Ann: FY23 Forecast Financial Result, page-13

Actually, to put it more simply, first half EBITDA was $2m, second half $10m. Second half cash flow was $7.5m. Actually, a little below EBITDA as is to be expected as that deferred revenue gets recognised.

Run rate EBITDA $20m in the second half with growth and the re-priced Mcdonalds contract as referred to by Blizzard. And not much in the way of capex with Task.

EV about $125m, so trading about 6x EBITDA. Doesn't compute for a grow recurring revenue business.