Ann: FY23 Results Presentation, page-17

Eloi, you wrote that DV said “this qtr will be bad and we can expect low client retention”. This has been poorly explained but the actual wording was “renewal” not “retention”. Renewal is just the timing of when clients pay up for the next 12 months of their subscription/right to use the product, ie for whatever reason they just happen to have less clients renewing in the September quarter compared to the other three quarters and hence less actual revenue in the door in the September quarter. This has absolutely nothing to do with their net client retention rate which at 93% is actually very good. Ie they are not expecting to lose clients in the September quarter. I hope that makes sense.