Ann: March 2021 Quarterly Report and Appendix 4C, page-4

"The 2.7% increase in users is a concern for me."
Not for me.

See below, the overall numbers are up but not amazing, though that can be likely be fully explained by this year's pull-back in reseller numbers. The non-concerning bit is that Direct/VET numbers are growing strongly.

Resellers next year might be stable or up, so if direct/VET continue the trend, then next year is set to be strong.

Resellers you could say had a big pullback (and it seemed to drive the SP down), but the numbers were not impacted drastically (numbers mainly up marginally, instead of up moderately).


Users may look like a bit of a downtrend (for 2 quarters), but I think it won't keep up for long. Resellers have gone from 51% to 40% of users, YoY. It's less over-weighted now, and will have less impact on future quarters.