Yes you're right. The difficulty in getting deals over the line because of the nature of the industry makes a considerable moat around the business. Get the customer in the first instance and you should have them long term.
Not that I'm worried about competitors. Anytime I get worried about TAL's prospects I go and have a quick look at the dumpster fire that is our supposedly direct competitor ICR.
Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-6
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