As usual conservative guidance. Revenue growth in H2 same as H1 (41%). H2 EBITDA margins lower than H1 ( same as last year). Reason for this is they spend more marketing dollars in H2 to drive FY20 growth which every year analysts have falling off.
Full year EBITDA margins flat on last year is the same guidance they give every year before beating.
I love their conservative guidance policies. They always give the bears and bulls something to grasp onto. As long as they keep outperforming this balanced guidance like they have for the past few years then onward and upward.
Q3 Update, page-3
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