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    Steven Forbes • Guggenheim Partners

    Steven Forbes's questions to Lowe's Companies Inc (LOW) leadership

    Steven Forbes's questions to Lowe's Companies Inc (LOW) leadership • Q2 2025

    Question

    Steven Forbes of Guggenheim Securities inquired about Foundation Building Materials' (FBM) year-to-date performance and the number of new SKUs it would add to Lowe's. He also asked about the potential impact of FBM's order management and trade credit solutions on the core Lowe's Pro customer experience.

    Answer

    President, CEO & Chairman Marvin Ellison stated that specific FBM performance details would be shared post-acquisition but expressed excitement about its historical growth. EVP & CFO Brandon Sink added that there are meaningful cross-selling opportunities, with FBM's core categories complementing Lowe's offerings like tools and fasteners. Ellison highlighted that FBM's advanced capabilities, such as its AI-driven blueprint takeoff technology and MyFBM mobile app, can be immediately beneficial to Lowe's ProDesks and help expand Lowe's presence in key geographies like California and the Northeast.

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    Steven Forbes's questions to Lowe's Companies Inc (LOW) leadership • Q3 2024

    Question

    Steven Forbes asked about Lowe's high-level strategy for its DIY business for the upcoming year, given recent trends, and requested a quantification of the hurricane-related impact on comparable sales and gross margin in Q3.

    Answer

    Chairman and CEO Marvin Ellison explained that the strategy is to grow Pro and online sales while stabilizing the DIY business, leveraging the new loyalty program to gain more control over this segment. EVP and CFO Brandon Sink quantified the hurricane impact as a 100-basis-point lift to Q3 comps, noting it created gross margin pressure due to product mix, higher transportation costs, and inventory losses.

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    Steven Forbes's questions to Lowe's Companies Inc (LOW) leadership • Q1 2025

    Question

    Steven Forbes asked for context on the significance of spring-related transactions in the first and second quarters and requested an update on the progress of Lowe's store localization strategy.

    Answer

    EVP and CFO Brandon Sink explained that while average ticket was up, comparable transactions were down due to fewer seasonal purchases and ongoing DIY pressure, but he expects transactions to recover in Q2. Chairman and CEO Marvin Ellison and EVP, Merchandising Bill Boltz framed localization as part of a broader space productivity initiative. They reported that the rural store rollout will be completed by early Q3, over 1,000 stores will feature the new workwear sections by year-end, and the pet initiative is also progressing well.

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    Steven Forbes's questions to Lowe's Companies Inc (LOW) leadership • Q1 2025

    Question

    Steven Forbes asked for context on the relevance of spring transactions in Q1 versus Q2 and requested an update on the progress of Lowe's localization and space productivity initiatives, such as workwear and pet.

    Answer

    CFO Brandon Sink noted that while Q1 transactions were down due to weather and DIY pressure, average ticket grew 2.1%, and he expects transactions to recover in Q2. CEO Marvin Ellison framed localization as part of a broader space productivity strategy. EVP, Merchandising, Bill Boltz provided updates, stating the rural initiative will be complete by early Q3, workwear will be in over 1,000 stores by year-end, and the pet initiative is also progressing well.

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    Steven Forbes's questions to Sharkninja Inc (SN) leadership

    Steven Forbes's questions to Sharkninja Inc (SN) leadership • Q2 2025

    Question

    Steven Forbes from Guggenheim Securities inquired about the conversations with retail partners regarding distribution and market share opportunities. He also asked for more detail on international category expansion, particularly in key European markets like France and Germany.

    Answer

    CEO Mark Barrocas described retailer conversations as highly positive, noting strong domestic support and significant excitement from international retailers in Europe and Latin America who are pushing for accelerated product rollouts. Regarding international expansion, he stated the company has a strategic initiative to drive 50% of its sales from outside the U.S. in the near term, citing significant white space opportunities in Europe, South America, and the Middle East, which will involve expanding the number of product categories offered.

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    Steven Forbes's questions to Sharkninja Inc (SN) leadership • Q1 2025

    Question

    Steven Forbes asked how conversations with U.S. retail partners have evolved and whether there is a significant shelf space opportunity for SharkNinja.

