It's just the beginning for Spenda!, page-8717

Mathematically he's correct, because if you're adding new customers to the equation of course your previously existing customers will make up a slightly smaller % of revenue. But again, he's unnecessarily muddying the waters.

Let's put it this way. If 95% of the existing customers continue to use the software Q on Q, revenue will naturally be produced, and whilst adding customers will slightly reduce the recurring revenue percentage from an accounting point of view, the amount of revenue will continue to grow when the newer customers also continue to use the software Q on Q. He knows this, he's simply being disingenuous.