Ann: Investor Presentation, page-9

Yes, spot on. The company has maintained their debt facility and remain on the acquisition trail (which has proven to be a compelling strategy over the years).

When stripping out the amortisation the 1H2016 NPAT rise was not far behind the EBITDA rise of 64%. The management is very upbeat about their prospects, and unlike most companies, they back up what they say with performance.

A number of tailwinds are present IMO
Scale delivering margin gains
New PoP's overseas and large addressable markets
Growth from tie up with OTT providers
Cross selling into TNZI customer base only beginning

CEO is one of the most astute around, another big plus for the company.