    Answer

    CEO Mark Adam Barrocas described conversations with U.S. retailers as 'highly collaborative.' He explained that partners are primarily seeking assurance that SharkNinja will continue investing in innovation and media to drive traffic, unlike other vendors who are pulling back. By committing to its innovation flywheel and marketing, SharkNinja is reinforcing its position as a key growth driver for retailers, particularly for the holiday season.

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    Steven Forbes's questions to Sharkninja Inc (SN) leadership • Q4 2024

    Question

    Steven Forbes asked for a breakdown of the significant increase in sales and marketing spend over the past two years, questioning how much is for future growth versus current sales and requesting details on the allocation across different channels like brand and performance marketing.

    Answer

    CEO Mark Adam Barrocas explained that the heavy investment was foundational for entering new categories and countries, with benefits that will compound in 2025 and beyond. He deconstructed the spend into three main areas: lower-funnel D2C marketing, upper-funnel awareness for new products and markets, and investment in creating a user-generated content flywheel. He noted they can now spark this flywheel pre-launch by seeding influencers, creating a symbiotic relationship where influencers use SharkNinja products to grow their own audiences.

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    Steven Forbes's questions to Floor & Decor Holdings Inc (FND) leadership

    Steven Forbes's questions to Floor & Decor Holdings Inc (FND) leadership • Q2 2025

    Question

    Steven Forbes of Guggenheim Securities asked about the company's reach across customer income demographics and its strategy for attracting higher-income consumers, including the role of the design studio format. He also sought clarity on the profitability and growth plans for the commercial business, Spartan.

    Answer

    CEO Tom Taylor explained that the stores appeal to a wide range of income levels, with a continued push into 'better and best' products that attract higher-end customers. He noted the company is revisiting its studio strategy for an update later in the year. Regarding the commercial business, he confirmed that Spartan's profitability pressure is due to investments in sales reps to drive growth and that the company is actively exploring ways to expand its commercial footprint.

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    Steven Forbes's questions to Floor & Decor Holdings Inc (FND) leadership • Q1 2025

    Question

    Steven Forbes of Guggenheim Securities asked about the company's long-term philosophical approach to deploying growth capital beyond 2025, particularly the balance between growth and profitability. He also inquired if new store productivity cohorts are still maturing in line with historical models.

    Answer

    CEO Tom Taylor stated it's too early to commit to a 2026 plan but emphasized a thoughtful approach to managing growth, profit, and the balance sheet. He indicated that a return to higher store opening rates would depend on a clearer line of sight to economic improvement. CFO Bryan Langley confirmed that the new store comp waterfall, while compressed, remains intact, with newer stores still showing year-over-year growth consistent with the maturation curve.

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    Steven Forbes's questions to Floor & Decor Holdings Inc (FND) leadership • Q4 2024

    Question

    Steven Forbes of Guggenheim Securities requested an update on the current sales and EBITDA margin profile for a mature store versus historical levels. He also asked for more detail on the comp spread between new store cohorts to better understand the maturation 'waterfall' benefit.

    Answer

    CFO Bryan Langley provided current metrics for mature stores (5+ years old), stating they generate over $22 million in sales with EBITDA margins in the low 20s, confirming their high profitability even with lower volumes. However, he declined to provide specific granularity on the comp waterfall between different new store vintages, describing it only as a 'material meaningful difference.'

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    Steven Forbes's questions to Floor & Decor Holdings Inc (FND) leadership • Q3 2024

    Question

    Steven Forbes of Guggenheim Securities asked for insights into the return on invested capital (ROIC) for new stores amid a challenging macro environment. He also requested guidance on modeling the impact of store growth on selling and store operating expenses for the upcoming year.

    Answer

    CEO Tom Taylor explained that the company has reduced new store capital and operating costs by rightsizing stores and focusing 2025 openings on established markets. This is intended to improve returns. CFO Bryan Langley noted that while these efforts help mitigate pressure on ROIC, new stores are currently opening below the historical pro forma targets. He deferred specific 2025 expense guidance to the next call, acknowledging that late 2024 openings will create a drag.

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    Steven Forbes's questions to O'Reilly Automotive Inc (ORLY) leadership

    Steven Forbes's questions to O'Reilly Automotive Inc (ORLY) leadership • Q2 2025

    Question

    Steven Forbes of Guggenheim Securities asked for context on expense pressures from medical and casualty insurance and whether field teams are seeing increased friction. He also requested details on the initial store count and ramp-up plan for the new Virginia DC.

