Sure. No problem. If as they state 95% of revenue was recurring then $680k of the $716k revenue was from existing clients. New client revenue was only $36k for the quarter. They spent $2.3m generating that $36k.
Personally I would have preferred if only 50% was recurring and $358k was new clients. That would have shown me two things. Firstly they are signing new clients and secondly at least that was a 20% return on investment.
The 95% IS a negative if you look at it in this light. I do not agree with your assertion that 95% recurring cannot Ever be a negative. If it is not coupled with strong double digit growth in headline revenue it is simply a trick companies use to take peoples eyes away from the lack of new business.
SPX Price at posting:
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