Improving Cash GenerationSustained positive operating and free cash flow after prior outflows shows the business now generates meaningful internal liquidity. Durable cash conversion funds capex, loyalty and tech investments, supports debt paydown and reduces reliance on external financing across 2–6 months.
Margin And Profitability ProgressAdjusted EBITDA turning positive with improving contribution margin and guidance to higher EBITDA margins reflects durable operating leverage. Combined with SOTG&A cuts (lowest since 2019), this supports sustainable margin expansion as scale and cost discipline persist.
Tech, AI And International ScaleSignificant tech resources plus AI-driven catalog localization and enrichment create persistent merchandising, search and rollout advantages. Coupled with Rewards and international share gains, this strengthens customer economics and supplier engagement over the medium term.