VS. I agree 100%. Thoughtful post.Preserving and pleasing the...

VS. I agree 100%. Thoughtful post.

Preserving and pleasing the customer base + maintaining growth by focusing on the most effective cost of acquisition + continuously improving the product offering is more important than reaching CFBE too early.

My reason for focusing on costs as well as revenue is my thesis is that when they get to CFBE then everything changes. Suddenly they are not dependent on the market. At that point, the only way to own a position is to buy at market. At that point, there can be no bear raids by institutions in anticipation of a cash raise. The company can choose its strategy independent of market whims. I think it would cause an inflection in the stock.

You are probably right that my timetable is too ambitious.

However you identify some areas they could make control costs without cutting into the meat.I have not thought through how costs could be controlled , other than I hope there could be some synergies emerging from merging 3 businesses with considerable product overlap.

On a side note, I did not know they had halved N3, where did you see that? As you know Im not a huge fan of the spike it caused in COA, while acknowledging it played a role in their growth . But since there was a quid pro quo in the N3 contract and N3 was a chunk of the ARR, has the N3 ARR also declined? thus masking a higher organic growth rate than we saw in the past couple of quarters. .