Ann: Q2 2021 Results Presentation, page-5

Good revenue growth and great growth in active subscribers, as they note behaviour (order frequency) has normalised.

Costs were a bit all over the shop, with some normalisation of behaviour and the short term headwinds in US having a short term impact.

Europe was the real standout for me, great revenue growth and looks like they have got that firing now with many big markets still to explore, which is very exciting and it should soon overtake Aus.

With a broader database of active subscribers, the growth opportunity is significant as they start to push out ready made meals and breakfast options.

I was intrigued to see them start up a delivery operation in Europe as well, it's the perfect location to trial it given how many customers live in a small area (compared to US / Aus) and I will be interested to see how this develops both in saving costs, but creating a closer and better relationship for customers. They are adding in adjacent products as well (Bezzie.com looks like pet food) for delivery, so that opens up a whole spectrum of things we can start to help customers with.

I also thought it was interesting to see the focus on capital investments (new DC's + delivery service?) being made this year, which decreases next year, even though our revenue will be much higher again.