@madamswer @Fire Bull is right Since DH16 there has been a...

@madamswer
@Fire Bull is right

Since DH16 there has been a change in the revenue model and you can see the drop in cost of revenue from 55% to 35% over the last 2 years. The inverse is obviously the gross margin (see below)

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7	Column 8	Column 9	Column 10	Column 11
0		2012	2013	2014	2015	DH16	JH16	2016	DH 17	JH17	2017
1	revenue	7.912	9.644	12.572	14.893	7.634	6.935	14.569	6.45	7.057	13.507
2	NPAT	0.168	0.374	0.703	1.256	0.223	0.887	1.11	0.628	0.707	1.335
3	EBITDA	0.842	1.172	1.627	2.032	0.511	1.6	2.111	1.19	1.446	2.636
4	D&A	0.196	0.179	0.368	0.372	0.213	0.23	0.443	0.303	0.47	0.773
5	Interest	0.43	0.469	0.195	0.113	0.037	0.032	0.069	0.02	0.048	0.068
6	Interest income	0.003	0.002			0.003	-0.003		0.001	-0.001
7	PBT	0.219	0.526	1.064	1.547	0.264	1.335	1.599	0.868	0.927	1.795
8	Tax	0.051	0.152	0.332	0.468	0.041	0.355	0.396	0.24	0.119	0.359
9	Reconciliation			0.029	-0.177			0.093		0.101	0.101
10	Other income		0.03
11
12	EBITDA margin	11%	12%	13%	14%	7%	23%	14%	18%	20%	20%
13	NPAT margin	2%	4%	6%	8%	3%	13%	8%	10%	10%	10%
14
15
16	Expenses
17	COGS	-3.644	-5.007	-7.043	-8.012	-4.181	-2.854	-7.035	-2.592	-2.438	-5.03
18	% rev	46%	52%	56%	54%	55%	41%	48%	40%	35%	37%
19	Employee	-1.782	-1.848	-2.252	-2.667	-1.452	-1.267	-2.719	-1.43	-1.476	-2.906
20		23%	19%	18%	18%	19%	18%	19%	22%	21%	22%
21	Marketing	-0.124	-0.198	-0.187	-0.407	-0.177	-0.329	-0.506	-0.31	-0.6	-0.91
22		2%	2%	1%	3%	2%	5%	3%	5%	9%	7%
23	G&A	-1.069	-1.072	-1.062	-1.456	-1.049	-0.628	-1.677	-0.727	-0.844	-1.571
24		14%	11%	8%	10%	14%	9%	12%	11%	12%	12%
25	Merchandise	-0.409	-0.418	-0.436	-0.379	-0.203	-0.179	-0.382	-0.158	-0.168	-0.326
26		5%	4%	3%	3%	3%	3%	3%	2%	2%	2%
27	D&A	-0.196	-0.179	-0.368	-0.372	-0.213	-0.23	-0.443	-0.303	-0.47	-0.773
28		2%	2%	3%	2%	3%	3%	3%	5%	7%	6%
29	Other	-0.039	-0.002			-0.058	-0.081	-0.139	-0.042	-0.086	-0.128
30		0%	0%	0%	0%	1%	1%	1%	1%	1%	1%
31	Finance	-0.43	-0.469	-0.195	-0.113	-0.037	-0.032	-0.069	-0.02	-0.048	-0.068
32		5%	5%	2%	1%	0%	0%	0%	0%	1%	1%