Ann: Preliminary Final Report, page-6

It all depends on the service that the registry is providing to the company, the costs (monthly) that it being charged and the break costs that the company will be billed should they want to leave. This is where registries are looking to lock in their current clients with contracts that are 3 years with them owing all of the data and then charging a per s/holder fee back to the company should they want to leave. That is when the ROI for the client comes into play and they generally stay because the cost to leave becomes too much and the payback is too long.

Having said that it looks like ASW have had some losses this year

http://www.asx.com.au/asxpdf/20171011/pdf/43n4tfsc118zjy.pdf

http://www.asx.com.au/asxpdf/20170814/pdf/43lcvdndxzdhzd.pdf

and I am sure that this is not the end of it.

What this means is that the current year revenue looks healthy because the exist fees charged bump up the overall revenue for the company, however it is the following year that needs to be looked at because if the client is not replaced then the revenue will decrease. With the likes of Automic in the picture at a cheap price then the revenue per client that ASW needs to generates mean that it will need a minimum of 2 new clients for each one lost.