I think your headline revenue number is quite low which is...

I think your headline revenue number is quite low which is throwing out the rest of your equation. Most analysts have revenue around $195m. To give you a feel for the size of the contracts look at the 1st delivery of FTTC for the nbn which was for 3mth of devices,.... it was $28m. The timing of revenue is the difficulty with ntc as they are victims to what their customers order - total contract sizes over several years are easier to forecast eg we know an approximate and minimum size of the nbn fttc homes (all else being equal)