Most golf equipment companies have good sales in the quarter during/after the PGA Merchandise Show (late January), since golf courses are busy stocking up for the season. If I understand CADY, they don't get upfront payments from courses, but need to install screens in carts and then make money from serving up ads to golfers. I wonder how many screens they have in use now and what they are getting paid for the ads. I sense they are getting the screens out there (which costs money) but the ad revenue is weak. This is a management that knows a lot about GPS equipment and next to nothing about digital media and adtech.