On July 20 I said Jeff Green would deliver a flat number and soft guidance. The flat number came in on schedule: $715 million, up 3 percent, against a Street at $752.6 million.

Then I got the rest wrong. Soft. Like I was describing a mattress. The Q3 guide is at least $650 million against $739 million a year ago, a 12 percent contraction at a company that compounded at 34 percent for a decade. The stock is sitting near $12.72, a seven-year low. Penry Price's three-week-old options are struck at $19.75.

Everyone called that the floor. It was a landing.

Below, for members: the arithmetic Green ran on the call and the arithmetic he avoided, the accounting change in the 10-Q that padded the revenue increase by an amount the company won't specify, and the retention number every trade outlet printed as good news that actually blows up the story all of them are running.