    Answer

    EVP & CFO Jeremy Fletcher noted that while insurance costs are currently in a heightened period of pressure, it is not a long-term concern and is expected to normalize. He added that field teams are focused on servicing growth, not managing new friction. President Brent Kirby explained the Virginia DC will have a 350-store capacity and will start by serving about a third of that total by year-end, leaving significant room for future expansion.

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    Steven Forbes's questions to O'Reilly Automotive Inc (ORLY) leadership • Q4 2024

    Question

    Steven Forbes of Guggenheim Securities asked about the go-forward industry implications of the self-insurance reserve adjustment and requested details on the capital cost and margin differences between owned and leased stores.

    Answer

    CFO Jeremy Fletcher explained that while the pressure from rising claims resolution costs is not unique to O'Reilly, it is a manageable operating expense. He noted the pressure stems from higher resolution costs, not higher accident frequency. On real estate, Fletcher provided cost estimates of $3-4 million for an owned store versus $400k-600k for a leased store. While not providing specific margin details, he stated that strong new store performance makes owned stores an increasingly attractive investment.

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    Steven Forbes's questions to RH (RH) leadership

    Steven Forbes's questions to RH (RH) leadership • Q1 2025

    Question

    Steven Forbes of Guggenheim Securities inquired about RH's demand forecasting for its upcoming European galleries in Paris, London, and Madrid, given the strong performance of RH England. He also requested a breakdown of the $500 million in real estate assets mentioned in the shareholder letter.

    Answer

    Chairman & CEO Gary Friedman expressed high confidence in the European market, stating that resolving key execution issues like inventory and fabric availability could potentially double the business. He detailed the $500 million in real estate as comprising several galleries available for sale-leasebacks, a significant joint venture portfolio in Aspen, and other owned properties, providing strategic flexibility for monetization.

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    Steven Forbes's questions to RH (RH) leadership • Q4 2025

    Question

    Steven Forbes of Guggenheim asked for an expansion on the comment 'inventory is your friend' in the context of new tariff risks and requested an outlook on free cash flow for 2025.

    Answer

    Gary Friedman, executive, explained that excess inventory was a strategic buffer for their product transformation and now provides a competitive advantage against tariff-related cost increases. He expressed confidence in strong 2025 free cash flow, supported by this well-priced inventory and the ability to delay certain investments, stating the company is well-positioned to navigate the uncertainty.

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    Steven Forbes's questions to RH (RH) leadership • Q3 2025

    Question

    Steven Forbes inquired about the expected pro forma payback periods and ROI for the new galleries and how discussions with landlords have evolved.

    Answer

    Chairman and CEO Gary Friedman stated that payback periods are still expected to be 1-3 years, though building costs are now 70-100% higher than pre-COVID. He cited the new Newport Beach gallery as an example that will likely achieve a cash payback in 1 to 1.5 years, partly due to a significant $25 million investment from the developer partner. He noted that iconic international galleries might take 3-4 years but have exponentially higher potential.

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    Steven Forbes's questions to RH (RH) leadership • Q2 2024

    Question

    Steven Forbes requested insight into how the new collections are mixing into the 'top, middle, and bottom' tiers of the assortment and what this implies for the potential aggregate demand lift.

    Answer

    CEO Gary Friedman explained that the current demand inflection is evidence that new collections are successfully redefining the top third of the assortment, which in turn pulls up the productivity of the middle and bottom tiers. He emphasized that the key to moving the business is successfully launching products that land in this top third, setting a new, higher standard for the entire assortment.

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    Steven Forbes's questions to Advance Auto Parts Inc (AAP) leadership

    Steven Forbes's questions to Advance Auto Parts Inc (AAP) leadership • Q1 2025

    Question

    Steven Forbes asked about the new servicing model being tested in 10% of stores, inquiring about the specific actions being taken and any visible lift in core KPIs. He also sought to understand the key strategic message behind the statement that 75% of stores are now in markets with #1 or #2 store density.

    Answer

    CEO Shane O’Kelly explained the store operating model test involves smarter asset allocation, such as moving delivery vehicles from underutilized stores to those with higher demand and matching them with appropriate driver hours. He noted that while results are encouraging, it is too early to share crystallized insights. Regarding store density, O'Kelly stated that being #1 or #2 gives the company a 'right to participate and win' in those core markets through proximity to both Pro and DIY customers, logistical efficiency, and a strong legacy presence, which is a more favorable position than competing in thinner, more expensive markets.

