Ann: Appendix 4C - quarterly, page-23

It's a good quarterly as the 30%+ growth is the best quarterly growth (YoY) since Q1 FY17.
Operating cash flow:
Q4 FY17: -5.8
Q4 FY18: 1.5m (7.3m improvement)
I think the more pertinent question is how is this NOT a good quarterly?

FY18 overall is a different story though. It has been nothing special..a pass mark IMO (at best).

However breaking it down...the H1 results were very disappointing with only 14% revenue growth. Poor results in North America and XOS which had negative growth were two key reasons. They spoke about restructuring this and the results speak for themselves. 19% growth for the FY, so H2 growth in the mid 20's. XOS turned from negative into a 9% YoY revenue uplift. Clearly the changes they made there have been productive.

The key for me is I feel the momentum is shifting, clearly shown by the much stronger H2 results. I would be thinking much differently if the H1 & H2 results were the other way around.

Add in the great work you can see occurring through PLAYR (worth following on Instagram) and I think FY19 will be a positive one.

Subscription mix is important but the overall revenue and growth is far more important. CAT have a sticky product, as long as their subscription mix doesn't go down i'll be comfortable.

All IMO, please DYOR.