Disagree with that sentiment. Can't look at growth in deferred...

Disagree with that sentiment. Can't look at growth in deferred income as a negative. Is good evidence of rapid growth in new subscriptions. Albeit my post was a bit knee jerk and afterwards I did think that I was probably a bit bullish on the cash flow outlook, given this year's forecast 50% growth is on the basis of those contracts have already been signed and paid for. Still, there will only be a net draw down of deferred income if new contracts slow and the fact is, so far this year cash flow has been neutral. Therefore, no evidence of using up all the cash you refer too. I think you are telling an old story on the cash burn front. From memory, cost cutting of $4m was to be effective at the start of this year and run rate high margin recurring revenue much higher now. The good thing about salaries are they are a fixed cost! (I do agree they got carried away with the cost structure, perhaps no understanding that transaction revenue was fragile, but not first to do that).

I don't see much downside, or any actually, aside from liquidity risks in the stock. EV is only NZ$50m. They likely end the year with ARR of c$20m. 2.5x that is not right given less than 1% churn, 85% gross margins in the subscription business, 50% growth rate, strong market position and long-term prospects. Plus a cyclical transaction business that has potential. Valuation is out of whack. New product released at the end of last year has transformed Ike and market has not noticed yet. Unless the story reverses, the market will have to re-rate or Ike will likely get taken out. US SAS valuations remain pretty high.