Yeah. Thank you, good afternoon, everybody. Thank you for joining our investor call. My name is Fabian Siegel, Founder and Chief Executive Officer of Marley Spoon, and I have with me here today, Jennifer Bernstein, our Chief Financial Officer. Earlier today, we released our first quarter results for the financial and calendar year 2021. First quarter for the calendar year 2021, we're looking forward to presenting to you today the results as well as providing an update on the business. The first quarter was a strong start into the new year. It was a record quarter on many levels. We acquired more customers than in any previous quarter in the history of the company. We had more active subscribers than in any previous quarter in the history of the company, and most importantly, with more than EUR 77 million in revenue, Q1 2021 was the biggest revenue quarter compared to any previous quarter. Overall, Marley Spoon grew 81% or 83% at constant currency compared to the prior corresponding period. All regions contributed to the strong growth, with Europe leading at 108% growth compared to the PCP. By now, the behavior of our customers across the regions has mostly normalized to its pre-COVID-19 states, and the growth performance that we have delivered in Q1 demonstrates that we were able to grow our business not only during pandemic-related lockdowns, but also as markets reopen. Q1 is usually a good quarter for us to invest into customer acquisitions, and this was not different this year. Accordingly, we invested, as you have seen also in prior years, strongly into marketing to continue to build up our back book of recurring revenue. We acquired more customers in this quarter than in any quarter before, while being at the same time, as usual, very disciplined around acquisition cost targets, payback periods, and unit economics. Overall, marketing efficiency improved, with marketing expenses as a percentage of revenue declining to 20% in the quarter compared to 27% in the PCP. We continue to see more opportunities for further growth while keeping a high level of financial discipline around unit economics. Because of this favorable growth environment, we are upgrading our revenue guidance for this year, as Jennifer will detail in a moment. Operationally, however, Q1 was more challenging. We faced extreme weather conditions in all regions with floodings in Australia, historic winter storms in the northeast of the U.S. and in Europe, and completely unprecedented weather in Texas. In addition to these weather disruptions, we have been experiencing industry-wide impacts from the ongoing e-commerce boom. This boom has adversely impacted access to labor, supply chains, and has impacted some of our large logistics partners. Those operational headwinds paired with the impact of record customer acquisitions, which led to a corresponding higher share of marketing vouchers, have impacted our contribution margin, which landed at 28%. Because of the seasonal strong marketing investments in the first quarter, we posted an operating EBITDA loss of EUR 5.7 million for the quarter. At the same time, we generated positive operating cash flow of EUR 5.3 million, leading to a record cash balance at the end of the quarter, which put us in a comfortable cash position to operate the business for the expected growth ahead this year. With this, I would like to hand over to Jennifer, who will walk us through the top-line metrics, segment updates, cash flow, as well as cover our upgraded 2021 guidance. Thanks, Fabian. As mentioned, Q1 was a record quarter for active subscribers, growing 86% versus the prior corresponding period, with all regions contributing. This growth in active subscribers was a strong contributor to our overall net revenue performance, which was driven by both acquisitions and the retention of base customers. Looking at our performance on a regional basis, we saw strong delivery across each segment. The U.S. delivered extremely strong revenue for the quarter, growing 82% versus the prior corresponding period, or 98% on a constant currency basis due to the weakening dollar. Both brands contributed to this growth and the strong performance was delivered despite our needing to temporarily close our Texas fulfillment center due to the unprecedented inclement weather in the region, which made it impossible for our suppliers and shipping partners to operate or for our associates to get to work. In addition, as Fabian mentioned, we have also been experiencing industry-wide infrastructure issues stemming from the e-commerce boom, which is causing volume surges and subsequent labor issues and on-time performance challenges for key shippers. Nevertheless, the U.S. was able to deliver contribution margin at 28%, two percentage points better than Q1 2020, thanks in part to last year's December price increase. Despite the seasonal strong marketing investment that is customary in Q1, the region broke even in operating EBITDA terms. Australia similarly had strong performance, growing revenue 65% in the quarter versus the prior corresponding