Ann: Goldman Sachs Presentation, page-20

just remember that revenue from continuing operations is up over 50% and margins are actually improving (as would be expected for a tech stock whose has leveraged earnings to revenue changes because costs are relatively fixed.

improving margins such that ebitda rises faster than revenue (63% growth for h1 ebitda vs 50% revenue growth) is the single most important thing to look for in a growing profitable tech business with strong forecast revenue growth.

so if group revenue grows 50% per year we are in good shape for even faster ebitda growth, especially since b2b has higher margins and it is growing quicker than b2c.

i forecast $15 by the time they report next feb in under 12mo.