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    Steven Forbes's questions to Advance Auto Parts Inc (AAP) leadership • Q4 2024

    Question

    Steven Forbes sought more detail on the 'time to serve' metric, asking about its variability across different markets and whether there is a clear correlation between achieving the target time and stronger comparable sales performance.

    Answer

    CEO Shane O'Kelly confirmed that 'time to serve' is a critical KPI for the Pro business and that there is significant variability across the network. He stated there is a direct correlation between lower service times and higher sales, and the company's goal is to replicate the success of its fastest-serving locations across the entire system to drive more business from professional customers.

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    Steven Forbes's questions to Tractor Supply Co (TSCO) leadership

    Steven Forbes's questions to Tractor Supply Co (TSCO) leadership • Q1 2025

    Question

    Steven Forbes inquired about the Tractor Supply Rx launch, asking about the expected adoption rate among members and the margin profile of the new business.

    Answer

    EVP, Chief Merchandising Officer Robert Mills responded, expressing satisfaction with the Allivet integration and noting strong early adoption since the recent launch. He emphasized the focus on leveraging the 40 million Neighbor's Club members by offering value and ease of use, but did not provide specific margin details.

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    Steven Forbes's questions to Tractor Supply Co (TSCO) leadership • Q4 2024

    Question

    Steven Forbes inquired about the company's localization initiatives and the new Field & Stream partnership, asking for context on the opportunity in terms of product categories and potential lift in sales per square foot.

    Answer

    Chief Merchandising Officer Seth Estep explained that the localization efforts, which adjust about 25% of the floor plan in new and remodeled stores, are expected to deliver an incremental low-single-digit sales lift. He positioned the Field & Stream partnership as a multiyear journey to capitalize on the fast-growing wildlife and hunting categories, starting with products mid-year and expanding into exclusive apparel and marketing opportunities.

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    Steven Forbes's questions to Tractor Supply Co (TSCO) leadership • Q3 2024

    Question

    An analyst on behalf of Steven Forbes asked how the 37 million Neighbor's Club members influenced the decision to acquire Alivet and requested more context on the strategic opportunity.

    Answer

    CEO Hal Lawton described the Alivet acquisition as a strategic tuck-in that adds significant value for its large and engaged Neighbor's Club base. He highlighted Alivet's best-in-class platform, distribution, and management, stating the goal is to provide members with a low-cost, convenient source for pet and livestock prescriptions, further strengthening loyalty.

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    Steven Forbes's questions to Petco Health and Wellness Company Inc (WOOF) leadership

    Steven Forbes's questions to Petco Health and Wellness Company Inc (WOOF) leadership • Q4 2025

    Question

    Steven Forbes of Guggenheim Securities inquired about the infrastructure and capital investments required to support Petco's 'Phase 3' growth plan and asked for details on the strategy to optimize the performance of existing vet hospitals.

    Answer

    CEO Joel Anderson stated that no significant new infrastructure investments are required for the growth phase, emphasizing a focus on disciplined execution and ROIC. He noted the vet hospital strategy centers on low-capital initiatives like staffing and marketing to drive utilization. CFO Sabrina Simmons added that approximately 40% of the current year's CapEx is allocated to expansion capital, which includes IT infrastructure and digital capabilities, effectively preparing the business for future growth.

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    Steven Forbes's questions to Petco Health and Wellness Company Inc (WOOF) leadership • Q2 2024

    Question

    Steven Forbes asked for a rank-ordering of profit improvement opportunities and the internal timeline for execution. He also requested contextualization on what is driving the gross margin improvement in the services business.

    Answer

    CEO Joel Anderson identified merchandising as the greatest opportunity for profitability improvement, reaffirming the company is on track for its $150 million run-rate savings goal by the end of fiscal 2025. CFO Brian LaRose added that services margin improvement is driven by productivity in grooming, the maturation of the vet hospital portfolio, and the high-growth, capital-efficient Vetco mobile clinics.

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    Steven Forbes's questions to Ulta Beauty Inc (ULTA) leadership

    Steven Forbes's questions to Ulta Beauty Inc (ULTA) leadership • Q4 2025

    Question

    Steven Forbes asked how Ulta is planning for external factors like competitive cannibalization and how long it typically takes for an impacted store to recover its performance.

