Ann: FY2018 Guidance, page-24

RHP is not a valid comparison either imo given I believe the technical requirements of implementing Netsuite are substantial with the product requiring significant customisation with respect to each client. My understanding of RHP (although I might be wrong) is it's pretty much a middle man between the major public cloud providers and IT service companies that then carry out the implementation for the end client.

Regarding whether JCS has a moat I think that if it does it would be the company culture and management as pointed out by @hoofa It will take time to see whether this is in fact the case and whether the awards and progress to date are genuine indicators.

Regardless, history suggests that the company is well enough run to profitably take advantage of the transition to cloud based ERP software and I suspect the current market cap still doesn't come close to taking this into account.

The TEMS turnaround is also potentially quite interesting. I had wrongly assumed that this was a consumer product for some reason and so dismissed it as having little value. As an enterprise solution I can see that it might be quite effective similar to the type of solution offered by BID for energy cost management.

Another thing that may provide an edge v other distributors is the small business Jcurve solution. This enables the company to develop relationships with clients when they are small so they are likely to be retained if they graduate to the full Netsuite product.