Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-28

G'day mate, what am I missing? What makes you view this as an overall crappy 4C?

Revenue is down compared to the previous quarter, however, cash receipts are up, as is ARR. I think most agree that the key metric for this business is ARR growth.

We've had our first full quarter with the cp.Protect/cp.Discover acquisition, and the report notes that opex is not forecast to materially increase in coming quarters. I must admit I'm curious about this though, as it would infer that M&A activity is presumably off the table in the short term.

With ongoing ARR increases and a stabilisation in opex, coupled with a growing runway/pipeline, I'm not convinced it's appropriate to call it crappy, though am interested to hear your views on it.