period. We saw strong investments across both brands, improvements, excuse me, across both brands, but in particular on our Dinnerly brand, which thanks to the opening of our Western Australia fulfillment center late last year, has grown as a part of our overall sales mix. In margin terms, Australia saw some deterioration versus the prior corresponding period as the Perth FC continues to ramp up operationally. We also saw an impact from the increased sales contribution of Dinnerly, our successful budget offering, thanks to its strong value proposition. Despite the seasonally strong investment into growth, Australia's operating EBITDA landed at breakeven. Europe had an exceptional quarter, delivering 108% revenue growth versus the prior corresponding period, a record for the region and a testament to the region's increasing scale potential. This growth was achieved given extremely favorable unit economics and therefore more marketing investment. Contribution margin in Europe was down one percentage point versus the prior corresponding period to 20%, but operating contribution margin was up one percentage point. This difference was owing to the increased marketing spend in the period. Contribution margin was also impacted by the installation of and move to a new, more innovative manufacturing process in our fulfillment center, which will lead to greater picking quality and throughput. We are already seeing the signs of the productivity this next-generation equipment is intended to deliver. Excluding headquarter costs, Europe had a loss of EUR 1 million in operating EBITDA, with the volume surge helping offset the incremental marketing. We delivered another strong quarter in cash terms, with cash flow from operating activities positive at EUR 5.3 million. The seasonality of our business and a strong sales quarter helped us deliver positive cash flow following last year's delivery of positive cash flow from operating activities for the first time in the company's history. We continue to focus on managing our key financial metrics with discipline while taking advantage of the attractive growth environment in which we operate. Related to that growth environment is our cash from investing activities, which was a minus EUR 3.1 million for the quarter. We continue to invest for growth and expansion with the new manufacturing technology in our Netherlands Fulfillment Center and the new larger facilities expected to be live in Sydney and California later this year. Cash from financing activities also increased in the quarter, thanks to the signing of a new unsecured revolving credit facility with Berliner Volksbank for a total amount of EUR 5 million, a two and a half million EUR increase versus our previous line with them. Our total cash position at the end of the quarter was EUR 38.4 million, an increase of EUR 4 million versus the end of last year. On our full year 2020 investor call two months ago, we issued guidance for 2021 net revenue growth in the range of 25%-30% and contribution margin expansion to 30%-31%. On account of the continuation of a favorable acquisition environment guided by persisting attractive unit economics, we are raising our full year 2021 revenue guidance to 30%-35% versus the prior year. Our guidance on contribution margin remains the same. With that, I would like to hand it back to Fabian. Yeah. Thank you, Jennifer. Well, as mentioned earlier, Q1 2021 was truly a record quarter. We never won more subscribers or generated more revenue in a quarter in the history of the company. Furthermore, we were never in a stronger cash balance position than we were at the end of the quarter. All of that was achieved while we have seen user behavior to have mostly normalized to its pre-COVID-19 state. Now, while COVID-19 has accelerated the adoption of online shopping across all verticals last year, the overall switch to online shopping for groceries is still in its early days. Over the past years, we have built a technology platform that allows us to effectively win subscribers for new direct-to-consumer brands that solve recurring, everyday problems in a personalized way. Our fulfillment platform today allows us to reach 190 million households. The last year showed how scalable this technology platform is. We believe with our technology platform, our balance sheet strength, and our existing family of brands, we are well prepared to benefit from the ongoing future shift to online shopping for groceries. The current growth momentum we are experiencing is expressed in our upgraded revenue guidance for this year. We intend to continue to grow with great financial discipline, focusing on attractive unit economics as we continue to grow rapidly and as we continue to contribute to a better everyday for our customers. Thank you for taking the time this afternoon. With that, I would now like to open the call to questions. Your first question comes from James Ferrier with Wilsons. Please go ahead. Hi, Fabian and Jennifer. Thanks for your time this evening, this morning, your time. Congratulations on the