pect 1Q active diner growth of 25%, Grubs per Diner decline of 3%, and average order size growth of 5%. Biggest 1Q issues/risks: « Despite positive Google Trends data and commentary from management, mounting competition eats away at GRUB’s growth and take rate, driving diner acquisition costs higher. e Warmer

vasive pornography, coupled with the region's youthful demographics, have accentuated the Muslim Middle East's fraught relationship with sexuality. Google Trends, which monitors searches from around the world, shows that of the seven countries that most frequently search the word "sex" on Google, five are Musl

hlight faster ado=tion vs. iPhone 8/8 Plus and increasing switching opportunity (to Apple), =ueling an acceleration of Apple smartphone share gains. Google Trends data=also corroborate iPhone strength in China. AAPL remains our top pick enter=ng 2018. Initial iPhone X China data show faster adoption vs. iPhon

hlight faster adoption vs. iPhone 8/8 Plus and increasing =witching opportunity (to Apple), fueling an acceleration of Apple =martphone share gains. Google Trends data also corroborate iPhone =trength in China. AAPL remains our top pick entering 2018. Initial iPhone X China data show faster adoption vs. iPhon

AMTBAOON TT VO ANNNNA DSSS DSBSA AAA ANNANN MSDS DSB AOA SA SS NS BBB MN KR DDN RRB RN OS ORO BOON NTN BR RS NTO oO oN addmnnaddm nn ad waon Source: Google Trends and Cowen and Company Encouragingly, interest has been rising consistently among different form factors, ranging from supplements like CBD gummies,