I wouldn't anticipate revenues to be seasonal. Looking at the...

I wouldn't anticipate revenues to be seasonal. Looking at the 4C, I'd infer that a number of customers are lump-summers, paying an annual subscription, instead of a more frequent recurrence. They note more are now paying more regularly.

Of course, again I'd like to see more granularity on numbers - the frequency of payment, and retention rates, by number of customers, dollar value and sector. Is there rebating for higher frequencies?

I expect larger customers, and especially government departments, to be annual payers.