results. My first question's around the customer numbers. You saw subscriber growth stronger than customer growth in Australia and in the U.S., but not in Europe. I suspect that the easing of lockdown restrictions would've contributed to those respective results in the different regions. Are there other factors that you would nominate to explain that stronger subscriber growth over customer growth? Yeah, absolutely. It is not so much a function of a change in behavior due to COVID-19 normalization. I would see it more as a function of growth. In the past, we have said that the reason why we prefer the active subscriber number is because it's less impacted by short-term impact of trial customers. As you remember, when we acquire customers for our brands, the user behavior is that initially you have a trial factor, say 50% of customers, they churn quickly, and 50% they stick with the product. As you grow dynamically, the active customer number, which defined as having purchased the box in the last three months, is impacted stronger than the active subscriber number, which is really focusing on the continued subscribers that we have in any given week. It's more an average number over the quarter. Given that Europe grew much stronger than the other regions in that particular quarter, you would therefore see that the active customer number grows faster than the active subscriber number. That's why I think it shows that this active customer number, we feel like is less informative because it's impacted more by short-term quarterly swings in marketing activity, which in the past we have experienced. This Q1, for example, being a strong acquisition quarter. Therefore, since we introduced these active subscriber numbers, I think for the fourth quarter last year, we try to focus more on that number. It shows you, I think, a more representative development of the company with less short-term impact of swings in marketing. In a way, what you pointed out kind of shows you that dynamic or that mechanic here. Yes. Okay. Thank you. Second question. Back at the full year results in February, you showed us some data around net revenue retention. I'm wondering if you can comment for us on the progress of the 2019 and the 2020 customer cohorts in relation to that revenue retention trajectory. Yeah. In general, we report out revenue retention on an annual basis because it is a slow-moving metric, so it's something that we wouldn't report out on a quarterly basis. However, I think what's important, just to reiterate, what we've seen is that customers' behavior in terms of retention, while it has improved from 2018 to 2019 and from 2019 to 2020, we see this very consistently staying on its historic strong retention basis. Meaning when, in Australia, where we see the lockup easing last year, the big question was: Do people leave the service? Do we see churn increasing? That has not been the case. Now, once customers have moved from offline to online shopping, once they've moved to meal kits and the markets open up again, people go back to restaurants, they go back to see their friends. That's what they miss. Nobody misses going back to the supermarket, and nobody wants to go back to the States where week-night cooking wasn't as easy and seamless as a meal kit. The retention and the people staying with the service is as we expected. It's strong. It's not negatively adversely impacted by any opening activities that we're seeing across the regions. Okay. Great. Third question's around the contribution margin. The operating contribution margin was in line with the PCP at a group level, despite the operational and infrastructure issues across the supply chain. That's clearly a good outcome. The contribution margin at 28% was 150 basis points below PCP. Am I right in saying that that 150 basis points is essentially the impact of higher voucher usage, which I think you mentioned in the report? When you acquire customers, you have the impact of marketing and marketing vouchers. There is this impact that you've pointed out. Maybe, Jennifer, I think you looked also into the impact of operational headwinds that we had, and that kind of maybe gives you a good perspective on actually how much impact the marketing vouchers and how much impact the operational headwinds were. Yeah, absolutely. We were down versus our full-year landing at 28% this year, which was principally driven by the issues in the U.S. The temporary closure of Texas was about four or five days, I think, plus the logistics issues that we're currently facing in the U.S. due to what's really more of kind of a systemic industry-wide problem. We estimated that that probably cost us about a point of margin. We're also still holding onto our guidance for 30%-31%, which would suggest a ramp-up as the year goes on. We anticipated that we were going to probably have a slightly lower Q1 because we were going live or, let's say, working out the kinks of our Perth facility, and given the increased spend on the marketing. If you consider what was happening externally due to the storms, which