Ann: CAT H1 FY19 Results Presentation, page-82

On a ARPU basis for elite wearable, the way that I calculate would be: 18293 total installed units, with 27.6M elite wearable ARR, that would mean $1508.8/year/unit, or $125.7/month/unit. Catapult quoted only about $116/month/unit. Where's the missing $9/month/unit? Hmm...conservatism?

Another thing to note, the whole discussion on signing up teams, the reality is that if Catapult has 2500 teams, and assuming that all of these teams have elite wearables, that is basically 18293/2500 = 7.3 units per team on average. If we use 2100, that's still 8.7 units/team. If even I double it to say that half of the teams are "capital" based rather than 'recurring', then it's still 14.6 units per team on average. Let's round it off now to 15 units per team. 15 units will only give you a meagre $22.6k per year.

All the discussions on whether Catapult or Statsports signing up teams...guess what? The financial impact is minimal..the real big hitters need to be big leagues signing with tens of teams or hundreds of teams subscribing to using Catapult. Or in other words, it's not "who" you manage to sign up, but "How many" that you manage to sign up. Signing up the "top" teams doesn't mean they will pay more for the product. They will probably still pay $22k per year as compared to the high school teams in USA. The only benefit that they give is the marketing associated with it. However, as with many things, the winners always change. Some other teams will win the finals eventually. Players can switch teams.

This plays to the fact that Catapult eventually will need to go to the masses to get that multi-billion dollar revenue market. Meanwhile, it's good to build a strong foundation to ensure people adopt the whole package rather than wearables alone to strengthen the stickiness of their product.