Ann: Investor Presentation, page-13

Thanks for the summary VMK.

My thoughts:

• Cash flow neutral focus means they aren't being as aggressive about growth anymore, but that's also a good move since they're public. If they were private still then they should keep growing aggressively and get more funding. The focus on not raising anymore is good for shareholders.Growing but cash flow targets and smart use of resources. Every initiative is measured versus alternatives to see what gets the best bang for the buck and not trying to execute every idea, just the most efficient ones.
• Partner channels take a long time. LONG time. I run this part of the business for a hypergrowth tech unicorn so I know. They will not get any meaningful ARR from channels for 2 years if they just started. The other angle to channels though is if they can outsource their implementation and minimise growth of their services business they will get a better multiplier. 80+/- partners in place. Currently they view two as the most important. PWC and Avenade https://en.wikipedia.org/wiki/Avanade are producing revenue already. They would agree with you. They are over a year into it and less than half way. They expect bookings from partners this quarter and next quarter building in size to a more significant number in the December quarter.
• Markets are down everyone because of coronavirus. Indeed. Not to be taken lightly. It will affect commerce. I think subscription intranet revenues will be less affected than an airline or a bricks and mortar retailer. I also think that the marketing process continues because so many IT presentations are made online. If corona virus is till impacting travel by the time of MSFT's Inspire conference in July then I might revise that statement. However the medical wise heads advise me that warmer weather in the Northern hemisphere will help contain the outbreaks.

Good luck out there everyone.