Ann: AVG AGM Addresses and Presentation, page-6

Decided to review AVG's fundamentals using a DuPont analysis today.

Have listed a few observations and questions below. Would really appreciate some answers from long-term holders

Observations:
1. Our ROE (which, as you know, is the "speed limit" for the company's growth) has been really low for the last 5 years... anywhere from -0.8% to 3.04%
2. The main reason for our low ROE is our tiny net profit margin of 3.0-4.1%
3. Our ROE is about half of ASX:TWE's...

Questions:
1. Does anyone have thoughts on why our profit margin is so low, and what can be done to improve it?
2. What makes up our "cost of goods sold" - see part (b) in Note 3 from the FY20 annual report.

I'm aware that management is forecasting an increase in sales - this is great news. What would make me even happier, however, is an improved profit margin. If it stays where it is, AVG will grow so slowly that it's barely worth holding (except for the divvies).