Jason Hall

But in some ways, it may be.

Thanks, Emily.

Thanks, Emily.

I mean, enjoying is one way to put it, but we're not going to really talk about it here because it's still so early in the story.

It's a thing that's going on.

I've followed Trex for about 15 years now.

This is not the first time that we've seen this with Trex.

I'll say this, this is the first time we've seen the stock fall 75% from the previous high in the past 15 years.

But going back since 2010, Tim, I've seen the stock fall 30% 10 times.

And 40% or more, about half of those, this is a very seasonal, cyclical business.

And the funny thing is, kind of like you just talked about with Axon, the numbers really weren't bad for the quarter.

It's all about, what are you going to do for me?

That's the story.

We saw a pretty solid 20-plus percent revenue growth.

Margin was actually better.

Profit margin dollars were better.

There were some positive things there.

But when you start saying things like, you know what?

Our customers, which are distributors, they're saying they're going to decline their inventory a little bit.

Oh, by the way, our gross margin percent was squeezed a little bit because of one of our fastest-growing products.