Hi MondyThanks for the table and I acknowledge this is all...

Hi Mondy

Thanks for the table and I acknowledge this is all correct - and known to the market via their recent downgrade some months ago.

The conversation that needs to occur here is 'why'. Herein lies the conversation of a shift from perpetual license pricing to SaaS flat/module pricing to SaaS consumption pricing. Now we can cry about spilt milk and the IPO growth projections but the reality is that this is a company with an excellent product offering, that is transitioning in it's product pricing model. Consumption ACV is up 22% and this trend will remain. This is a smart move in my view. Using the IPO as a base case - look at the compounding trend of data growth.

COVID, US elections, staff churn, media assault etc. have all had an adverse effect on the company however 'Customer churn' is down from 4.7% to 3.7%. This is a key metric. EBITDA has also been assisted by a lower COVID driven cost-base however entirely acceptable.

For me, at this market cap the story is just beginning. This is continuing growth story following the recent reset / downgrade. They are moving to the cloud, recruiting additional talent in key positions, incentivising key staff, focusing on a product development pipeline with increase spend in R& D, and enhancing their sales and distribution. The cash is there. Use it.