Ann: 1H22 Results Webcast details, page-16

I think any commentary on Jan sales / conditions will be something to look out for.

But also a first look at expenses year to date will be interesting and with revenues HonH up a lot more modestly (100%+ growth QonQ in US was off a very low base, so the strong % growth is as much due to a very poor prior year quarter as it was due to the stronger current Dec Qtr result).

One of the issues I have with PNV are their costs as @Sojourner pointed out above.

I've raised this a few times now, but I'll repeat it here that I have queries on employee costs and as we only ever get two looks at costs each year so it can lead to significant shifts in valuations if they are trending higher or lower than expected.

In 2020 revenues grew 66%, employee costs grew 76% and corp & admin costs were up 70%.

In 2021 revenues grew 32%, employee costs grew 29% and corp & admin costs were up 29%.

For a business that has such high gross margins, they should probably be making a profit by now... but their costs are growing in line with revenues for the past couple of years and it would be worrying if it continues to be the case for 2022.

From what we've heard they've been hiring across the business, mainly in sales.. but the trend for costs are probably going to be higher in 2022. Its hard to figure out how much is fixed vs variable (sales driven), but the question remains... how much higher, and is it going to track close to revenue growth again?