Morning. My guess of why you said the organic growth was flat is...

Morning. My guess of why you said the organic growth was flat is because you are using Q1 revenue $5.2m x 4 qtrs which is flat for full-year revenue. But Q1 revenue being reported is up by +34% yoy, so it looks more like DTC doesn't charge its customers on a monthly basis, instead it is more likely to be quarterly.

Strong revenue growth + VLT contribution + Synergy + GPM expansion + DTC in the right industry at the right time, besides valuation for FY21 is quite attractive at this price on a P/S basis comparing to other peers which are in high growth phase.