    Answer

    CFO Paula Oyibo acknowledged that competitive pressures will persist but expects the impact to be lower than in 2024. She noted that stores impacted by competition in recent years are showing an improving performance trend, aided by operational efforts and the lapping of new openings.

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    Steven Forbes's questions to Ulta Beauty Inc (ULTA) leadership • Q2 2025

    Question

    Steven Forbes asked for more context on the competitive pressures Ulta Beauty is facing, inquiring about the magnitude of the headwind from new points of distribution and the expected recovery path for impacted stores.

    Answer

    CEO David Kimbell explained that the current competitive environment is unique due to its scale and pace, with over half of Ulta's stores impacted by multiple new competitor openings. He noted that stores without such impacts delivered positive comps, reinforcing confidence in the core model. While acknowledging it will take time to mitigate these pressures, he highlighted underlying strengths in loyalty, newness, and brand love as drivers for eventual recovery.

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    Steven Forbes's questions to Autozone Inc (AZO) leadership

    Steven Forbes's questions to Autozone Inc (AZO) leadership • Q2 2025

    Question

    Steven Forbes from Guggenheim Securities requested more context on the evolution of the 'average weekly sales per commercial program' metric and asked for success stories related to the initiative to improve delivery times.

    Answer

    Executive Philip Daniele framed the opportunity by highlighting AutoZone's small (5%) share of a very large market, implying significant room for growth. He explained that technology has been leveraged to improve fulfillment and delivery times for hard-to-find parts, a project with a long maturity curve. CFO Jamere Jackson added that Hub and Mega-Hub expansion is a key enabler of this strategy.

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    Steven Forbes's questions to Autozone Inc (AZO) leadership • Q1 2025

    Question

    Steven Forbes of Guggenheim Securities asked about the rationale for increasing the long-term Mega-Hub target to nearly 300 and sought an update on the planned cadence of new domestic and international store openings.

    Answer

    Executive Philip Daniele and CFO Jamere Jackson explained the Mega-Hub target was raised after tests showed they could be placed closer together with minimal cannibalization, driving significant sales lifts. Jackson reaffirmed the goal of reaching 300 domestic and 200 international annual openings by the end of the decade.

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    Steven Forbes's questions to Autozone Inc (AZO) leadership • Q4 2024

    Question

    Steven Forbes from Guggenheim Securities sought context on the trend in weekly sales per commercial program and asked for clarification on the key non-controllable EBIT headwinds, such as FX and LIFO, for fiscal 2025.

    Answer

    CEO Philip Daniele clarified that on a comparable 16-week basis, commercial sales grew 4.5% and have been sequentially improving, driven by inventory and delivery speed initiatives. CFO Jamere Jackson confirmed the headwinds from the reversal of prior-year LIFO credits and provided specific estimates for the potential negative impact of foreign exchange rates on revenue and EBIT for FY25.

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    Steven Forbes's questions to Best Buy Co Inc (BBY) leadership

    Steven Forbes's questions to Best Buy Co Inc (BBY) leadership • Q4 2025

    Question

    Steven Forbes asked for a framework on the potential growth and margin contribution from the Best Buy Marketplace and Best Buy Ads initiatives over the next few years. He also followed up on the status of other profit streams like corporate device lifecycle management and Partner Plus.

    Answer

    CFO Matthew Bilunas indicated both Marketplace and Ads are future profit opportunities. Marketplace is expected to be accretive to EBIT dollars and rate this year, with more impact next year. Ads will be more profit-neutral this year due to investments but should contribute more significantly in the future. CEO Corie Barry framed the initiatives in 'horizons,' with Partner Plus moving toward near-term returns (Horizon 1) and device lifecycle management being a longer-term play (Horizon 3). The current primary focus is on Marketplace and Ads for their high near-term potential.

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    Steven Forbes's questions to Best Buy Co Inc (BBY) leadership • Q3 2025

    Question

    Steven Forbes asked about the sustainability of profit improvements in the services category, warranty revenue trends, and the profitability of the new Best Buy Express stores.

    Answer

    CFO Matt Bilunas explained that the significant gross profit expansion from services and membership will moderate next year as the company fully laps program changes. However, he noted that the stand-alone warranty business is performing well with rising attach rates, which could continue to be a positive driver. Regarding Best Buy Express, he stated the venture is expected to be profit-neutral in the current fiscal year due to ramp-up costs but should become profitable next year.

