Ann: Record Q4 with growth in Revenues and MAU, page-17

It looks like they're ramping up spending on their mysterious machine learning program and a few other new channels. It looks like the "old" business cash flow was a little over -$200k which was under guidance. Personally I'm happy for them to ramp up spending if it's going to increase the revenue streams; we just have to trust that these new areas are providing a product that people want to buy, but so far this team hasn't led me to think they don't know what they're doing. Of course, being new rev streams they may be overestimating the rate of takeup initially, which means we'd be looking at a cap raise around the end of the year - which wouldn't necessarily be a bad thing if all these new channels have the potential to take off next year.