Ann: 1st Half FY19 Results Announcement, page-18

But LVTs contracts are recurring yearly. They can't report unrealised revenue but all of those dollars generated now should represent some lifetime value of dollars in the future. Many investors are unaware of SaaS and Annual Recurring Revenue business model. Looking at Xero, cash flow positive hasn't even been achieved yet, and at the same revenue point as Livetiles were valued almost three times higher. I think the public is also misinformed that they are spending $2-3 for every $1 now but don't see the value of recurring contracts. Livetiles are growing at over 250% a year and Xero at same stage only 90%. If in next 3 years LVT only match Xeros growth, market cap would x15...