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    Max Rakhlenko • TD Cowen

    Max Rakhlenko's questions to Arhaus Inc (ARHS) leadership

    Max Rakhlenko's questions to Arhaus Inc (ARHS) leadership • Q2 2025

    Question

    Max Rakhlenko of TD Cowen asked for management's view on whether Arhaus is gaining market share and how it is positioned against competitors. He also inquired about the specific drivers behind the product margin expansion in the quarter.

    Answer

    Founder, Chairman, and CEO John Reed expressed confidence that Arhaus is taking market share, citing its unique, proprietary product and growing sales. On margins, Reed mentioned proactive price adjustments in the spring helped. CFO Michael Lee added that product margin improvement was also driven by product mix and sourcing concessions, while transportation cost leverage came from higher sales volume. He noted new store openings in Q4 would help leverage occupancy costs going forward.

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    Max Rakhlenko's questions to Planet Fitness Inc (PLNT) leadership

    Max Rakhlenko's questions to Planet Fitness Inc (PLNT) leadership • Q2 2025

    Question

    Max Rakhlenko questioned the conservative same-club sales guidance for the second half of the year, asking why churn from online cancellations wouldn't normalize faster. He also asked about the new Director of Franchise Sales role and the strategy for adding new franchisees to the system.

    Answer

    CFO Jay Stasz clarified that churn from the online cancellation rollout is slightly higher than first modeled, warranting conservatism despite the ongoing benefit from the Classic Card price increase. CEO Colleen Keating added that new franchisees are needed for long-term growth and to provide succession options for existing franchisees nearing the end of their fund horizons.

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    Max Rakhlenko's questions to Boot Barn Holdings Inc (BOOT) leadership

    Max Rakhlenko's questions to Boot Barn Holdings Inc (BOOT) leadership • Q1 2026

    Question

    Max Rakhlenko asked about the long-term potential for exclusive brand product margins, particularly with the new VP of Sourcing. He also questioned if the positive turn in the work business is sustainable or related to easier comparisons, and how the company analyzes that business's historical performance.

    Answer

    CEO John Hazen stated that while the new sourcing team could deliver over 100-200 basis points of margin gain, these benefits are not expected until fiscal 2027 and 2028. Regarding the work business, he noted its steady improvement but said he was not ready to 'declare victory,' as there is still more work to be done to reinvigorate the category.

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    Max Rakhlenko's questions to O'Reilly Automotive Inc (ORLY) leadership

    Max Rakhlenko's questions to O'Reilly Automotive Inc (ORLY) leadership • Q2 2025

    Question

    Max Rakhlenko from TD Cowen inquired if competitors are taking different approaches to pricing amid tariffs and whether O'Reilly's price spreads have changed. He also asked for specifics on SG&A investments aimed at capturing market share.

    Answer

    EVP & CFO Jeremy Fletcher and CEO Brad Beckham both affirmed that they see the industry acting rationally and have not observed any significant changes in historical price spreads against competitors. On SG&A, Fletcher highlighted investments in teams and inventory availability, while Beckham added that they strategically maintain service levels even during slower periods to build long-term customer loyalty.

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    Max Rakhlenko's questions to RH (RH) leadership

    Max Rakhlenko's questions to RH (RH) leadership • Q1 2025

    Question

    Max Rakhlenko of TD Cowen inquired about the progress on reducing excess inventory in Q1 and asked for a bridge from Q1 free cash flow to the full-year guidance. He also asked if the company might need to raise capital.

    Answer

    CFO Jack Preston noted that inventory was down slightly sequentially, with more significant reductions planned for the second half of the year. Chairman & CEO Gary Friedman stated there is no plan to raise equity capital at the current stock price but might consider a convertible offering at a much higher price. He stressed that the company is not capital-constrained and is fully funding its growth initiatives.

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