And the team here in the room is pointing out that I sound like I just got back from a nine-day business trip, which included spending the weekend in High Point, North Carolina, which turns out to be true.

Apr 30, 2026 / receipt, needs a key / Neeraj, CEO | earnings call 2026-04-30 | transcript 2e08d375-20f4-4869-8b37-db1a30d9dde2 | chars 30648-30853 | segment 30

One of those is obviously our ongoing reduction in the fixed cost base, so the SOTG&A line. You've seen that continue to come in quite nicely. And obviously in our guide for Q1, we had that coming in again. So we think that through ongoing expense management, even with a challenging top line environment, we can continue to grow adjusted EBITDA dollars.

Feb 20, 2025 / receipt, needs a key / Kate, CFO | earnings call 2025-02-20 | transcript ced15296-de63-4a50-9382-1a721f687ca1 | chars 30210-30564 | segment 30

And as a reminder, that line is not just labor, right? That's labor, but it's also T&E, it's R&O, it's some overhead, it's some software expense. And you're seeing us be really disciplined in all of these pockets.

Nov 1, 2024 / receipt, needs a key / Kate, CFO | earnings call 2024-11-01 | transcript 0b28ed86-8a72-4a4b-a893-3483677aa544 | chars 46253-46466 | segment 46

And we've been quite diligent and focused on reducing costs, you know, across the bucket of costs in there. We've always said, or we said for the last few quarters, that the labor piece does remain an ongoing lever there. And you saw that play out a bit this quarter. And we continue to think that the diligence and the expense management there allows us to do things like make this investment when we know that's the right thing to do for the customer at this moment.

Aug 1, 2024 / receipt, needs a key / Kate, other | earnings call 2024-08-01 | transcript 8150f8d9-c910-4611-b56d-7d872f7d05fb | chars 49758-50226 | segment 50

The remainder are things like software costs and T&E, and there are some other puts and takes there that you could see in the other cost buckets on that line item as you look at Q1 and Q2.

Feb 23, 2023 / receipt, needs a key / Kate, other | earnings call 2023-02-23 | transcript 248f5932-ac42-44c3-b8c7-bd17eaa783ca | chars 30302-30490 | segment 31

Things like travel and leisure and entertainment have taken share on the discretionary dollar.

Nov 3, 2022 / receipt, needs a key / Neeraj, other | earnings call 2022-11-03 | transcript ca5553d9-59d8-4e01-bc64-ad36674dc4c4 | chars 23673-23767 | segment 24

For the past few months, we have also seen many of those discretionary dollars flow away from goods. to services, especially travel, as a slow-to-start spring turned quickly into summer.

Aug 4, 2022 / receipt, needs a key / Neeraj Shah, CEO | earnings call 2022-08-04 | transcript 2f6cbdc2-8732-46df-9eee-caa0736cb19e | chars 7258-7444 | segment 7

Consumer spending is still climbing for retail overall, However, even with the relatively healthy individual balance sheets, shoppers are nonetheless diverting a larger share of their wallets to non-discretionary categories and reprioritizing experiences like travel.

May 5, 2022 / receipt, needs a key / Niraj Shah, CEO | earnings call 2022-05-05 | transcript 2d04b59a-b8ce-4419-b5d2-99ee39992e28 | chars 4318-4585 | segment 4

As various geographies have reopened post-pandemic, consumers have naturally shifted some spend towards travel and entertainment and from e-commerce towards brick and mortar.

Feb 24, 2022 / receipt, needs a key / Neeraj Shah, CEO | earnings call 2022-02-24 | transcript 367441e2-ec1b-4c97-9e31-1c7eddb49dbc | chars 3452-3626 | segment 3

As various geographies have reopened post-pandemic, consumers have naturally shifted some spend towards travel and entertainment and from e-commerce towards brick and mortar.

Nov 4, 2021 / receipt, needs a key / Neeraj Shah, CEO | earnings call 2021-11-04 | transcript a3cac657-6517-446a-87bb-8b59d65d3be1 | chars 3452-3626 | segment 3