Hey Brett,
Speaking of how well the business is tracking, the last minute or so of Ian's comments is worth thinking about:
We'd all love to see share prices that are different than they are today. Of course, a year and a half ago the share price was at a place where the fundamentals of the business didn't justify or back up.
The disconnect between capital markets and the underlying business is a story as old as time. So you just have to get your timing right.
So lots of hard work to come but we think that the um...at a point in time...you often look back and the inflection point will be a bit obscure.
My journey in the capital markets has taught me that the inflection point both at the top and the bottom of the price cycle is often really hard to pick when you look back and say, well that's really odd because there were way more important things happening in the business than the event or the time frame that actually turned the tale in terms of the direction of the company's share price.
Seems to me Ian is actually saying that with everything going on with the likes of Amazon and FPL - customer advocacy, coming of age with company maturity and product development - Pointerra has already passed the inflection point, something the market has yet to recognise - but will - with the advent of some relatively obscure event (Ann) or in a time frame unrelated to the fundamental change in the business dynamics, which as far as he is concerned has in fact already happened.
Ian has done everything he can to inform the market about where the coming is positioned, what's coming and where it is going. Yet the market appears to still be obsessed with cash receipts and ACV.
Fair enough, I guess, but credit where it's due. The bigger and faster ACV grows, especially once the importance of clients like Amazon is better understood and more widely recognized, this will take care of itself. Perhaps then the market will wake up and we'll have our inflection point.
Happy to wait and take advantage of the disconnect between where the company is now and where the market thinks it is.
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