Smoke, Mirrors and Half Yearly, page-8

Imo, ASR is just one of many metrics. It gives guidance into future revenues. But that is it: guidance. We know customers can opt out. We also know that only a low % do so.

Your key question:
"if the C&W deal was 18% of the ASR, as stated in the C& W announcement, and it was due to be bedded down by now, with revenues actually hitting the bank in March, then why is there no mention of it at all in the Half Yearly"

Answer (imo):
The half yearly was for July-December 2018. Why would you expect to see anything from C&W if, as you point out, it was suppose to be bedded down by now and revenues hitting in March?

I think your timing may be out a little.

I expect to see some C&W revenues in the March Q released towards the end of April. But I see it as an iterative process; the bedding down/acquisition of more C&W sites will be on-going.

I also think the SP got a little ahead of itself before considering the revenues/ASR. In my experience, fast-growing SaaS businesses are valued at 15-20* revenues/ASR. So it seems BID was pricing in all of C&W before revenues hit the books.