"If anyone has spotted any negatives in the report, besides the...

"If anyone has spotted any negatives in the report, besides the flat Average Revenue Per User (this was explained in the last quarterly), please point them out, I'd like to be aware of all the challenges."

What many market participants might consider to be a negative is that the opening up of the Revenue-Cost jaws continues to be some time off, because the Board has clearly mandated management to keep investing in costs that drive ARR, based on the theory that more shareholder value is created when the Rev-Cost jaws finally open at a higher, as opposed to lower, level of Revenue.

Which makes sense but, of course, it assumes that nothing untoward happens between now and that point of Rev-Cost jaw opening; for example the industry gorilla getting angry [*] or doing something irrational, or the development of some new whizz-bang technology which renders DSE's products and services obsolete.

So not an overt negative; rather, a contingent one.

[*] To date, insofar it affects DSE, the industry gorilla is still dormant, evidently because the pie is a very big one and DSE is busy carving out only a teeny slither of the market for itself.

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