Given this video only has 25 views I think I'm safe enough to...

Given this video only has 25 views I think I'm safe enough to assume it'll be new to some of the people on here, hence worth posting.

At about 11.10mins Del Pozo re-states the 38-41m revenue forecast for CY2017 and also maintaining a 40-45ish% EBITDA. Then he says this doesn't include acquisitions - obviously its likely they'll make acquisitions. Do people think he's saying the revenue includes acquisitions but the margin doesn't, ie. might fall due to low margin or loss making acquisitions, or do you think that neither revenue or margin include acquisitions?

All will hopefully be insignificant in the long term, but always worth keeping an eye on the language used!