't tried it yet right so the amazing thing what we see is that there's still so much awareness that is not that people might be slightly aware or might not be aware at all and our job is to get to get that out to to get get you've got them to be aware, right? So building awareness, growing the audience, growing the subscriber base is really what we think we have the potential to do, but we are so untapped in terms of awareness across the country, and we just think there's a ton of potential. So, yeah, we think the market is quite big, and we think We still have a long way to go to really continue to capture it. I certainly remember a few years ago sitting in front of investors, and we said that we thought it could be a billion-dollar business and 10% operating profit. And I think it was sort of like Poltergeist watching the head spin around a little bit. And knock on wood, Dave and team just have crushed it and should be north of $700 million this year. With so much opportunity in front of you, I think we couldn't be more confident that this is north of a billion dollar business as well as the profitability that the business is able to throw off. I think the one thing for me that excites me equally is sort of the TAM and the size of the top-line opportunity is how sticky it's been. I think it's become stickier from a retention perspective than we ever really anticipated. Typically, when customers try a new business channel or a new concept, they can be in and out. and you know we've seen from cohort to cohort the retention is very very similar and it's a concept that that they they really you know they do enjoy and they use in their lives and i think the you know dave was very smart about allowing the program to be flexible and you can you can pause anytime you want so you know if you're you want to buy an extra box for for rush week and you're in a sorority and then maybe and then Maybe pause over the summer or if youre um you know if you're traveling and you want to buy, you know, you're not going to be home and you want to pause, and that's okay. But just the stickiness of our active subscriber group has been, honestly, has been really impressive. And then when you think about the size of the opportunity of, you Know, there's so many that just haven't tried it or aren't unaware of it as well. Dave, as president of Nuwi and CTO, can you talk a little bit about where you're seeing the biggest opportunities for technology, personalization, and AI to improve the customer experience and drive engagement? Yeah, look, we do a lot of listening to the customer and listening to our subscribers at Newly. And I'll answer this kind of for Newly and URBN more broadly, but specifically for Newley, you know, they want to know that they can order what they want at order. They can find and discover the items that they want for that, you know. event that they have or for dinner that they're going to so discovery is incredibly important the ability to get the items when they want them and make sure that they get them on time so you know we look at the entire customer journey and try and think of all right what are the pain points in that journey and where can we focus technology and kind of innovation to make that pain point you know an easier experience so from a personalization standpoint we're very focused on surfacing more intelligent products that are based on her previous history. So what has she rented in the past? What has she viewed in the path? What is she viewed in the past that she's skipped over and not decided to rent? You know taking in all of those data points and then serving up the next best item. Our rental assortment right now is over 34,000 choices online so you know we do know that that can be a fairly broad and somewhat overwhelming experience if you don't have an easy way to discover discover merchandise so personalization becomes a very important thing to surface the right item at the right time to the right subscriber you know we spent a lot of time on improving the search capability so we're not just now you know having our search solution kind of return results based on just kind of keywords we're having them return results based the semantic intent of what they're typing into the site so those types of technology improvements are things that we're focused on the other kind of big pain point is that you know she orders six items from her newly subscription a month if three of those things don't fit the right way that's a disappointing experience so we spent a lot of time making sure that fit can be something that is more intelligently conveyed to her when she's deciding what she wants to rent that's a lot data that we're getting back from subscribers as they're browsing around as they are giving us feedback based on what they have rented in the past. They're saying, did it fit right? Did it not? We use all of that data to then say, okay, you look like this person here based on all of the 500,000 subscribers that we have that have rented that thing or rented things like that. We can give you now a very strong fit recommendation that makes sure that you will have the highest likelihood of being satisfied with what you're renting. So it's those kinds of experiences where we try and use the data that we're getting from the platform to make the most intelligent experience and most convenient experience for the customer those are just two examples of the ways that we try to apply technology and data to the experience but it's those it's based on listening to the customer and understanding what her pain points are and then trying to apply fixes I'm gonna you know sort of just harp on the the benefit of the collective here the amount of engagement that newly has with their subscriber is incredible and the how rich the data is, is honestly stronger than any of our other brands, which, you know, obviously there's a connection with the brands, but, you think about the retail experience, it's fairly transactional. The amount of engagement with subscription is very different. Dave and team share that information back, right? So, you have 45 to 50% of the assortment are Nuuly sister brands at Urban