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Blue Apron’s (APRN) Q3 results continue to indicate ongoing erosion of operating metrics due to the increasing competition that resulted in higher than expected customer churn. Despite the ongoing cost optimization, EBITDA guidance was further reduced by another $5m to reflect on the impact of the investments in product and customer experience. Although the management expects 2019 will be a kitchen-sinking year with 2020 to show early signs of recovery, we believe that APRN remains a show-me story and that the operating metrics are unlikely to turn the corner given the rising popularity