Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-5

A good point @Swage_17. There was not much of a jump in the December 2019 quarter, so there has not been a trend as you asked.

Quarterly figures have always jumped around a bit, so I wouldn't read too much into it. It's still 11.5% on a qtr to qtr basis, but taken over a longer period ARR has grown by a huge 326% over the last 8 quarters (2 years) from an ARR of only $10.2M.

The real question investors need to ask themselves is what will be the growth over the next year and next 2 years. Not that I am quite expecting this, if the ARR growth rate over the next 8 quarters or 2 years stayed the same, ARR would be $185M by Sept 2023. Given the trend for foundation partners and wider use by large enterprises and governments, I do expect ARR will reach $100M in not much longer than another 12 months.

Cash receipts this quarter was excellent - remember this was a concern of many some time ago when it was very much lagging.

Also, investors should note that user numbers are "standard" SaaS subscriptions only and do not include Foundation Partner subscriptions. Even without the Foundation Partner subscriptions, DUB had 95% growth over the last 12 months, and 285% over the last 2 years.

All good IMO.