were entirely unprecedented and made it just Well, we just couldn't get boxes out the door that week due to the temporary closure and the fact that logistics has been plaguing us a bit, which we're addressing with moving to some other carriers. We lost about a point because of those issues. Yeah. Thanks, Jennifer. Just to follow up there, just to be clear, the retention of your contribution margin guidance, despite that softer first quarter print, is because you've got visibility, in particular, around the easing of logistics constraints. Those sorts of improvements is what gives you the confidence to retain that guidance? It's a number of things, actually. There's a lot of different activities that we see helping drive the margin expansion as the year progresses. Certainly, a move to some, what we call micro shippers, onboarding them to try to mitigate some of the issues with the bigger shippers in the U.S. We're also always looking at ways to get more scale with our food suppliers. For example, rebates on food costs based on volume. Other efforts globally with, principally in Europe even, with our logistics providers to get volume tier pricing, improved rates. The same technology that I mentioned in the prepared remarks in Europe that we rolled out is going to be rolled out to each of our three fulfillment centers in the U.S., so that will improve picking quality and productivity. Even we're looking at our payment costs as we sign on new PSPs. We don't really leave any stone unturned. Certainly, the logistics should improve, and we need to actively improve that to address, again, this kind of systemic industry-wide issue. The truth is we look where we can across the whole of the P&L to look for efficiency and margin improvement. Yeah, okay. That's great. Thanks for your time. Sure. Thanks. The next question comes from Elijah Mayr with CLSA. Please go ahead. Hi, Fabian, Jennifer. Congratulations on the results, and thanks for taking my questions. I might just sort of drill into where we left off, just with the operational impact that's happening in the U.S. and sort of comment on the cost of margin impact there of one percentage point. Has there been any impact at the top line of you guys that have been restricted in how many orders you can deliver just because of the limited amount of logistics personnel that are available for you guys? We've had certainly also a top-line impact in Q1 because of these unprecedented winter storms. As Jennifer mentioned earlier, we had to shut down our fulfillment center. That means we just couldn't send those boxes. This is just revenue that's lost. That definitely was a headwind. Despite that, I think the revenue was strong, was a record revenue again, bigger than in any quarter than we experienced before in the company. When it comes to the overall logistics infrastructure in the U.S., in Europe, where we see truly an e-commerce boom, and that's combined with, you could even call the labor crisis in the U.S., where it's hard to hire people and everybody's challenged to hire people. You just can't find people. That, I would say, makes it harder to grow. Absolutely. Nevertheless, or you could say, if it wouldn't be for those constraints, I would expect one could grow faster because consumers really, I think, have structurally changed a little bit over the past 12 months. They are much more open for online shopping. People will not go back to work five days a week. They'll stay maybe one or two days at home, which makes online shopping so much more convenient. All these customers that last year, maybe for the first time, started to try one or other online shopping opportunities, again, they're not going to go back. I think the answer is yes, the business growth is impacted by the operational industry-wide challenges that we see due to the boom in e-commerce. You could argue our guidance reflects that. It's an upgraded revenue guidance, but it does reflect the reality that we're seeing. I think from a consumer demand perspective, this is very dynamic. We see strong demand, and I don't expect that strong demand to ease also in the coming years, but that's just a personal opinion I have here. Just maybe following on from that, because you've had these sort of impacts, I guess, from the labor shortage in the previous quarter in the U.S. as well. Is the trend improving? Are you starting to get more employees and higher retention in? Just, I guess, the impact that that's having on pick accuracy and maybe any negative customer reviews that you can relate that maybe to marketing vouchers and just the general trend, if that's improving or you sort of see continual challenges into the coming quarters? We do see an improvement in onboarding, training, quality, accuracy. That is a trend that's positive. Furthermore, we will roll out our next-generation manufacturing technology in the U.S., and it'll start in the second quarter on the East Coast, which will further help with productivity and quality. You have these impacts. I think everything that happens within our four walls, we see