Ann: Appendix 4C - Q3 ARR $55.2m, cost savings update., page-7

Positives
- impressive ARR growth given loss of N3 ARR
- has reasonable cash on hand, so no immediate (6 mths) need to raise cash esp at these depressed prices
- focused on cash burn
- medium term opportunity on ARR if they can convert some of the clients they've engaged with in this covid environment

Negatives
- expenses seem very high, and reduction actions will take a long time to play out
- not sure why they are making 50 people redundant and having to hire a few more people (can't they ask for people to change roles and save on redundancy)
- this quarter could be a poor one for ARR growth given limited ability to sell (but hopefully that will mean 1Q21 will be big)

Still think to be cashflow positive by end of CY20 will be very tough......my back of an envelope is ~20m expenses per quarter so if they can get their savings, that brings it down to ~15-16m (Oct-Dec20), and you are still only looking at ~13-14m in revenues (based on current ARR). Both cost saving and revenue growth from here will need to deliver