Ann: Investor Presentation, page-3

It is enticing to purchase. figures for ARR are growing at a much faster rate than their customer acquisition, which leads me to think their strategy since July 2017 targeting large enterprises is working well (large organisations possess a higher number of employees and they charge on a per-user subscription basis). 

The only downside that stops me from buying is the operating cost. In Appendix 4C, they said they expected their normalisation of costs for the six months to 1H 2019 to be significantly lower. However, in this presentation, they said it will be significantly lower in 2H 2019? I will have to calculate how much staffing cost is per customer acquisition, and if this is not sustainable (growing higher than ARR), then we may have a problem. 

At this stage, I am going to wait until the price dips down a bit before making a purchase.