Qualified referral growth We forecast 56% qualified referral growth in 1Q (920bps deceleration on 730bps tougher y/y comp), led by 38% y/y growth in Developed Europe, 48% in Americas, and 110% in ROW. We expect continued robust marketing spend will drive user growth. Biggest 1Q issues/risks: e Weak return on adv

European foothold through aggressive brand marketing. The company is adding qualified referrals at an accelerating rate as it expands beyond its core Developed Europe markets and penetrates new markets. We think the company has significant runway for growth and can sustain 30%+ revenue growth through the end of the