Ann: FY22 Q1 Results - Investor Presentation, page-158

Anyone interested in further detail on the absolute trainwreck that is LVT should google "livetiles karl redenbach law suit keith redenbach" and look at the Inteliigent Investor article entitled "LiveTiles: A cultural analysis".

I love this quote about Karl from an (admittedly disgruntled) ex-employee:

"Girand's court submission describes an 'alcohol-fuelled work environment'. On his first day he was invited to lunch, where 'Redenbach ordered four "roadies" for himself and another employee, so they could continue drinking on the cab ride to the airport'. Coincidentally, travel and entertainment expenses were nearly four times IT expenses in 2018."

And this quote from the article says it all really:

"Any Intelligent Investor analyst that spent 30 minutes with LiveTiles' latest annual report would run a mile from it. A cultural analysis would only confirm that decision. Needless to say we have little interest in covering LiveTiles on an ongoing basis."

Geez I wish I'd read it at the time it was published in June 2019, may have saved me a sh*t tonne of money! Unfortunately it's still highly relevant today.

But hey, I'm not worried! LVT is clearly the next Atlassian and the management team is just the best!