Ann: Appendix 3Y update, page-5

Very underappreciated: mid-teens grower, on the cusp of CF break even and positive EBITDA, amazing LTV/CAC and gross margins, they have high churn for small initial pilots and small contracts (common for this kind of product) but much stickier for larger spending customers. The ROI for this type of product is high - sales teams show great productivity gains. The cost savings and efficiency improvements on the training side (rather than the sales enablement side) are also big and your payback periods are short. Competitors in the US getting priced at big multiples... BTH business is 80% US revenue exposure but trades at a very low EV/ARR or EV/GP...