During the mother of all M&A droughts over the past 12-months, I...

During the mother of all M&A droughts over the past 12-months, I think they've done an amazing job of protecting the balance sheet as well as plug away at gaining market presence in non-M&A verticals.

If you never knew about AND and someone showed you the graph below and didn't tell you what the business is, you'd never guess it was a business whose livelihood is a function of corporate deal activity:


(Note:  SQ22's jump in operating expenses reflects bonus payments in relation to the FY22 year)


AND is basically a low-cost option on the inevitable rebound in corporate deal flow.

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