I do think the "mandate" was to cut significantly below the tax line in 2020.
Despite the sunken cost of Sale, Pedey and half-Price in 2021, we still stayed under by about $4-5M. That was an increase from 2020, but still not really near 2018 or 2019 levels.
It wasn't until the Story signing we got back near the 2018 level, and by then several teams had passed us and stayed ahead.