The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Steven Paul Forbes - Guggenheim Securities, LLC, Research Division - Analyst
: Gary, given your comments in the letter about maintaining a 20% EBIT margin in any scenario you can envision here, because I think we're all living
in the scenario land, I'm curious if you can provide some color on how you're thinking about the potential paths of demand growth as we head
into the back half. And if you can contextualize sort of the downside scenario, right, that you tested in the model, so we better understand the
flexibility that you see or that sort of inherent right to the model that you have.
Question: Steven Paul Forbes - Guggenheim Securities, LLC, Research Division - Analyst
: That was super helpful, Gary. Really appreciate that. And then just as a quick follow-up, it's sort of hard not to get excited here about RH International.
So just curious as we're -- what are we, less than a year away, right? What else needs to be done to ensure a smooth and seamless launch as you
sort of prepare for this grand opening here?
Question: Tami Zakaria - JPMorgan Chase & Co, Research Division - Analyst
: This is Tami. So my first question is around international openings. I think in your shareholder letter, you mentioned you're going to open 10
locations in total over the next 2 to 3 years. So probably the cadence, I'm guessing, is 2 to 3 international opens per year over the next 2, 3 years.
So does that mean you plan on opening an equal number of U.S. and international locations over the next couple of years? So basically, what I'm
trying to understand is what is your gallery opening cadence over the next few years? And how is the split between international and domestic?
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