There was plenty to like in the FLX quarterly:- expanding the...

There was plenty to like in the FLX quarterly:
- expanding the use case into other verticals (property) via GPT is very positive. It not only expands the addressable market but is a validation of the platform given GPT's pedigree
- the commentary around global on boarding of customers is also very significant because it confirms the company's TAM extends globally
- the increase in recurring revenue is coming from existing customers (contractors) using the platform more (adding modules) and paying more to do so. addition of customers will be lumpy but the complete absence of churn from existing contractors, who are spending more, is very positive
- the integration of Acconex/Oracle DMS is very significant. It wasn't announced but is on their website. Partner integrations, which they said there would be more of, do two things: make it easy to sell the platform to potential customers, and secondly, locks in existing customers because it's too hard to move.

I am very bullish and excited that the stock has held up very well in the tech sell-off and are executing to a strategy. Vendor monetisation will occur in due course but for now, the business is doing a lot of things well.