Have we hit bottom yet?, page-29

Gasbag, agree BPF will move into the higher end services, but will take some time. For now they will have their hand full moving traditional business to the cloud.

Durka, I agree AWS is quite compelling and many unique services, same as Google and Azure have their own features. I have apps on Google and AWS and would not want to move between them as some unique features I would have to work around. However BPF is just one of many AWS providers. They have some advantages as they were early adopters and now have some good clients to build from. If they provide good service I am sure the customers will be sticky, but that will be provided they are competitive with similar AWS (and alternative cloud) managers. I don't anymore but I have worked for outsourcers for the last 20 years so I know all about the regular recompetes at the end of the contract period. Even if 80% stay, the price gets more competitive.

Having said that I am sure BPF market cap will be a fair bit more in 3 years. Just I think there will be fits and starts where the market works out how much to value the company based on growth vs profitability.