Ann: Record FY2022 Revenue with Growth to Accelerate in FY2023, page-16

It has to be part of Cost of Goods Sold as it’s the only place can be. So effectively every $1 of the revenue that’s recurring subscription they pay out 70c. It hasn’t really ratcheted up yet as Europe has required some up front costs. I think overall people need to realise 2022 was a year of progress but we have been impacted by costs and supply chains but well positioned for a big 2023 hence the upbeat commentary and tone. Everything may go right in 2023 and anyone selling now be kicking themselves if so. And on the pretty low market cap reasonable down here to play the rebound story which has been fairly well telegraphed as it is.