Ann: Investor Presentation - February 2018, page-3

Holy Smoke. I'm reading the Annual Report. They are seriously overpaying all of their executives.

7 people paying over $4m in salaries, what a joke when they're losing that much money

Revenue    $180m
Payment to artists $15m (15%)
Payment to fulfillers $90m (50%)

So 65% flat walks out the door before it comes in

The business operates on 35% margin

In that we have

* Salaries are $29m and not going to fall
* IT and infrastructure is $14m and definately not going to fall
* Marketing has been $14m

Basically, it always has to market and advertise. Its CPAs are pretty high

Could be a big winner. If $1b in sales = $350m Gross less what...$100m in expenses yeah could be a $3b company I guess

Fairly priced perhaps but if we see 2 quarters of revenue growth falling will be savaged. $0.50 seems a bit of a bargain doesn't it

I'll keep an eye on it