The benefit of the Saas business model is starting to really show in this FY result. Most notably annual recurring revenue is up 25% from $45.9M to $57.4M, this increase has come about through a small 8% increase in operating expense (includes staff costs) from $30.2M to $32.7M...
So a revenue increase of $11.5M on the back on an operating expense increase of only $2.5M... I know this doesn't take into account costs of Goods sold, however reaffirms growth will continue to occur with low levels of op expense growth.
And on the people front, an increase YoY of 38 staff (349 up from 311)...
This report IMO reaffirms that CAT is on a similar trajectory that NEA was on a couple years prior...
Ann: CAT H1 FY19 Results Presentation, page-16
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