Ann: FY22 1H Half Year Investor Presentation, page-4

Podcast on RUL here is quite good for those new to RUL: https://www.ivoox.com/22-rpmglobal-amp-the-impact-of-an-audios-mp3_rf_85456245_1.html

One new piece of info I got from it, was that maintenance revenue customers - when they transition to SaaS (most of which hasn't yet happened) - apparently pay 3-5x annually whatever their maintenance charges are. I'd generally assumed that the ~$18m annual maintenance revenue would gradually be converted roughly dollar for dollar into $18m SaaS revenue - if that 3-5x figure is roughly correct, that is huge upside to what I had previously assumed. Today SaaS ARR is $28m, and maintenance is $18m, so if that $18m maintenance coverts at 3x to $54m over the next few years as SaaS transition is completed, then without much growth they are looking at $80M SaaS ARR?