a continuous process of improvement. I think externally, it's still not easy to hire people. It's just also reality. The labor crisis is impacting not only us, it's impacting large shippers, it's impacting food suppliers, food manufacturers. You really see it across the industry. I think that's just an environment that we have to operate in. I do think we have a very strong value proposition to our team members. I think the Marley Spoon culture goes through the whole company. It doesn't stop in the office, but it primarily goes through the FCs. I think the people that we bring on board, we see continued better performance and engagement. What's also true is, and it's hard to see and predict what will 2021 look like in its entirety. It's also true that there is a labor shortage in the U.S. in general that we have to operate in. Yeah, that makes sense. Maybe just one more on Australia. You just sort of noted that the growth had accelerated during the quarter. I was wondering if you could give a bit more color around the reason behind that. Is that just more around the timing of marketing or perhaps comping initial sort of COVID disruption or WA sort of accelerating in its contribution? Just a little color around that. Yeah, it's two elements. Number one, Australia always starts a bit later in Q1 because of the holidays. I think this year also the holidays were definitely pronounced. People were taking the holidays and using the holidays. Compared to the other regions, Australia always has a little bit of a slow start. January is always a bit slow, and then it really starts ramping up in February. Also our Perth facility and our Dinnerly brand, we really started their growth accelerating in February onwards, and that's why we saw this inter-quarter dynamic that we wanted to comment on. Yeah. With the active subscribers in Australia, on a quarter-on-quarter basis, it's sort of only increased by 1,000. Is the expectation that the active customers that you brought in in the first quarter will then translate into active subscribers in the second quarter? I think always when it comes to this transition from acquisition, so you have a trial customer and then 50% stay, 50% leave. The people that stay create a habit. Some people you lose, of course, during the habit forming, eventually you have the strong base of recurring revenue. That dynamic continues to play out. It continues to play out in Australia, across all the regions. You definitely would expect that number having the same impact here. You would expect active subscriber numbers also to grow. Also important to note is we always are very disciplined around acquiring customers at the right unit economics, and we have a global perspective. We, on a weekly basis, rebalance how we acquire, where we acquire, to which channel, for which brand. Sometimes that means the growth dynamic is more pronounced in one region than in the other. For example, in Q1, we had great opportunities to grow in Europe, which we used. That means you sometimes shift also marketing focus from one region to the other. When we talk about growth and growth guidance, we always say, we don't guide individual regions. We have a global lens. We try to deploy capital as efficient as possible. I think it's always important to see that we hit revenue guidance globally, but we don't, in the beginning of the year already, have a clear sense of where the growth has to come from, and we do that in a very flexible way to allocate the capital efficiently. We've done that in the past years, and we expect to continue to do this also this year going forward. Excellent. Thanks for the questions. Thanks. Your next question comes from Owen Humphries with Canaccord. Please go ahead. Good day, guys. Congratulations on a ripping quarter, with customer numbers there coming through. I might start with, one, just around the OpEx increase below the contribution or gross profit line to the EBITDA. I've noticed it's gone from about EUR 19 million last quarter to about EUR 27 million. Just that uplift, how much of that's related to marketing versus general OpEx increase? Like what's variable versus fixed? Jennifer, you want to take that one? Yeah. I'd have to go back and look at the actual split, we know that we're investing in marketing. It's always a heavy quarter for us in marketing because of the attractive unit economics, the favorable growth profile, the fact that with the unit economics, we can realize the return later in the year. There's definitely a strong investment in marketing. We're also investing, we talked about it on our full-year call, we're investing in the team. We're bringing in new capabilities across the organization, different resources, uploading our spend in digital technology platforms. I can try to get back to you on the exact split. We expected a lot of that increase in G&A to start to happen in this year deliberately as our efficiency goes down, though. Our marketing as a percent of net revenue was 20% versus 27% in Q1 last year. Working on delivering that efficiency as we increase the