Jon Quast

Inventory's coming back down.

That was a problem.

Overinflated inventory.

All these things, it has made it difficult to dig itself out of, but it's doing it.

Now you look at the cash flow.

It's been free cash flow positive for over a year now.

It expects $250 million in free cash flow this year versus a $3.1 billion market cap.

Trading at about 12X this year's free cash flow, that's not terrible, assuming it can continue to grow.

That's a difficult question, Travis.

I think that ultimately, like I said, if the business can grow from here, then yes, this is a decent opportunity.

I would say that there are some signs that we've already bottomed out.

The revenue was dropping, and now it's projecting for flat year-over-year growth.

That trend seems to be improving.

My question is, how big can this business be?

Like I said, 2.7 million Connected Fitness subscribers.

Is it possible to double from here long-term?

What is the upside?

I'm not completely convinced about that.

Personally, I'm not sure if I would be investing here.

Also, I think that personally, I would like to see some further improvement.