Reported H1FY23 EBITDA a mere AUD 70 k short of the EBITDA reported for the Full Year FY2022. 87% up on that achieved in the prior 6 month period H2 FY22. Consider the record backlog of orders and an improving situation on Chip supply and fair to say FY 2024 is going to be a cracker.

Love the reminder of Audinate's position as leader in the market. 12x that of it's nearest competitor. 

Considering the results vs the run-rate established 6 months ago ie H2 FY22, we see that..

- Sales Revenue up 18.3%

- Gross Profit up 13.7% ( impaired by the lower margin Viper inclusion, but they have a plan for this)

- Operating Expenses up 3.8%

- Cash Receipts up 29.9% 

- Receivables up 20.4%

In summary, the Company have weathered a particularly difficult time with the universal chip shortages. Development work has gone a long way to minimise the impact on customers so no reputational damage of any consequence. Healthy discussion on the call re future acquisitions and some clear excitement surrounding the new DanteAVH Software. With Bonuses paid in H1, stage set for a strong set of Financials in the second half and a 'standout' performance likely in FY 2024 (and Beyond).

Remains a STRONG HOLD for me.

RobW