Ann: FY21 Results Investor Presentation, page-8

Organic growth last year was 21% for Elmo and 52% for Breathe. See p.12 of their presentation. That's pretty decent no?

LTV to CAC was 6.6x for Elmo and 6.9x for Breathe, with both businesses on 85-90% gross margin. Churn is high but probably explained by Covid / small businesses hurting

They still have $52m of net cash (cash - debt)

Also ELO now trades at c.4x time their FY22 revenue guidance. Not very demanding for a SaaS business these days

Anyway, this is a bit of head scratcher for me