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CFO Sarah Oughtred attributed the strong reactivation rates to giving healthcare professionals more reasons to return, primarily through great product innovation and ramped-up, full-funnel marketing efforts like the 'Where Do You Wear FIGS' campaign. CEO Trina Spear added that the reactivation trend is a significant sign of the industry emerging from the post-COVID purchasing overhang and returning to a period of demand normalization, suggesting the 12-month active customer window is somewhat arbitrary given the community's strong brand affinity.

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CFO Sarah Oughtred noted AOV decline was the lowest of the year in Q4, with improving frequency from existing customers. She stated inventory is at a 'better level,' down 35% from its peak, and while some pockets remain, they are buying with more conviction. Inventory growth is expected to moderately exceed revenue growth in 2025.

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Co-Founder and CEO Trina Spear affirmed a full-funnel marketing approach that remains disciplined yet opportunistic. CFO Sarah Oughtred clarified that the Q3 sample sale was consistent with the prior year's promotional cadence and was extended in an attempt to offset weaker-than-expected results from the back-to-school campaign.

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CEO Spencer Rascoff explained that the deep cuts, yielding $100 million in annualized savings, aim to create a more nimble organization and fund reinvestment for growth. He stated the savings allow the company to feel confident in hitting its Investor Day targets while also investing in international expansion for brands like Tinder and Hinge, the affinity segment, and Tinder product development. Rascoff emphasized the cuts make them increasingly confident in their full-year guidance and ability to reinvest.

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President and CFO Gary Swidler explained they iterate on these features to remove bad actors while minimizing impact on good users, with current tests factored into the outlook. CEO Spencer Rascoff added that creating a clean ecosystem is a 'must-have' that drives positive long-term business outcomes like retention and lower acquisition costs, even if it impacts short-term user metrics.

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CEO Bernard Kim described the feature as a successful innovation that improves conversation quality by adding helpful friction. While not directly linking it to user growth, he noted its launch aligned with Hinge's strong performance and confirmed that such learnings are shared across the company's portfolio.

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CFO Jesse Timmermans attributed the April sales trend primarily to macro uncertainty, emphasizing that the team's execution on controllable factors remains strong. He clarified that while tariffs are the main driver of the gross margin guidance change, they would likely have guided slightly lower anyway due to the consumer shift to accessible price points, noting the two factors are intertwined.

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Co-CEO Michael Karanikolas expressed that while the company feels great about FWRD's Q4 progress and sees positive momentum, they would like to see a couple more months of progress before declaring a firm trend. He also stated that FWRD inventory levels remain 'a bit more heavily inventoried than we'd like' and that the company is continuing to work through it.

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Co-CEO Michael Karanikolas explained that while a policy change contributed, the dominant factor was a wide range of customer experience enhancements like improved size and fit information. He expects the pace of improvement to slow but remain a focus. CFO Jesse Timmermans confirmed that revenue accelerated through the quarter, from mid-single-digit growth in July to 10% for the full quarter, with momentum continuing into October.

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CEO Jamie Iannone quantified the exposure, stating the Greater China to U.S. corridor represents about 5% of total GMV, with China overall being under 10%. He clarified that three-quarters of this volume is forward-deployed and already subject to tariffs. For the remainder, about half utilize eBay's SpeedPak shipping solution, which simplifies customs and tariff complexity for sellers and provides price transparency for buyers.

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CEO Jamie Iannone responded that while features like 'magical listing' have been rolled out globally with great success, the C2C approach is being perfected in the U.K. first. He emphasized that shipping dynamics are unique to each market, making the U.K. particularly attractive for a managed shipping program. The current focus is on optimizing the U.K. experience, which is already driving double-digit C2C GMV growth improvement, before considering broader expansion.

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CEO Jamie Iannone attributed his confidence in 2025 GMV growth to the sustained momentum in focus categories (5% growth), stabilization in core categories, and the significant TAM expansion from geo-specific initiatives like the U.K. C2C launch. CFO Steve Priest clarified that U.K. managed shipping, like EIS, is recognized on a gross revenue basis and is accretive to operating income dollars. However, its domestic nature results in lower margins, making it more dilutive to the operating margin rate than EIS.

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CEO Sumit Singh attributed the majority of active customer growth to Chewy's internal efforts, including enhanced mobile experiences, assortment expansion, and a powerful marketing and CRM strategy. He noted that while industry trends like pet adoption are improving, Chewy's outperformance is self-driven. For 2025, Singh stated the plan is to continue the successful 2024 playbook, focusing on full-funnel marketing to expanded audiences and leveraging improved customer segmentation to boost repeat purchases and Autoship sign-ups.

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Interim Co-CEO Karen Boone explained that while underperforming stores are closing, Peloton is testing a smaller 'micro store' concept and expanding third-party retail partnerships like Costco. She noted the capital-efficient, third-party model in Germany serves as a potential template for future international expansion, which remains a long-term priority to be evaluated with the new CEO.

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