Thought I might sell part of my holding as it has grown to a...

Thought I might sell part of my holding as it has grown to a rather large $ amount, but after seeing the result and listening to management today I'm not selling anything.

Stellar result, and the outlook remains very positive.

Here's a few takeaways I noted from the conference.
* Don't be too concerned with $A level as it does not have a huge effect on profitability due to revenues and costs being geographically dispersed.
* The company's products are deeply embedded in the operations of its clients, this complexity of system integration gives the company its competitive advantage (hard to switch software).
* The company has enviable customer diversification (+ 200) across hundreds of countries.
* The reason Hansen has a great track record with regard to their acquisitions is because they are always very familiar with the target company, and will not stray from their core business of customer billing when acquiring. Hansen have the ability to derive higher margins from the acquired company by what they describe as 'Hansenisation' of the company ie. imposing their level of efficiency.
* The effective tax rate has peaked, we may see it reduce further ahead (adding to higher net income margin).
*  Cash flow was lower only due to HSN now paying tax monthly instead of quarterly, meaning more tax was paid in FY2016 purely due to timing.

Above all, I've listened to many company executives, few come across as astute as those as Hansen.