Revenue has gone through the roof over the past FY, due largely...

Revenue has gone through the roof over the past FY, due largely to the acquisition of XOS (FY17 rev- 33.6M). While this acquisition is great for the company's long term future, it has hurt short term growth (XOS 10.4% v 52% in elite wearables).
This meant we ended up with overall growth of around 21%, which the market has come down hard on. It expected much more and the SP has suffered accordingly. Combined with increased spending which hurts our cash flow position and I think many have gotten frustrated and have moved on to the next big thing.

Personally, I have more confidence in the long term future of this company now than I did 6-9 months ago. Remember what CAT's strategic goal is. OWN THE PERFORMANCE STACK FOR ELITE SPORT. 12-18 months ago they were just a GPS business, now they own that complete stack with video, GPS, AMS & a TBC tactical offering. The product they can now offer to sporting clubs is exceptional and the fact they have grown it so much means their competitive MOAT has only widened and they have put MORE distance between themselves and their competitors. If it was just about being cash flow positive ASAP, they could have just remained a wearables business and we'd likely be sitting here much happier with the SP. But where would we be in 3-5 years when a company comes along which offers the complete product to sporting clubs?? Bye bye CAT. Shareholders shouting 'why didn't you spend more to develop your product!!'.

IMO, competition is not the issue. We have the best product, are CLEAR global leaders and have built our product significantly (elite wearables growth still exceptional!!) . FY17 was a huge transformation year (in CAT's own words), building in all these new acquisitions into a global business is no mean feat! I think they have done a great job to date.

The next 12-24 months will be crucial, they need be careful with spending and show they can turn this great story into a strong cash flow position. They understand this too, the hiring of Joe Powell confirms this.
I still see some bumps over the next FY as the new promsumer is rolled out and the tactical system is completed but at the current prices it is a steal.

We'll all look back in 5 years and applauding the decisions made throughout this challenging period. The $$$ spent on high performance in sports is going upwards at a rate of knots. Hold tight & DYOR!