budgets in absolute terms. Cool. I can probably work it back from there. Just around, in the past, you've talked about your customer acquisition costs and payback periods. Can you maybe just provide what's happening around these line items you're seeing, that stabilizers are still continuing to fall this calendar year? Mm-hmm. Yeah. Last year, we report acquisition cost on a yearly basis. Then we look at unit economics on a yearly basis. We look at the whole average of the year. Especially last year, you saw some variability. Q2 last year, acquisition costs were very low, as we all know. They normalized again. Overall, last year, for every EUR we invested, we had a cash recovery rate or payback period of five months. When we acquire a user cohort at a acquisition cost of EUR 40, which was the net cost last year, we get the money back roughly after four months. Acquisition costs have been coming down historically over the past years. Every year, we've improved acquisition cost. That's a function of scale now. The more data you have, the better you get in identifying the right customers, the right lookalike audience. Your marketing efficiency increases as you have more data to feed into your algorithmic models. Now, EUR 40 of course, was exceptionally low, and we said that a past call is not a good guidance for what will happen this year. I think the 2019 CPA of EUR 60 is, I think, a good reference point. We always said, as from unit economics perspective, we target six months payback, 3x return. We think that's a very attractive return profile to invest capital. What we're seeing today, we do see actually unit economics that are on Q1. We're seeing unit economics that are actually still better than that long-term internal guidance. Now, that's how we operate on a weekly basis. Of course not as we saw it in 2020. 2020 was exceptionally strong. I think the target, again, six months payback, 3x return, that's an IRR north of 30%. We think that's attractive return of capital deployed. That's the guidance that we set ourselves internally when we decide where to invest, how much to invest, in what region, what brand to invest. We see good room to grow at those unit economics this year, and that's why we upgraded revenue guidance. Okay. Good one. Probably the most important question, the question that I get asked almost every single day, I'm going to ask you directly. Can you provide any quantitative evidence around cohort behavior or user behavior pre-COVID, during COVID, where we are today? I know anecdotally you talk about their retention rates are the same, if not slightly better. Can you just maybe just talk through or help us understand how customer behavior has changed? Yeah. I think what we see is we see that there's two vectors of behavior now. There is a customer that is an active customer. They get a box, not every week. Sometimes they skip. On average, we always used to have 2.6-2.8 orders per month. That's kind of the frequency, how many boxes. You skip a week a month. Of course the question is, how much meals do we have in your box? On average, we have seven meals in our box, historic average. An average customer cook three times a week with us. Now, the variability behavior that we have seen during COVID-19, was primarily a change in basket sizes and frequency. How often do you skip, and how much is in the box? If you're not on a business trip, then you might have more Marley Spoon boxes in a month. You might also cook more often with Marley Spoon in a month. This behavior, which was a good guy for us, was especially pronounced in the second quarter. For the Q4 results in January, we actually released a slide that shows the impact. EUR 60 million in sales in the second quarter last year was due to this people just wanting more and more often their box. That kind of normalized already in Q3 and Q4. By today we see it, and that's why we say in the release also this kind of has normalized. I mean, this is over. People are beyond that. We see people behave as prior to COVID-19. The other question is, what about people staying in the service? Now people switching from the supermarket and realize there's a better way to cook and they start using Marley Spoon or Dinnerly and they realize, "Oh, that's actually very convenient. I don't have to think about what are we going to cook tonight anymore." The question is, what happened there? Here it's pretty straightforward. Now people cooked before COVID, people cooked during COVID, and people cook today. While we saw slightly better retention due to COVID, and that is not because of COVID, it's just an indirect impact because of the habit forming. We see stronger habit forming when people's habit in the first six to eight weeks of using Marley Spoon, when they're not interrupted by going on holiday or having Christmas holidays, visiting friends and family. Everything that interrupts this weekly cycle, in aggregate, we see slightly less habit forming happening in our user behavior. That means the 2020 vintage of customers is actually a better vintage compared to other