The result was quite good, especially when considering growth in...

The result was quite good, especially when considering growth in paid programs.

Understanding moving season in the US is important for understanding this stock. Around 80% of moves in the US occur from April - September with June and July the biggest months. This is their summer where its easier to move (rather than when its cold and snowing in the winter months).

Think of it as around 10% moves in Jan-Mar, 40% in April-Jun, 40% in Jul-Sep, and 10% in Oct-Dec.

The most important thing is that they have a significant number of paid programs in place for the moving season, which they have made a big effort to do.