Ann: NCL Delivers Strong Progress and New Omnicom Partnership, page-32

yes their ecosystem can be difficult to understand however looking at the recent update most of their revenue is recurring, they have maintained relationships with big clients over long periods of time and their portfolio of businesses is well integrated. combine that with cash flow positive and world class leadership, from my perspective it is quite a low risk hold compared to most companies with MCAP under 100m. Revenue is also growing rapidly and their EV/SALES is very reasonable in comparison to similar high growth businesses. I can definitely see your side of the coin though, I think this stock is still flying under the radar. Goodluck mate.