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  "notes": "Grizzly Research report page 17. Uses two line charts to demonstrate KPI manipulation and inflation-tracking AOV.",
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      "text": "In Q4 2023 results they reiterated that the slight decline in orders/new customers was “more than offset by the continued expansion of AOV throughout the year.” This is an obvious mis-framing of overall increased food costs.",
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      "text": "THE REPORT AND ALL STATEMENTS CONTAINED HEREIN ARE THE OPINIONS OF GRIZZLY RESEARCH...",
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      "text": "A failing company dreads transparency. HelloFresh has rolled out new metrics to obscure the core business collapse.",
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