Yep, expense growth (or, more specifically, the ratio of expense growth to ARR growth) is going to be the key determinant in terms of SP growth. All well and good if you're getting more clients, but if your expenses exceed your income, you're not long for this world as a going concern.
4c will be telling, and the SP will respond accordingly.
Ann: ARR reaches $18.6 million, up 272% YoY, page-72
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