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I am the Senior Director of Organizational Transformation at Nike. On Thursday, we told our employees that some of them will lose their jobs. We didn't say which ones. We don't know yet. We put that in writing: "We do not yet know the number of roles or specific locations of positions." Decisions "will begin in calendar year 2027 and beyond." Read the last two words again. And beyond. We have about 73,000 employees. For the next three months, all of them get to wonder. Through Thanksgiving. Through Christmas. Through the January kickoff, where everyone will clap a little harder than usual. Internally, I call it the season of maximum effort. Nobody coasts when anyone could be next. Our CEO wrote: "I want to acknowledge that news like this creates uncertainty." Acknowledged. The same day, we reported the quarter. Revenue: down 4%. Net income: $712 million. Returned to shareholders through dividends: about $610 million. Up 3%. The shareholders know exactly what they're getting. Every quarter. On schedule. To the cent. The employees know they're getting "fewer roles across Nike." That's the difference between an investor and a teammate. One gets a dividend date. The other gets "and beyond." A year ago we had 77,800 people. Now we have about 73,000. So we've been doing this for a while. We've just never announced the uncertainty this far in advance. Our CEO also wrote: "Nike will require fewer roles over time." Over time is my favorite unit of measurement. It never runs out. Our slogan is three words. The memo was longer, but it said the same thing. Just do it. We'll let you know in 2027 whether you still get to.