Ann: Appendix 4C - quarterly, page-24

I ended up exiting CAT, again! I thought the 4C was not bad, but certainly not good.

The thing that worries me is the increasing decline in elite wearables revenue growth. Its now down to 30%, having been ~50% and much higher than that historically. That decline shouldnt occur if the market is as wide open as management suggest.

I wanted to see a stronger accounts receivable balance. That would have been indicative of strong bookings during the north hemisphere off-season. I just think Statsports are really making ground on them. Head to head Statsports definitely look like they've made more recent tier one signings in Europe.

Good luck everyone who's holding. I'll watch now from the sidelines.