Outfitters, Anthropologie, and Free People. So as the newly platform receives feedback on fit and maybe this runs a little too small or a little too large or I like this or I Like This Fabric, all that information gets fed back to the sister brands and benefits the overall ecosystem of the entirety of URBN. So it's just great to have that level of engagement and to be able to have the amount of data that we're able to share across the board within our business. Great. Let's shift to the UO brand. You've had some incredible momentum there, but you're coming up against some tougher comps. There's a lot of investors that are nervous about Europe and what is happening there, given what we're hearing from other companies. What are you seeing? What gives you confidence? And then, Frank, can you talk a little bit more about the profitability of the brand, of what it's on track to achieve this year? Sure. So let me start with Europe. I don't think the market there is in the strongest position as we are here in the United States. That being said, the Urban Outfitters brand is just operating on all cylinders, is really performing exceptionally well. There is a strong fashion cycle, you know, and typically those start in Europe and it continues to be there. There's no question in our mind, whether it be in the UK as it exists today or in the European market, the EU, that we think we're gaining market share. You've got a really strong team there. You've Got a really Strong Product Creative and Marketing Team there that has great connection with their customers and, you know, have really hit it out of the park with the bottom cycle and continue to feed newness and new silhouettes into the assortment. So we think we're gaining market share. Honestly, we've planned that business a little more conservative for the European market and in the mid-single digits, and they've made liars out of us the last few quarters. They're up against a multi-year comparison right now and honestly have not shown signs of slowing down. So we're really excited about the continued growth. You're seeing it in stores as well as in digital, but really impressed with how the stores have performed. And for North America, you're right. It's about comp and the comp now. And we turned the business comp positive last year, and now they're up against those results. And we're confident that they can continue to deliver. I think the execution of the brand is absolutely on point, and it always starts with product. Reg price sales is what's driving the business now, but it's not just about the product. I think the whole engine has to work together. The marketing and creative is critically on point as well. And when you say what gives us confidence that we can continue to deliver, reg price sales, starting with product, is driving the business. And then you just look at sort of the connection with their consumer. And Urban Aperture isn't a brand that's going to win on the lowest price on the street. And it's always been a very competitive space. It's always Been a consumer that can be fairly transient versus some of our other brands where the consumer can be very loyal. So it's really important that they show up where and how to what is relevant for their customer. They're driving double-digit customer growth on digital right now. And if you look at some of the collaborations that they've done, the launches, the university events, the artists that they're partnering with, they've gotten that it factor back, that cool factor, something I didn't really experience as much as a kid. But they do, and they're relevant, again. And, you know, there was a point in time there where we weren't executing well, where I think they had lost a little bit of their relevancy and they had loss a little of that cool factor. And they've gotten that back now. So product is always the most important, delivering the right assortment at the right price, at the rate value. But I think the marketing and connection of that brand is really critical as well and, you now, being that cool brand that has that relevancy. And we're seeing it right now. And I would tell you, you know, Shea and team are not scared of, you know, having a comp-to-comp. They know that they owe, you know, some business back. They know the size of the opportunity that's there, and they're very excited about it. As it relates to profitability, we're still on path to hit low single digit profit rate this year, and that's really with improvement in North America. I think we think North America would likely still be at a bit of a loss and improve profit dollars and rates at the Urban Outfitters Europe business. And, you know, within North America, they're making really nice progress. I would tell you things like fuel surcharges, it hurts Urban more than our other brands. You just think about they have a lower AUR than Anthropologie and Free People. So if there's a dollar surcharge on an outbound delivery truck, it hurts them as a rate more than it does the other brands. So if you think about things like inbound freight, which is more expensive right now, it's hurting them in an IMU perspective. So I think they could have recaptured even more if it wasn't for a bit of the macro. But they're doing a great job in, you know, showing favorable markdowns on a quarter-over-quarter perspective, leveraging off on costs like store occupancy. You know, you heard about us leverage store occupacy in the second quarter at the URBN level. That's driven from Urban Outfitters and from their comp and them leveraging store occupency. That's the biggest driver there and leveraging off of their fixed expenses. Even though they're connecting from a marketing and creative perspective and putting more out there, they're also seeing, you know, leverage and opportunities there. So we still, you know, feel comfortable with how we plan the year, heading into the year that they could hit low single-digit operating profit rate. As you look forward into the following years, you Know, obviously you've got the macro from a tariff, and eventually hopefully fuel will, the surcharges will subside, which is opportunity for them. But it's about continuing to comp