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Thank you so much for sharing and for the great analysis.

One way to look at the GOV by cohort is that Year 1 is not a full year. If you assume that it is half a year, 1x becomes 2x, which makes the following multiples look a bit less impressive by comparison.

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Quick typo in the "estimated margins at scale" chart, it says Q3 '21 while I believe you meant Q3 '20

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