Ann: Appendix 4C - quarterly, page-13

My analysis was too simplistic as the ARR includes service contract that price some volume at very low rates. They say the average ARPU on SaaS is USD2.50 but back-solving the numbers the APRU is USD1.65 blending SaaS with the service contracts. A rough back-solve suggests SaaS deals at the APRU of $2.50 is about 70% of reported market share exam volume. I think they need to better delineate where the volume is coming from, particularly as they gain sales traction in EU and APAC this year. This will be key being able to properly assess and model P&L.