LFG!, page-7

All of the cash hasn’t flown through to revenues yet, let alone profits. Icollege and Redhill were torn apart during the pandemic and subsequently pieced back together. The growth being experienced with the return of international students requires a significant increase in complexity and I’m sure there are going to be some growth pains. More students, requires more classrooms, more teachers, more managers etc. This isn’t a scalable tech company selling an extra subscription that requires no additional cost. Don’t get me wrong, I am extremely bullish (hence my position size), but this is certainly not yet at cash cow status.