- Comment: "We've listened: LVT recognises the share price...

- Comment: "We've listened: LVT recognises the share price performance and as a result of feedback undertook the Strategic Review. We have a clear plan on how best to optimise the business to acheive scale and improve returns to shareholders".

- 12mth outlook for R&D spend of 27-35% of revenue in FY22. Note that this is an increase from ~10% historically. In Q4, R&D was already 35% in line with this plan, and cash burn was only $(230)K. So the goal here is to maintain breakeven while investing in growth.

- As well as reporting customer numbers, started reporting contracted users of 2.3M +48% (implies 2.6K users per customer up from 1.4k per customer last year). This metric hence better reflects growth in larger enterprise clients which would have previously just counted as one customer but consist of more contrated users. ARR is 62.8M, so average ARR per licensed user is $27. Interestingly I extrapolate to last year where on $53.8M ARR and 1.55M contracted users ARR per user was ~$35. Marginal average in last FY was just $12 per user. Evidently the focus on enterprise brings down average per user

- One of managements goals by 2024 is for 10m users. If you assume from here, users are at $12 average on top of existing base, then that target ARR is circa $150-160M.

On 5x multiple this would be ~$0.80 vs current $0.155 sp.