Ann: Strong Improvements in FY2020 Annual Results, page-17

The issue is that when a company starts focusing on being cash flow positive it suggests to the market that they are choosing profitability over growth, which is exactly what we are seeing. If you could spend $1 now to make $2+ in future revenue why would you want to slow that spend? You wouldn't.

The ARR is very disappointing for a company that should be firing on all cylinders. Covid has been a disruption for 6 months, not one or two, so we should be seeing material business coming in.

I have doubts over management's ability to grow this to their $100M ARR target, and if you look at the speed they are going it's going to be many years away if the current trajectory continues. I do believe in the opportunity, which is why I will continue to hold, but I need to see a lot more progress in revenue and business execution within the next 12 months.