the comp. You know, they've shown really nice improvement in markdown rates. I wouldn't say that they're at their historical best, but most of that meat is off the bone based on how they're operating. They definitely have an opportunity in INU. Some of that's macro-driven. Some ofthat's execution-driven as well. And then it's about delivering top-line comp. And when we look at the customer growth and the strength of the customer grow and the connection of the brand, when welook at the strengthof reg price sales within key categories like women's apparel and home and accessories and men coming along as well now, So it leaves us confident that we can not only finish the year but drive it into next year and really start to continue to see improvement in their overall global brand's operating profit rate. There's a lot of margin drivers that we should start to dig into. But one last question before we shift there. Let's talk a little bit about free people movement. We're seeing some incredible results there, but the active category has really been an area of debate the last few quarters. What's driving and enabling the outperformance, And do you have that similar cautious view on active as a category and aggregate? I'll take that. Thanks, Brooke. So we are super excited by the growth of FP Group in general. They grew 15%. But FP Movement has really had incredible growth. And we still think it will go farther. I think they are uniquely positioned between technical performance and style, and that really has differentiated them in the market. They're relatively small. they're about 30% of FP group sales and we think there's lots of runway there's approximately hundred stores in the United States we know there's opportunity for at least two to three times that in just domestically and then that doesn't even touch international we've just started to begin to distribute you know through direct to consumer channels for FP movement and also have some very strategic wholesale partnerships to start to drive that global or international awareness and we think stores will follow for that one so I hear you on the industry in general but SP movement is really running well okay I tell you and I totally understand where the you know where that space comes from and it's not you know it's exciting and maybe the the rising tide isn't rising all boats the fashion differentiation of FP movement is so different than others that are out there. The breadth of their assortment is so different. Yes, they have technical performance. They've spent a lot of time, as examples, working on technical bras from a performance perspective, and they're honestly just doing incredibly well. That being said, when you go to the store, like, you know, there's a baggy bottoms trend right now. FP Movement's doing it, right? It's not just about tight leggings. You know, they're to and from, their outerwear, just the fashion element, the look, the embellishments, the fabric, you know, everything that they've got going on. This is a very differentiated brand. As Melanie said, you know 30% of the total FV group, they should have clipped over $500 million this year. This is the brand that we don't know where the ceiling is. You know, it's well into the billions. It's our one brand that serves the broadest age and income demographic versus all of our brands. So, you know, their sort of addressable market is much broader than any of our other brands. Their price point is much brighter than any other brands, and I think end use as well. So we're just, you Know, I understand some of the challenges that are going on with some of the other players that are out there in the industry. It does not, you Now, put caution to us based on our performance at all. We're not seeing it in our business, and we're seeing just really great customer growth and great customer connection, and you can see that in the top line. sales. And you're also talking about a business that is, you know, close to free people's profitability as well. Their store four walls are exceptional. And you're talking about business that's running low double digits, you know, sort of in that low teens to mid-teens operating profit already as it's in a growth stage. Let's talk about some topical things. First off, we're asking every company at our conference today their view on health of the consumer. What is your expectations for the environment in the second half of 26 relative to your recent results? Do you expect things to be the same, better, or worse? And as a follow-up, do you expect the health of the consumer to be better, the same or worse in 27 versus 26? Yeah, I think my answer for both is similar. And that's just based on what we see. You know, I'm certainly not a consumer expert and nor an economics major to predict kind of the future on a broader perspective. But what we See right now is there's really strong fashion You know, employment is still in a good place. Wages are up. And we're seeing a ton of engagement, and we're seeing zero price resistance. You know? Free people, anthropology, urban outfitters, we're seeing zero place resistance in the business, and we're seen the same level of engagement activity, traffic, conversion, as we have been seeing for quite some time right now. So we haven't seen any change in the consumer behavior, nor have we seen sort of a slowdown for that appetite for fashion right now in our business. And until we do so, you know, we're going to continue to support that consumer. Of course, we run a, you know, a nimble model, and if we have to adjust, you know, will at some point in time if that comes to fruition. But we're not seeing that in our businesses right now. We're seeing the consumer really healthy and engaging, and engaging at, you know, healthy price points, driving red price sales. Great to hear. On pricing red price sales, another question that we're asking all companies is, do you expect your prices in AUR to be higher, lower, or the same in the back half of the year versus the rate that you delivered in the first half? Yeah. I would say higher, but I'm going to caveat that. It's not about taking price on year-over-year items. It'S purely about