Who starts a 4C with a 20 slide PowerPoint unless you are trying to influence a message.

Net loss of $50M in the quarter. Ran through 100M cash, with 65M on sales and marketing/ US business development. The $560M cash balance will be threatened soon.

These costs are baked in too with committed marketing spend with NBC of US$393M in progressively increasing amounts over the 5-year partnership that commenced last year.

Understand this is a run for market share in the US, the problem will be if they cannot get to the required real estate.