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    Anna Glaessgen • Jefferies Financial Group Inc.

    Anna Glaessgen's questions to RealReal Inc (REAL) leadership

    Anna Glaessgen's questions to RealReal Inc (REAL) leadership • Q2 2025

    Question

    Anna Glaessgen from B. Riley Securities questioned whether the recent surge in new consignor growth was a temporary response to market factors like tariffs or a more permanent shift. She also asked for more specific details on the potential cost savings per unit as the Athena platform scales.

    Answer

    President and CEO Rati Sahi Levesque asserted that the growth is not a 'one-time benefit,' as it's the second consecutive quarter of double-digit growth and is directly attributable to internal initiatives like the referral and Reconsign programs. CFO Ajay Gopal quantified Athena's impact by pointing to the 310 basis points of leverage on the ops and tech line in Q2 and reiterated the goal of taking out 'multiple dollars of cost on a per item basis' as it scales.

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    Anna Glaessgen's questions to Honest Company Inc (HNST) leadership

    Anna Glaessgen's questions to Honest Company Inc (HNST) leadership • Q2 2025

    Question

    Anna Glaessgen of B. Riley Securities asked for a deeper analysis of the record gross margin, specifically the impact of the channel shift away from the direct-to-consumer business. She also inquired about the current scale and long-term contribution potential of the company's apparel business.

    Answer

    CFO Curtiss Bruce confirmed that the record 40.4% gross margin was driven by a favorable mix of both higher-margin products and channels, including the strategic de-emphasis of the honest.com business. Regarding apparel, he highlighted its expected contribution in the second half of the year, driven by the award-winning 'Fam Jams' line, and noted its role in the strong Q4 performance anticipated in the company's full-year guidance.

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    Anna Glaessgen's questions to Honest Company Inc (HNST) leadership • Q1 2025

    Question

    Anna Glaessgen inquired about the consumption deceleration observed exiting Q1, asking if it was a broader category trend or specific to Honest. She also questioned whether the company is seeing any consumer trade-down from premium natural products due to macro uncertainty.

    Answer

    CEO Carla Vernon clarified that the deceleration was largely isolated to their diaper business at Target, following a distribution change involving the removal of gendered prints. She contrasted this with nearly 20% consumption growth in the rest of the market. Vernon noted that while categories have slowed, Honest's 8% consumption growth significantly outpaced the competitive set's 1% decline, indicating resilient demand for their products, particularly in the sensitive skin segment.

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    Anna Glaessgen's questions to Honest Company Inc (HNST) leadership • Q4 2024

    Question

    Anna Glaessgen of B. Riley Securities asked for more perspective on 2025 gross margin expansion after lapping 2024's one-time benefits and questioned the margin difference between the company's DTC channel and third-party digital partners.

    Answer

    CFO David Loretta explained that while some 2024 pricing benefits have been lapped, the cost savings from supply chain optimization are structural and ongoing. He noted that margin expansion in 2025 will be supported by a favorable product mix and the continued, deliberate shift away from the company's less efficient DTC channel towards more scalable retail partner platforms, which offer superior cost structures.

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    Anna Glaessgen's questions to Honest Company Inc (HNST) leadership • Q3 2024

    Question

    Anna Glaessgen from B. Riley Securities questioned the effectiveness of Amazon Prime Day for acquiring new customers versus serving existing ones and asked for an update on the company's sourcing exposure to China, particularly for its wipes category.

    Answer

    CEO Carla Vernon confirmed that Prime Day is a powerful tool for acquiring new-to-brand shoppers, noting that strong performance on the platform boosts search rankings and drives trial. CFO David Loretta addressed the China sourcing risk, acknowledging that the wipes portfolio is sourced there. He stated the team is proactively working on diversification and cost-reduction plans to mitigate potential tariff impacts and does not expect a material impact in 2025.

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    Anna Glaessgen's questions to MarineMax Inc (HZO) leadership

    Anna Glaessgen's questions to MarineMax Inc (HZO) leadership • Q3 2025

    Question

    Anna Glaessgen asked if the recent uncertainty has altered MarineMax's view on the broader retail recovery timeline and sought more color on the consumers who were driving the sales pickup in July.

    Answer

    CFO Mike McLamb affirmed that their long-term view on the boating lifestyle's appeal has not changed, despite the current pause. CEO Brett McGill noted that the soft June quarter necessitates ongoing inventory recalibration with manufacturers. Regarding July, McGill highlighted that innovative new models continue to sell well and that the month did not suffer from the 'cliff effect' that hampered April.

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    Anna Glaessgen's questions to MarineMax Inc (HZO) leadership • Q2 2025

    Question

    Anna Glaessgen asked if there has been an increase in cancellations of existing orders and whether potential tariff-related price increases would primarily impact the next model year.

    Answer

    Executive William McGill stated there has not been an increase in order cancellations. He also confirmed that current inventory levels will carry them through the season and that they are working with manufacturers to mitigate any potential price increases on future model year products. Executive Michael McLamb added that MarineMax has a history of successfully passing on necessary price increases in the premium segment.

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    Anna Glaessgen's questions to Fox Factory Holding Corp (FOXF) leadership

    Anna Glaessgen's questions to Fox Factory Holding Corp (FOXF) leadership • Q1 2025

    Question

    Anna Glaessgen inquired about the indirect impact of tariffs within the bike business supply chain and asked for elaboration on the product mix improvements that contributed to margin performance.

