John Belton

Top line numbers generally look pretty healthy.

Good update on the subscriber number at over 325 million.

That suggests that 2025 was another pretty solid year for member growth.

I think the big disappointment in terms of the numbers is just on the margin guidance, 31.5%.

I think that adjusts to about 32%, if my math was correct, if you back out that acquisition-related cost number that they flagged.

So I think that's probably...

Okay, but a little bit short of expectation.