Ann: Q2 FY18 Market Update - Update to Cash Revenue Guidance, page-244

I believe ur over complicating it. We're already seeing the COGS of the deferred revenue. It's included in the expenses in the 4Cs. So apart from expenditure not already paid in cash, and other non-cash items, there are no "new" costs that come about when the deferred revenue is brought to the P&L.

That aside, I'm not saying I agree or disagree with ur original profit estimate. Simply indicating that if ur original $22M revenue line was excluding deferred revenue (which seemed to be the case from ur subsequent comment) then ur statement about deferred revenue isn't right.

However not a point that needs to be laboured on.