SLC’s FY22 result was slightly better than guidance and our forecast. Underlying EBITDA of $25.4m was above the upper end of guidance despite ~$2m higher than planned sales and marketing spend. The core is going well. Given the strong balance sheet ($25m net cash), management opted to reset/recalibrate working capital which meant operating cashflow was negative and meaningfully lower than we had forecast. While unhelpful in FY22 this means operating cashflow conversion should be >85% in FY23 and beyond. Our DCF based valuation is largely unchanged but we now move to 50/50 DCF and EV/EBITDA which reduces our Target price to $1.00. Add retained.