Ann: Annual Report 2019, page-16

If it is the bots that are dragging the price down, I sure wish they would find some other stock to play with.
At least the short interest has gone down to almost nothing, at 0.2%.

Did folk notice the "Highlights" item on page one of the annual report to the effect that contracted revenue over the next five years totals $180m?
That's an average of $36m PA for five years.
For comparison the total revenue for 2019 was $50.1m.

Presumably, some of that $36m PA will be for future implementation work, but a lot of it will be money for old rope.

And getting paid increasing amounts of money for rope that has already been delivered should produce further margin improvement.

I went back and had a look at what they had said about future revenue in prior reports.

	Year	Future revenue
1	2014	$30m over 6 years
2	2015	$50m over 5 years
3	2016	$100m over 5 years
4	2017	$110m over 5 years
5	2018	$135m over 5 years
6	2019	$180m over 5 years

Notwithstanding that revenue increased by a whopping 48% in 2019, they managed to maintain about the same multiple of that as future revenue as in prior years.
The future revenue is now about 3.6 times the immediate prior year's annual revenue, which is about where it has been for the past four years.

Aside from the high PE and the falling share price, what's not to like about this company?
Unlike many of the whizzbang tech stocks, PME actually make profit, pay a dividend, and they fund their own rapid expansion without any debt and they still have lots of room in their market to expand.

All we need now is for Alphabet to notice PME.

Cheers