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thanks for the excellent discussion.

I have a question of understanding regarding the "Cash EBITDA" measure which is "adjusted EBITDA" plus a portion of the prime fee revenue that is pending to accrue:

Considering that the financial reports are backward looking, why are they adding revenue from the future into this measure? I get that they collected the cash already but it seems to me to somehow boost the numbers of the past, doesn't it ? I mean they earn / accrue the revenue on a monthly basis from a cash pile they collected already, and then they add the rest of the cash pile that they have collected and are sure to accrue on top?

Also, assuming a stable scenario without new sign-ups of prime members, should then adjusted EBITDA be flattish and cash EBITDA reduce over the course of a year as they accrue revenue from the deferred revenue cash pile that they collected upfront?

I'd appreciate your views on that! Thanks in advance and again a great episode!

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