Our product we are building the most comprehensive and compelling collection of luxury home furnishings in the world. So let me talk about these four Ps: our product, our performance, our prospects and our people. The four P's that give you an insight into what you might expect us to do next because while most of the world that this past year sheltering in place we've spent the time reimagining and reinventing ourselves at a never before seen pace.

We've taken a shot at four simple headlines that require neither a microscope nor a telescope. Since we the people of team RH generally move in the opposite direction of the herd are allergic to hunkering down and surely don't fully believe we belong in the pandemic pile. A microscope to search for the details and differences in those rare brands and businesses who belong anywhere with the pile and a telescope to see the opportunities that they will exploit post this pandemic. I believe many on Wall Street are managing their portfolios in piles, looking through the reading glasses when they really need a microscope and a telescope. Both are actually good piles because every one of those you were looked upon favorably whether you're on the top or the bottom of the pile. Others have been placed into the e-commerce is everything pile. We for example have been put into this there's no place like home pile. Even those who analyze and report the news seem to find reassurance in replication, trying to fit everything into a predictable pandemic piles of headlines we've all been reading. In times of turmoil, humans tend to move in herds hunkering down and finding comfort and conformity. We also turn this corner knowing that we used our time wisely to reimagine and reinvent ourselves once again. To our people, partners and shareholders, as we anniversary what has been one of the most difficult years in recent history and as we begin to see the light at the end of the dark tunnel of this deadly and disruptive virus, we do so with a greater appreciation for our freedom and the simple gestures in life like a handshake or a hug. So I'm going to start with reading the shareholder letter that we just released.

And then that way everybody's grounded and what we just said and it might just elevate and improve the quality of the dialogue as we go forward. It's been recommended to us and many of you sometimes are scrambling and don't necessarily get a chance to read the letter before the call starts since there's only an hour between we put out the release and we've had a suggestion to start with the letter and read the letter. We're going to get to try a different format for this call. Good afternoon, everyone and thank you for joining us. Gary Friedman - Chairman and Chief Executive Officer With that, I'll turn the call over to Gary for opening remarks. A live broadcast of this call is also available on the Investor Relations section of our website at ir.rh.com. You will find additional information regarding these non-GAAP financial measures and a reconciliation of these non-GAAP to GAAP measures in today's financial results released. Also, during this call, we may discuss non-GAAP financial measures, which adjust our GAAP results to eliminate the impact of certain items. Please also note that these forward-looking statements reflect our opinions only as of the date of this call, and we undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. Please refer to our SEC filings, as well as our press release issued today, for a more detailed description of the risk factors that may affect our results. These forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially.

Before we start, I would like to remind you of our legal disclaimer that we will make certain statements today that are forward-looking within the meaning of the federal securities laws, including statements about the outlook of our business and other matters referenced in our press release issued today. Joining me today are Gary Friedman, Chairman and CEO and Jack Preston, CFO. Thank you for joining us for our fourth quarter and fiscal year 2020 Q&A conference call.

Leapfrog letter factory transcript