Ann: Quarterly Update and Appendix 4C, page-38

Qtr on qtr growth in this qtr is not a good indication. June qtr for a company that sells mainly to australian defence and fed agencies is always going to be a bumper qtr. I personally sell infosec software for a large US cyber saas vendor and personally sold to defence this qtr - they had ALOT of money to burn this qtr. Expect this coming 1-3 qtr results to be lower. Fair multiples on consistently growing saas companies are around the 10x from ARR. Cyber usually commands higher and for example (although much bigger and established) Proofpoint was recently sold at 15x multiple. Crowdstrike is at ridiculous roughly 58x ARR. AR9 at roughly 36x is a stretch. Ofcourse 1 decent contract with DoD in the US and SP will rocket.