“Even with this ongoing investment, we expect to continue to deliver adjusted EBITDA margin expansion in fiscal ‘24.”

In context

“equity on an annual basis to every single employee, strongly aligning our team with the long-term interest of our shareholders. Even as we have grown our headcount by 60% over the past 4-years, our world-class team continues to drive strong productivity, outperforming other public beauty companies by roughly 3x to 5x on a sales and profit per employee basis. Our team is also highly engaged. Our most recent employee engagement scores were 19 points higher than consumer goods and services industry benchmark. As we have grown, we have continued to make investments in our infrastructure. This year, we will begin implementation of SAP to continue to optimize our operations and core processes. We are also planning to make investments to increase our distribution capacity to support our growth. Even with this ongoing investment, we expect to continue to deliver adjusted EBITDA margin expansion in fiscal ‘24. We believe these ongoing investments in our team and infrastructure position us well to continue to drive profitable growth. The progress on our five strategic imperatives has been terrific, and we believe we are still in the early innings with each. Before I turn the call over to Mandy, I want to underscore the three key areas where we see significant runway for additional growth in cosmetics, skin care and internationally. First, we believe we can grow share in our core mass cosmetics category. This is a $7 billion category in the U.S. We are the #3 brand today with a 9.5% share. At Target, our longest-standing national retail partner, we are already the #1 brand with an 18% share. We believe that our position at other major retailers could mirror that at Target over time. Second, we se”