John Kernan

“Matt, inventory down 2% on the balance sheet, which I think would imply units down even further. How would you characterize inventory in the wholesale channel and the timing of when wholesale discounts, which I think have been a pretty sizable headwind on gross margin, when will they begin to fade?”

“I've got one for Trina and one for Sarah. Trina, just within the guidance for revenue, it seems like there's a D-cell implied in both average order value. You addressed some of those points earlier, but how should we think about active customers in the back half of the year?”

“Sarah, how should we think about... Sarah, you're welcome. Sarah, how should we think about both selling and G&A? You gave some color earlier in the prepared remarks.”

“Trina, what do you think about operating leverage in the business as top line eventually reaccelerates? There's obviously been some deleverage on adjusted EBITDA margin in the last two years.”

“How should we think about the long-term margin structure of the business? Gross margin has been very stable and fairly volatile macro. I guess when we think about G&A and selling expenses, what are the opportunities long-term to see some leverage on these line items?”