Note the following from page 6 of the Shaws report; We note the...

Note the following from page 6 of the Shaws report;

We note the following with regards to DUB:
• DUB has an extremely unique and market leading IAAS and SAAS product that has seen significant international carrier validation (and a moat from such carriers);
• DUB ex-Speik grew ARR organically by ~100% p.a. in FY21;
• Gross margins for DUB are effectively leveraged to scale and at scale ($50m+)
should reach north of 70%, in turn generating high effective EBITDA margins; and
• DUB is only just starting to generate commerciality and penetration globally. The market for call recording is vast and alongside value added services, net add rates in ARR for DUB should accelerate over time.