Impressive as always, Julia! I agree with you that the future is going to be more of a hybrid model, and I think we even saw the beginning of this a few years ago with the Wii Fit craze and things like that, which also brings to mind that fitness routines go through "crazes". I do wonder, however, whether fitness will eventually face some of the same challenges as traditional retail, meaning there will be more digital alternatives and a company, like Soul Cycle, will have to create something really special (normally an experience) to make sure people keep coming back for more. Perhaps being able to see your friends and have a community that motivate you will be enough, time will tell!