Quarterly, page-97

I think they should have wrote 47% p.a. instead of just 47%. I work with Equities Research analysts, whenever I do get a glance at the reports that go out in front office, non-calendar year numbers are almost always expressed as pcp (prior corresponding period) as it removes seasonality and best reflects the overall underlying growth rate. Raw quarterly numbers are simply too volatile. You wouldn't compare Thredbo spring quarter revenue to winter quarter revenue and say the massive decline in revenue is a true reflection of performance when clearly there is seasonality effects at play.