Ann: Appendix 4C - Q3 2021 and Business Activity Report, page-3

The old after hours drop.... I was looking at getting back in... but first a few flags:

- Guidance lowered near 20%
"Volatile customer behaviour".... why? Is this just a market reaching maturity / saturation?
- Near 40% of marketing expenses for FY YTD were spent in this quarter... and the growth doesn't follow. Sure it may be delayed... but how far.
- Overall active sub order rate backwards. by 10%
- USA going backwards, order rate faster than customers concerningly
- AUS, order rate growth not following customer numbers... question.
- Europe active sub growth strong, but again order rate not following.
- The debt pile grows

Positives:
- CM margin back up in line with PcP
- Fulfilment expenses controlled

Gut feel says negative open tomorrow.