Ann: FY25 Guidance Update, page-7

The potential is massive.

PME did not grow in a straight line until the inflection point of operating leverage kicked in.

I see the same here. CARR not being as big means nothing to me short term.

Recurring revenue growing at 20% is the magic. A lot of companies with CAGR of 20% revenue tend to rocket at some stage.

Even if it plugs along, become operational cash flow positive and then achieves profitability the cash will pile up.

The value is there. Then the CARR will continue to grow.

The model is ripe, Teri should be able to unlock value with a fresh set of eyes.

The ground work has been done.