Ann: Class - Continuing to Win Market Share & Grow Revenue, page-6

@Leveraged super helpful, thanks!

@SimonGr agree need to be careful but i think as long as you think 2H18 was just a blip rather than a structural problem then all good. Im not worried about delayed billings, sure they will affect short term results but with 98% retention (excl AMP) these subs are almost as good as annuities...so half on half results are really not a concern.

On the call Kevin said they expect >=28K subs ex AMP in FY19, take mgmt statements with a pinch of salt but the stock should not trade on 21x with that in mind