Great balanced article. The power of the brand and the customer experience as you explained. The value is that customers really enjoy receiving them and it is a convenience to give them as well. I would add that when they are redeemed they drag additional revenue in the door especially when the holder comes in with others.

If that 40% of annual revenue is true, that is astounding. I had a challenge doing the math on the $1.6B as Starbucks does about $30B annually.

Thank you, Mark