Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-2

I'm not challenging that these guys have done a pretty good job with carving out a niche, making some astute acquisitions and through all of this stayed cashflow positive (not by any means an easy task), but I do wish that they would have acknowledged that the bulk of that YoY growth is a result of the Eagle Software acquisition.

Again, cashflow positive, great acquisition, but ARR has growth ~10-15% since 1Q22 (which is when Eagleview would have been on the books) and this is broadly in line with the ARPA growth so that is closer to their annual growth rate rather than the 50% ARR or 27% ARPA number they like to highlight.......I mean aren't they setting themselves up for having to answer awkward questions next quarter when these metrics fall significantly?

It's not the first time they do this (1H22 results leads with "PTG delivers 98% revenue growth")......just seems unnecessary

The other issue is that although they have ~14m in cash, there is a potential earn out for the Eagle Software purchase of up to 7.5m in cash or shares due in August yet no mention of that......again no mean feat to execute as they have and deliver net cash, but I just wish they were a bit more upfront about how they are travelling.