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    Steven Forbes's questions to Best Buy Co Inc (BBY) leadership • Q2 2025

    Question

    Steven Forbes from Guggenheim Securities, LLC inquired about the potential for wallet cannibalization within consumer electronics as innovation accelerates and whether the category can regain share of total consumer spending. He also asked for the relative size of the tablets and computing categories.

    Answer

    CEO Corie Barry expressed confidence that the combination of widespread innovation and the onset of a natural replacement cycle will enable the consumer electronics industry to rebound and regain wallet share, overcoming current pressures like a stagnant housing market. While declining to provide specific percentages, management confirmed that notebooks/computing is a considerably larger category than tablets, and that the two combined represent the majority of the 'Computing and Mobile Phones' segment.

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    Steven Forbes's questions to ETSY Inc (ETSY) leadership

    Steven Forbes's questions to ETSY Inc (ETSY) leadership • Q4 2024

    Question

    Steven Forbes asked about the factors driving the decline in the habitual buyer base and what these repeat buyers want from Etsy's loyalty program as it develops.

    Answer

    CEO Josh Silverman explained that the habitual buyer count can fluctuate with life events like weddings and that the company aims to convert more users into habituals by creating more browsable, discovery-oriented experiences. Regarding the loyalty program, he noted that early results from the 'Etsy Insider' beta are encouraging, with members valuing free shipping and showing higher engagement. The focus for 2025 is on iterating the program to ensure the unit economics are scalable and successful.

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    Steven Forbes's questions to Home Depot Inc (HD) leadership

    Steven Forbes's questions to Home Depot Inc (HD) leadership • Q3 2024

    Question

    Steven Forbes asked about learnings from the SRS sales force, including its size and how it informs Home Depot's own sales force strategy. He also requested an updated timeline for the full rollout of the order management system's delivery capabilities.

    Answer

    CEO Ted Decker shared that the SRS sales force of 2,500 has provided valuable insights into compensation, management, and credit-based sales models, reinforcing Home Depot's approach. Executive Chip Devine stated that the full order management system rollout is planned for completion by the end of 2025, with key features like inventory reservation currently being activated.

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    Steven Forbes's questions to Arhaus Inc (ARHS) leadership

    Steven Forbes's questions to Arhaus Inc (ARHS) leadership • Q3 2024

    Question

    Steven Forbes inquired about the performance of recent showroom cohorts (2022-2024) relative to internal models and the impact on 2025 real estate plans. He also sought clarification on whether the projected $15-$20 million in 2025 strategic investments is incremental to the 2024 spend.

    Answer

    CEO John Reed stated that new showrooms have performed solidly, with some being 'super home runs,' and confirmed Arhaus is sticking to its real estate growth and renovation plans. CFO Dawn Phillipson clarified that the $15-$20 million strategic spend for 2025 is the total expected amount, not an addition to the $10 million spent in 2024.

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    Steven Forbes's questions to DICK'S Sporting Goods Inc (DKS) leadership

    Steven Forbes's questions to DICK'S Sporting Goods Inc (DKS) leadership • Q2 2024

    Question

    Steven Forbes asked how the new House of Sport and Fieldhouse formats are trending against their initial sales and profitability targets. He also inquired about the expected mix of ticket versus transaction growth in the second-half comp guidance.

    Answer

    CFO Navdeep Gupta confirmed that the new store formats are performing 'right in line' with pro forma expectations and are meeting their financial return hurdles, which supports continued investment in the strategy. He declined to provide a detailed breakdown of the H2 comp drivers, stating that the overall guidance range reflects a balance of confidence and caution regarding the macroeconomic environment.

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    Steven Forbes's questions to Wayfair Inc (W) leadership

    Steven Forbes's questions to Wayfair Inc (W) leadership • Q2 2024

    Question

    Steven Forbes asked for context on the performance gap between promotional and non-promotional periods, how it compares to historical levels, and what it implies for the industry's path to growth. He also sought reassurance on Wayfair's ability to settle its upcoming debt maturities with cash.

    Answer

    CEO Niraj Shah linked the category's recovery to the housing market, which will stimulate demand as it improves. CFO Kate Gulliver addressed the capital structure, emphasizing that strong free cash flow and improving adjusted EBITDA are creating optionality, making both cash settlement and alternative financing viable options for managing debt maturities.

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