periods, where this habit forming phase was quite good. Now, we saw it in Australia when people went back to their normal lives, we did not see people stopping the service. Now they're still cooking and they still like the convenient usage. In a way, the behavior is very much in line with what we've seen prior in other years. What we do expect now when it comes to 2021, we expect the 2020 vintage might be too good of a cohort vintage because of this habit forming impact, that it was strong as it wasn't disrupted by business trips. Everybody was hunkered down at home. I think our internal reference point in terms of what user behavior will look like is more 2019. Which is what we're also using for our internal forecasts. The answer is from a user behavior, from a churn, from a retention perspective, 2020 does not look significantly different from 2019, and 2021 doesn't look significantly different. It is slightly better. We expect again that 2021 will be on 2019 levels. What we have seen is the variability around skip rates and basket sizes. That's when people were at home, skip rates went down, basket sizes went up. When people were getting out of lockdown, you saw the inverse effect. People were going more out, going more to restaurants. It normalizes again and go back to the historic average. That's what we're seeing right now. We see quite normalized behavior. Good one. Okay, thanks. That is very helpful and well done. Thanks, Owen. Your next question comes from Joshua Dale with Craigs Investment Partners. Please go ahead. Hello, Fabian and Jennifer, just a simple question from me. What are your thoughts on potentially expanding into the New Zealand market at some point? Yeah, that's a good question. When we speak about growth, there's different vectors of growth. You can grow in the current market footprint that you have. You can grow by adding more things to the offering, like ready-to-heat, which we have breakfast options. You can grow also by entering new markets and new territories. At the end of the first quarter, if you look at our active subscriber number, we landed at 250,000 active subscribers, but we currently can reach 190 million households. When you think about our penetration rate into our existing market is what? 0.15%. We're really just getting started to grow into existing markets. We don't think the geographic expansion is necessary for strong growth. Therefore, I wouldn't say that this is top of mind and that we will enter New Zealand this year is very unlikely, but I also wouldn't rule it out eventually. We have this ambition to serve customers, and why not do it also in other regions? We think our brands are strong, the value proposition is strong. We think we have a stronger value proposition than other competitors. I do believe New Zealand would be a great market to operate in. It's not something that is top of mind as we try to be very capital efficient and disciplined around growth. To be honest, we can grow quite strongly in the regions and the footprint we are in. That doesn't require us to open new FCs in a completely new region. That's why I'm saying I wouldn't rule it out. It's very unlikely for us to do this year. In general, it's definitely something that we can do to grow the business. All right. Thank you very much. Thanks. Once again, if you wish to ask a question, please press star one on your telephone. Your next question comes from Matthew Chen with Foster Stockbroking. Please go ahead. Thanks. Hi, Fabian and Jennifer. Well done. I just wanted to confirm, essentially that normalization of the user behavior, it's essentially back to pre-COVID-19 levels, on the basis of skip rates and basket sizes. Correct. Mm-hmm. Okay, great. Just in terms of the trend in payback periods, and LTV/CAC. Essentially when you're talking about persistent attractive unit economics and that growth profile, which led to this revenue upgrade. I understand what you're saying, that it's a slow-moving metric. You look at it annually, but you obviously keep track of it on a weekly basis. It's still favorable against that classic benchmark of six months and three times and IRR of 30%. You're still sort of trending better. That's what I'm trying to understand, getting a sense of that. Yeah Trend on a kind of little more micro level, if that's possible. As you correctly say, on a weekly basis, we analyze where to invest, where to acquire customers, which brand, what is the acquisition cost, because it is something we can very well actively manage. It's a choice. What's the level of payback period we want to achieve and what's the level of growth we want to achieve? In a way, you could grow much faster if you wanted to, if you would be willing to spend more on a per customer basis, but that will then negatively impact your unit economics and your paybacks would then be extended. It is very much an active choice, what we believe is the best profile to grow at the right unit economics. Therefore, I think the benchmark for us internally, and we've shared this with the market, is really the six months