And Amazon should only continue to be benchmarked against its sales in books?
Amazon is obviously an extreme example. But so many tech companies grow their revenue and marketshare through acquisition. It's not an unusual strategy in the tech sphere.
While I agree there's definitely the need to scrutinise LVT's strategy and hold them accountable, I think the capital raises and acquisitions have really distorted people's perceptions around LVT's core business and ability to grow organically.
But the fact is, if we were to exclude any acquired ARR, they'd still be sitting on around $50m in ARR of completely organic growth. And that's taking into account their decision to cancel their N3 partnership and contributing $4.4m in ARR. For a 6 year old company, that's pretty good. Many of the other ASX-listed tech companies sitting at around $50m in ARR are 10, 15, 20 year old companies.
What happened in the past in regards to cash expenditure, acquisitions and capital raisings are just that, they happened in the past. It's all about the future now. With the world starting to recover from the impacts of covid, now LVT just need to show a return ti consistent and solid growth. If their products and strategy is good, it'll reflect in their sales and revenue growth. If not, then those more skeptical about the company will be proven right. Until then, we'll just have to wait and see.
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