Ann: Appendix 4E and Annual Report, page-9

Revenue $192.2 million up 60% and EBITDA $53.5 million up 65% (30% if we include the costs associated with the CBI matter) - these are exceeding the original guidance proposed by EML. Remember this business is still hugely impacted by COVID lockdowns (especially in Europe where majority of their gifts and incentives segment pulls in cash). Conclusion: Positive. A resilient company still generating 60% revenue growth even in this challenging climate.

Profit margin down. This is because the business is pivoting away from gifts and incentives (which generate the best profit margins). Why are they doing that? We want resilient revenue. Ecommerce is taking market share away from bricks and mortar shopping - physical gift cards. Conclusion: not worried in the slightest. Let's continue to see EML's transition into a global diversified payment company.

CBI issue. "Have provided CBI with a detailed remediation plan and is actively engaged with the CBI in the implementation of this plan." Conclusion: To me this suggests a positive outcome is more likely than not.. why would EML be wasting approx $11.4 million in costs if they were going to shut this part of the business down. So this 40% SP decline seems like an overreaction. Correct me if I'm wrong but a SP decline this large might've been anticipating a complete wipe out of this PFS business in Ireland.

All IMO.. happy to hear other's thoughts on my take.