Ann: FY24 Annual Results Investor Presentation, page-4

It's interesting- while you're correct with regards to slowing subscriber growth, I get the feeling the focus has shifted to be more on growing ARPU and spending less on growing subscribers.

If this is the case, then they are executing perfectly. Spending less, growing more value, and the numbers around earnings/FCF are exceptionally good.

I also think the tighter focus on higher value customers in AU/UK/US is the right approach and will pay off. The deals they're signing and partnerships they're entering into (US bank feeds from 20 to 600). are all heading in the right direction.

Ultimately, as a long term SH, this new management team are setting the company up to be a money printing machine. And with the cash they're now generating who knows what plans they have over the next 2 years. They're flush and can pretty much afford to do anything.