The comment on the buy back was gallows humor, it is non-material either way.
I think the comment that value ex-cash at $22m highlights why this business is undervalued.
Yes, marketing is up, sales force costs are up - they are leading indicators, or at least they better be if the business is successful.
The enterprise sales they are targeting take a few months to close, the procurement cycle requires business cases (which can be delayed till next year if customers are feeling twitchy), evaluations, proposals and presentations.
But it also delivers larger deal sizes.
It is taking longer to grow this business than I hoped, but I think that is a factor that it is taking longer for the market to mature, not that it has stopped doing so.
The current share price isn’t pleasing, but I don’t think the business will be ignored forever.
The comment on the buy back was gallows humor, it is...
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