We attended VTP’s analyst meeting on January 25, 2021. Based on management’s disclosure of delivery volume results in 2020, we think VTP’s 2020 financial results could trail our current forecasts, pending a fuller review. That said, management expects a rebound in VTP’s delivery volume growth in 2021, which is premised on stronger consumer spending and the company’s investments in its operational capabilities. Finally, management revealed a reorganized corporate structure