Haha, I had similar initial thoughts. The whole first paragraph...

Haha, I had similar initial thoughts. The whole first paragraph was a good way of explaining the revenue but it did come off a bit too much as a qualification / reasoning for the numbers.
Would have been better to lead in with a more positive summary about all their sales they have landed, how they are ramping up eMite, their focus on growth, etc. - before taking a look at the numbers and THEN justifying that it may look worse than it actually is.
Interesting they didn't mention any reasoning of deferred income? Anyone have thoughts on this?