mix. We're in a very, very strong bottom cycle, as an example. And your bottoms-to-tops ratio is different than it used to be, whereas bottoms are driving more of the volume and typically you know a knit top or soft woven top is less expensive than a bottoms so because of that cycle we're seeing that mixed benefit and benefit our AUR as well as we're Seeing new items that we're putting into the assortment where we're Putting some extra value some quality and some better fabric into the product and we're seeing no resistance at all from the consumer. But it's not about sort of macro pressures, whether it be historical tariffs or fuel surcharges and us looking to raise the price on consistent items on a year-over-year basis. It's much more about mix and about where the fashion is right now. So I think we've had our AURs as a total company has been up for the last several quarters. And I think that'll continue for a period of time just based on where the fashion it is right now. You've brought up fuel surcharges several times. It is very much on investors' minds, especially with some of the fuel volatility that we've seen recently with oil. Can you talk a little bit more about the drivers of growth margin expansion in the back half while you navigate these fuel sur charges? What support that outlook? Where do you have the highest level of confidence? And to what degree can you pull levers to offset oil at a higher rate? So our guidance for Q3 is 25 to 50 basis points of gross margin improvement, and that's really being driven by an improvement in the tariff environment versus last year. If you think about last year, we started to see the highest tariffs in the third and the fourth quarter, and lacking a more favorable tariff environment would lead you to improved gross margin. Now, that's being slightly offset by the fuel surcharges that we're experiencing now. I think we've talked about 70 basis points per quarter between inbound freight freight expense and delivery Those are the two drivers and then the last driver of our gross margin improvement We had in the beginning of the year to which is occupancy leverage with which Frank mentioned and you're right The teams are constantly working to do things like less expense bringing in things in less expensive mode but that's really how we're guiding the street and our forecast for the rest of the year. And we still are maintaining our forecast of improving gross margin by 25 basis points for the year, despite the fact that the fuel surcharges have come into, you know, into the world in the past, you know, six or so months. As it relates to next year, who knows, right, what happens with fuel. But the reality is we'll lap it. You know, so let's just say the environment stays consistent. You You know, we'll start to lap it in the second quarter. You've got a favorable tariff environment at least for the first half of the year, next year if things remain the same, and a little bit into the third quarter. As you mentioned earlier, anthropology, you know, still low teens, but not how we would normally plan them to operate. And, you Know, so they're going to have markdown opportunity that relates to next year. You've Got the urban outfitters turn around, continuing to grow their operating profit rate. and you've got Nuuly continuing to grow and to grow their profit rate as well. So there's a lot of opportunities that we have over the long-term horizon to continue to add profit to the business. I would tell you, and I think the net works out to be favorable, personally, we probably won't plan free people as high as they are from an operating profit perspective right now. I just think it's the prudent thing to do. But when you've got all the other opportunities, like the favorable tariffs, you know, fuel, once it does eventually subside, you've got Urban Outfitters improvement, you got anthropology improvement, and you've got newly improvement, again, I'm going to come back to the power of the collective and the power of the portfolio. You've got enough levers that are there that can drive, you know, long-term operating profit dollars and, you know, and rate growth. To be clear, one question that we're asking all companies at the conference is whether or not they think that there's more margin headwinds or more margin tailwinds into 2027 versus 2026? You sound very optimistic in that last answer. Should we assume that that means that you see more tailwind ahead? I think I'm more optimistic about what's specific to us and to our company. I think from the macro environment, it certainly feels like oil and gas are going to be a thing for a period of time. So I think that's going to Be a headwind. Like I said, the tariffs are a tailwind. I think we're still excited about where the fashion is as well. You know, and that's always a healthy spot for our business to be. So, you know, that still feels very comfortable for us. But I think it's much more specific to our internal opportunities. You Know, the Urban Outfitters turnaround, Nuwe's continued growth, FP Movements' continued growth in connection with the customer, Anthropologie getting closer into the bullseye. So when we think about the internal things that we can control, we're very excited. And then, you know, certainly I would say we're in the early stages of technology, but we're excited about what technology can do and, you know, the amount of information that we can collect and that we can use to drive the business and some of the projects that we have going on. Working on a product lifecycle project where we can speed up our calendars. Last time we did that was 2016. It was really impactful to our business. We're now running several hundred basis points lower as an overall company's effective markdown rate 10 years later after doing it. And you think about things like marketing and personalization that Dave mentioned earlier, and the strength of what technology can do there as well. I think that's also going to be a driver, and I think it's going to Be a driver for the next several years. That's great to hear. Sounds like a lot of tailwinds ahead. Yeah. Thanks, Frank. Thanks, Alan. Thanks Dave. And thank you, everyone.