00:00 Josh You like Lululemon, that name of course has been just shelled. So so what are the catalysts ahead, Michael, that you see that say, okay, this one, this one's going to move higher. 00:08 Michael Absolutely. So, uh there's a few of them. First off, they're going to be an announcing a new CEO pretty soon. I think that could be a positive catalyst. I think investors are looking for a proven...
00:00 Josh You like Lululemon, that name of course has been just shelled. So so what are the catalysts ahead, Michael, that you see that say, okay, this one, this one's going to move higher. 00:08 Michael Absolutely. So, uh there's a few of them. First off, they're going to be an announcing a new CEO pretty soon. I think that could be a positive catalyst. I think investors are looking for a proven operator there. The prior CEO, you know, was running the business, but was also the creative director, and that just didn't work. So they've split the role. They have a new creative director who's really focusing on new product innovation, refreshing the assortment, uh and also moving into other categories like, uh, athleisure, uh, also men's wear as well. 00:46 Michael So, we think that if the North American business can stabilize and the international business continues to grow 20% plus uh with higher margins than North America, then the uh earnings profile is likely bottomed here, and you can get very strong returns over the next few years as we see uh earnings growth but also multiple uh expansion for Lululemon. 01:21 Josh And finally Michael, Amazon. I've had a couple smart tech analysts come on, say they they like this pick. It sounds like you do too. You say the most attractive it's ever been actually on a sum of the parts basis. Walk me through that. 01:36 Michael Yeah, that's right, uh Josh. So what we see going forward is on the retail side of the business, you know, since really the pandemic, Amazon has embarked on this massive um build out of their uh network infrastructure, the fulfillment centers, the logistics, etc, etc. And so they're kind of coming to the end of a five-year build on there. So going forward, we think the incremental margins on additional sales on the retail side will, you know, the margins there will inflect higher. 02:11 Michael Um, but you know, the bigger driver is Amazon Web Services, AWS. The most recent quarter, we saw growth re-accel...