Broker Commentary:- There are essentially two things that the...

Broker Commentary:-
There are essentially two things that the market is missing.

1. The market is looking at the cash flow statement and thinking why isn’t it higher.. and this is because of how the subscription revenue is recognised (cash upfront therefore sits as deferred rev on the balance sheet as a current liability and not in the cash flow statement until services are rendered). So $9m odd will be flowing through in due course.
2. The company has been talking about a growing US client base which was played down in the report. Suspect they will update the market via a separate operational business update.

It's a BUY..!!!!