    Answer

    CEO Mike Dennison clarified that in the bike business, Fox delivers products to OEMs within Taiwan, so the direct tariff impact is more on their partners. He explained that product mix improvement is happening across all segments, driven by focusing innovation on higher-end, more profitable products and expanding the portfolio in categories like premium wheels, which helps the company pivot during volatile periods.

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    Anna Glaessgen's questions to Fox Factory Holding Corp (FOXF) leadership • Q4 2024

    Question

    Anna Glaessgen from B. Riley Securities inquired about the automotive OEM business, specifically how conversations with partners are evolving regarding potential tariffs and production adjustments. She also asked if low double-digit growth is still the correct benchmark for the Marucci business in 2025.

    Answer

    CEO Mike Dennison clarified that FOXF's premium truck partnerships (Ford, Toyota) are somewhat insulated, but consumer demand could be impacted by inflation from tariffs. He noted Stellantis is rebounding from 2024 lows. He affirmed that Marucci is expected to be a double-digit growth business in 2025, citing its record 2024 performance and new product pipeline.

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    Anna Glaessgen's questions to Fox Factory Holding Corp (FOXF) leadership • Q3 2024

    Question

    Anna Glaessgen asked about the balance between implementing significant cost-saving measures and protecting the company's long-term growth story and innovation pipeline.

    Answer

    CFO Dennis Schemm stated that after prolonged OEM uncertainty, the company is taking decisive action to improve margins through footprint consolidation, product portfolio optimization, and inventory reduction. CEO Mike Dennison added that returning to historical EBITDA margin levels strengthens the brand and positions the company for exponential growth when demand returns. An executive also noted that predictable margins enable continued investment in growth initiatives like the Marucci MLB partnership.

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    Anna Glaessgen's questions to Yeti Holdings Inc (YETI) leadership

    Anna Glaessgen's questions to Yeti Holdings Inc (YETI) leadership • Q1 2025

    Question

    Anna Glaessgen asked about the strategy for allocating constrained inventory between the direct-to-consumer and wholesale channels, as well as allocation practices within the wholesale channel itself.

    Answer

    Executive Matthew Reintjes described a multi-layered allocation strategy that is product-dependent rather than channel-biased. Decisions are based on supply levels, with some products launching internationally, others being constrained across all channels, and some being delayed to build sufficient stock. CFO Michael McMullen added that the company is using this period to learn how to operate with lower inventory levels going forward.

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    Anna Glaessgen's questions to Traeger Inc (COOK) leadership

    Anna Glaessgen's questions to Traeger Inc (COOK) leadership • Q1 2025

    Question

    Anna Glaessgen from B. Riley Financial, Inc. inquired about the current retail environment, specifically asking if retailers are becoming more hesitant to take on inventory and for how long current inventory levels can sustain demand.

    Answer

    CEO Jeremy Andrus stated they have not sensed a reluctance from retailers to take on inventory, though there has been a shift from direct import to domestic fulfillment to navigate tariff complexities. CFO Dom Blosil clarified that the company is planning inventory conservatively, reducing purchase orders to avoid a future destocking issue. He emphasized that current inventory on hand is sufficient for near-term demand, allowing them to pause new orders and react to demand signals during the peak season before re-ordering.

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    Anna Glaessgen's questions to Traeger Inc (COOK) leadership • Q4 2024

    Question

    Anna Glaessgen inquired about the 2025 outlook for the accessories business, specifically MEATER, asking if an inflection point is expected during the year. She also asked about the normalization of advertising return on investment post-election and whether the projected Q1 decline is isolated to MEATER or affects other segments.

    Answer

    CFO Dominic Blosil explained that the company is conservatively forecasting MEATER's performance and that any potential inflection would be upside to the current guidance. He noted it is too early to determine if advertising ROAS has normalized for MEATER, as Q1 is not a significant quarter for the brand. Blosil clarified that the anticipated Q1 decline is reflective of multiple segments, driven by uncertainty in order pacing related to potential tariffs, which complicates quarter-to-quarter predictions.

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    Anna Glaessgen's questions to Traeger Inc (COOK) leadership • Q3 2024

    Question

    Anna Glaessgen asked for clarification on the implied Q4 guidance for grills and questioned the current competitive landscape for wood pellets.

    Answer

    CFO Dom Blosil confirmed that Q4 grill growth is expected to moderate from Q3's strong performance but will remain positive, driven by strong sell-through and retail replenishment. CEO Jeremy Andrus added that the competitive landscape for pellets has not shifted meaningfully, and Traeger's vertical integration and brand loyalty provide a strong defense against private label and other brands.

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    Anna Glaessgen's questions to Academy Sports and Outdoors Inc (ASO) leadership

    Anna Glaessgen's questions to Academy Sports and Outdoors Inc (ASO) leadership • Q3 2024

    Question

    Anna Glaessgen of B. Riley Securities asked if the apparel category, which was impacted by warm weather in Q3, has improved in Q4. She also inquired about the company's outlook on gaining market share from smaller competitors.

    Answer

    CEO Steve Lawrence confirmed that apparel performance improved significantly with colder weather around Black Friday, leading sales during that key period. On market share, he stated their goal is to gain share across categories, noting they have held onto significant gains made since 2019. CFO Carl Ford added that the largest share opportunity comes from geographic expansion into new markets where they have no presence.

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