No idea what the market expected, but there has been a pretty meaingful slowdown in the business. Operating leverage still looks good.
They keep kicking this "Decision making has been delayed" can down the road for what feels like over a year now. I'm starting to think this is less about decision making and more about governements trying to rein budgets in. This has been my main concern for some time now. Of course I have no idea how much of their business comes from government contracts, although I suspect it's pretty meaningful.
Having said all that, the government can't stay in dark ages forever, at some point they will need to upgrade their infrastructure and I would assume DTL will benefit. Unless of course there is another competitor I'm not aware of who is stealing share.
Going to need a big second half to justify the valuation here.
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