Ann: Appendix 4C - quarterly, page-7

To be fair the miss is small at ~NZD8.75m to the target of NZD9m at current FX rates, however, I think it may soften the trajectory/growth expectations for the business. But you are right that small things like this in the current market are not good. SP could be more volatile or drift down from here until they show otherwise (could be a quarter or two). If the SP struggles and is weaker near-term, no rush to buy but be ready once the SP overreacts and underappreciates the trajectory of the business again.

Some more detail to my thoughts and valuations can be found here.

https://strawman.com/member/company/straws/VHT/all

RetYoung.

That ARR target was predicated on USD2 exam rate, they're doing USD2.5. They've always said that getting to NZD9 was a mix of share and APRU.