Ann: Market Update Q4 2020 Presentation, page-6

The summer months are the low season and you also have to factor in higher customer acquisition costs around Christmas. The corona spike was a massive pull forward in demand by a few years. Its not really reasonably to expect that trajectory to continue indefinitely. What I'm still trying to figure out is whether MMM has any unpriced optionality given they own the last mile of delivery. They could pivot to general groceries given they will have the supply chain logistics. The contribution margins in meal kits are impressive compared to normal physical grocery. It would be interesting to understand whether the revenue forecasts are restricted due to physical limitations. I personally would rather MMM push for growth rather than show profits, they have proven the business model will be ultimately profitable. Go further into online grocery and nudge up against Coles/Wow.