Wowww, page-8

The reason why GFN's cashflow lags end users is because the firm often offers front end discounts for new firms adopting the software. This reflects the time/cost for these firms to customise and implement the tech across their agent networks and customers. But once embedded, would be diufficult to easily shift providers. I'm bullish on the stock, with the usual caveat of lack of transparency that often comes with Isreali tech firms.