payback we think is very attractive. Six months payback, 3X return. In my experience, and I've been building direct-to-consumer businesses, transaction businesses for more than 20 years now, I always feel like if you have a six to 12 months payback, that's a good rule of thumb in terms of acquiring customers. My last company, Delivery Hero, when I was there, we were always targeting eight months payback, which is very attractive. If it takes longer than 12 months to get your money back, I don't think that's so attractive and you should reconsider. Now, therefore, I think the six months payback is really what we see as a target for us. We still exceed that sometimes these days, meaning we have better paybacks here and there. I would say, let's just say our goal is to grow as quickly as possible at six months payback, 3X return. If in the end we are a bit better than that's great. If we're just hitting six months payback, 3x return, to be honest, that's also pretty stellar. I think as an analyst, if I were you, I would just say, "Look, let's assume six months payback is what we're shooting for," and then see how the year progresses because yes, there's the impact on the customer. Customer adoption, conversion rates have an impact on that. There's also CPM, so media environment, and we see big changes right now. Obviously in Apple fighting with Facebook, switching off the tracking. Now these things have an impact on CPMs, on efficiency. We can react to that because we will always get the customer at the right price no matter what. We'll never compromise on profitability. It's just a question of with what channels will you achieve your growth based on the unit economics you're targeting. I would say, given that there's lots of things that will happen this year on the media side, and at the same time, we see really strong consumer demand on the other side, which is favorable for us. I think shooting for six months is probably the right thing to target. In your models, I would basically use that threshold. Great. Just to follow on on CPMs, they were artificially, this time last year, artificially the other way. Could you just comment a bit further on, a bit more color on that? Yeah. CPM, you mean the cost per media cost, so to say, correct? Yeah. That's right. I think with CPMs, we've seen last year an increase in CPMs. We saw a lot of offline retailers, a lot of new advertisers entering the market, and we were able to offset these increased CPMs by stronger conversion rates we witnessed at the same time. As consumers are more open to shopping online, we see significantly stronger conversion rates that offsets then the CPMs and net led to a very good CPA, acquisition cost environment last year. This year, as we said, we continue to see the strong consumer demand. We continue to see strong conversion rates, and that continues to offset CPMs, which are not coming down. You could even argue CPMs, especially on the online media side, based on what will happen on the privacy side, will be a very interesting topic. I think for us, we saw that already last year. We've done two things to diversify. One thing is we are actually replicating lookalike audience mapping that you would see in the Facebook and Instagram world. We are replicating this in our own proprietary tech platform to be more independent and just basically using our own data sets from our own customers to build lookalike audiences and then go to the marketplace. We see a bigger share of offline media that we are now efficiently able to deploy, again, using the same data that we get from our customers. Our share of Facebook, for example, just to give you one data point, last year, probably beginning of the year, we started with 80% of our marketing budget in the U.S. would go to Facebook, Instagram, and online. This is down to 50% at the beginning of this year and continues to go down further. We are actively working to diversify to counter these strategic changes that we see in the online media environment. Great. Thanks for that. Very helpful. Thanks for your time and comments. Thanks, Matthew. Once again, if you wish to ask a question, please press star one on your telephone. We will now pause a short moment to allow questioners to enter the queue. There are no further questions at this time. I'll now hand back to Mr. Siegel for closing remarks. Yeah. Thanks, everybody, for joining today. As I mentioned in the beginning, Q1 was really a record quarter. We'll be looking very much forward to the rest of the year as we see the good growth environment continue to be around. We have a Marley Spoon Investor Day coming up on May 11th. You'll see an invite also posted on our investor relations page. I would like to invite all of you to join us. It's going to be a longer session, May 11th, starting 3:00 P.M. Sydney time, with an expanded management team, spending more time going into more details of various aspects of the business. It would be great to see many of you there. Until then, thanks so much for your attention, and we'll be in touch shortly. Thank you.