Ann: Appendix 4C - Quarterly Report with commentary, page-190

no idea @McKhenry

past peak for private equity market is when revenue growth is roughly seen as likely to slow from +20% to below that. ie it stops being super sexy

thats most dangerous for companies still not making positive free cashflow (ie will they never be able to live under their own growth)

thats why they want to pass Uber and Lyft to dumber public investors - they get an injection of cash - and de-risk themeslves in case they never achieve escape velocity

essentially they are building a buffer so they can get through to the next business cycle

i simply dont have any understanding of the smart lighting market - so I cant form a view on the LiFX targets etc.

if it was a sub $50m mkt cap junior Id likely punt it for the upside surprise result. but the BUD vehicle is much more highly capped - so share price risks seem much more balanced