Ann: FY22 Q1 Results - Investor Presentation, page-121

It's hilarious sitting back on this now and reflecting without being as emotionally invested. Just come to the conclusion that I won't ever regain my losses fully here, but have made them back on other companies.

Karl and Co have contradicted themselves by saying:
1. Covid has made it difficult to do business and the market has slowed.
2. The constant update of a strong sales pipeline.
These don't go hand in hand, they are the opposite of each other in fact. Responding to tenders in the pipeline would have a submission date, so maybe the only truth here is that the time stretched between submissions and award (or non-award in Livetiles case).

Dangling the carrot of a strong pipeline in my opinion has backfired. I recall in one update saying there were 5 or 6 contracts of similiar size to the Nestle deal. So they were awarded 1 in 5 big enterprise tenders at that time. To me this isn't strong execution.

A healthy pipeline should always exist from either open market tenders or having strategic relationships/brand recognition to be invited into the tendering process. Without a strong pipeline you are effectively saying that you don't have any future leads and a red flag for weak future performance IMO.

I would love to be a fly on the wall to know if Livetiles categorizes the likelihood of being awarded opportunities in their pipeline.
- Have they started early positioning, what is the strength of the relationships with the particular companies, do they have a pursuit strategy?

The good thing with Reach atleast is that LVT **hopefully** has a strong delivered relationship with their clients and that the desktop product is beneficial to the company. If so, then it should be easier to sell the second string product in Reach. On the flipside Reach should become the bread and butter that helps boost up the numbers. I don't see it as the core product offering that's going to get them to there $300m ARR. They need stronger execution of their desktop product to get in the door with some of these clients.