Reg, my analysis is not that detailed or complicated. Perhaps my...

Reg, my analysis is not that detailed or complicated. Perhaps my explanation as to why I look at EBIT rather than NPAT made it look complicated. Essentially, I start with last year’s results and look at the likely changes in revenue, expenses and D&A to predict EBIT and OCF.

I do not try to split revenue between AU and USA. Historically, NEA’s revenue has tracked at 13-14% below end of financial year ACV, and about equal to end of half year ACV. Therefore, my estimate of revenue for FY18 is around AU$54.7M, about $2M higher than yours.