Ok, so in 2017, VOD did $3.75 mill rev of which $2.1 was...

Ok, so in 2017, VOD did $3.75 mill rev of which $2.1 was recurring. Therefore contract revenue was $1.65 mill. Let's assume 20% gross profit margins for contract revenue. On that basis they did $330k gp in contract revenue. According to the presentation VOD did $2.15 mill in total gross profit. Take $330k off that we are left with $1.823 mill in gross profit from recurring revenue. That's a gp margin of 85% on recurring revenue. That's a pretty tasty margin. If VOD can deliver some more growth this year, your $3.5 mill EBITDA might be a bit light....