Kingz, you are rapidly heading down the same path as Dwale, and...

Kingz, you are rapidly heading down the same path as Dwale, and believe me that is not a good direction! We all know that LVT is not cashflow positive as yet and is far from a cheap business to run, so frankly you’re not enlightening anyone. I suggest you consider that for CY18 they had $27.2m in CAC (customer acquisition costs) which generated additional ARR of 16m (that’s a conversion ratio of 58.8%). ARR is ANNUAL so less than a two year payback and in reality the revenues are likely to continue for 5-10 years or even decades to come as is typical for SaaS companies as customers are typically very sticky. CAC for FY19 was $31.2m in return for additional ARR of 19.6m, ie a conversion ratio of 62.8%. So I think it’s pretty safe to assume a conversion ratio around 60% going forward which is very high and would be the envy of any other Australian tech company. If you consider this, the massive target market available to them, and how fast the revenue growth is likely to snowball as they approach cashflow breakeven (at which point they will have progressively more funds available to chase new customers) then you may rethink your line of inquiry....