Reverse Engineering Expectations of the Q2-FY20 Result and Beyond, page-7

• The lag from ARR to booked revenue is significant because the historical growth rate of ARR has been so high (167% YoY). This is normal for SaaS companies.
• The retention rate as per the investor presentation is >100% (suggesting both no-churn and the presence of upselling)
• The cashburn of the company is decreasing not increasing
• ARR is mostly organic growth, not inorganic growth. (114% organic from the 167% total YoY growth)

I bought in at 24.5 cents on the investment thesis that I will double my money within 12 months. Let's see how it plays out.

T.E.P.