Ann: FY2018 Guidance, page-21

Hoofas comments regarding the business are a better reflection than some of the other "tech" comparisons.

Specifically the background macro theme is this:
1) there are multiple advantages of cloud accounting
2) Xero and Intuit to a lesser extent in the SME space and Intacct (bought by Sage), Netsuite in the medium+ space have proven the model in larger businesses

There is therefore a currently a lot of churn during key periods (upgrade times, tax season, purchasing decisions) as businesses re-evaluate their software needs. At this moment in time the best 2 solutions in the medium/wnterprise range are Netsuite and MYOB both of which are JCS partners.

A bigger question is whether there is a defensible moat to this business. IT services firms certainly don't have pricing power and margins (look at BPF/ RHP/ RXP) whereas other fields do have specialist providers that do have sustainable margins. The key is definitely providing an excellent service and the relationships that this provides (competing on service and not price). Irrespectively, given the tailwinds above it should be reasonably straightforward to keep growing at pace, less so maintaining strong margins over the very long term.