I’ll tell you what I’ll give you 5 mins of my time.So the point...

I’ll tell you what I’ll give you 5 mins of my time.

So the point of advertising is to generate sales right. Have to spend first to get paid later.

So your “near $200m” marketing was actually $170m.

Of that, $107m was spent 2H. That’s Jan to June - in other words, NFL off-season. Yet still generated $194m rev.

We’re probably arguing the same point but looking at it differently. They’ll probably spend every dollar they make in advertising. So when you look at the financials, you’ll always see in the rear view the marketing expense ~=revenue. So you can argue they’re just buying revenue. Fair enough.

I’d be reconciling next half’s Rev with 2H marketing spend - and because of NFL season that number will be materially higher.

We’ll see. We’ll only know probably at AGM time, but to me the way you’re looking at it reminds me of all the mistakes people used to make about Afterpay and the receivables.