Ann: Q2 FY2022 Quarter Update Presentation, page-22

like any fast growing business, strategic acquisitions are a must. They cost money. These acquired businesses are barely integrated. The last qtrly was the first time Patrons acquisition was included. 3 weeks for Kaddy.

This is a company looking to expand quickly, to do that, it costs money. As the company hones in on its focus and synergies, the spend will go down.

It will only be a bumpy ride for anyone trying to time the market with ongoing trading.