Interesting that you jump to this kind of conclusion. Growth of...

Interesting that you jump to this kind of conclusion. Growth of 30+% in wearables revenue is slow? Man, you are in the wrong industry. Maybe you should go to invest in cannabis industry (high growth but off a very low base and you don't even know which company will be a winner at last).

Growth has been done via M&A? If anything, management should have learned that M&A has stunted growth for a year, i.e. XOS. It is pleasing to see though that recent jumpstart back to higher growth rate for XOS (Catapult Vision now) in FY18. Remember that the acquisition was done in 2016, and now that Management has had one full year of running that in FY18, we can see that it's not a dud that they have purchased (though they may have overpaid for it, but that's another story).

I don't think management is stupid enough to make another acquisition now (I hope not!). That would indicate a very low IQ and inability to learn from past experience.

Having said that, XOS has given Catapult ability to integrate video with wearable, not something that others are doing much on(can anyone name another company doing this?) . This integrated platform one- stop-shop of player data through wearable and video can be a powerful combination to extract much more accurate data that can be useful for coaching and game strategising. I am pretty sure that Statsports is trying very hard to develop same video capabilities, but it's not something that you can easily catch up on.

Hence, my bet is on Catapult to be the ultimate Apple of the Sports and Wearable Analytics company in the world. We just have to be patient. Joe Powell has helped built Seek from early days, I trust he has wisdom to do the same for Catapult.