NOBODY12378 wins prize for most astute observation ...
... about the shareholder letter!
I had missed that, previously.
It appears that they are finally taking my advice to "get out of Dodge" (aka, NYC), where the rents are higher. If only they had done so 2 years ago, we might've saved a couple billion shares worth of dilution!
In my opinion, this is the most noteworthy bit of news in the letter!