Overall positive I would say. Growth 10% could have been higher,...

Overall positive I would say. Growth 10% could have been higher, but as they mentioned Q1 is historically the weakest quarter of the year and you can see that in past quarter's growth.

The real positives for me are the growth in direct sales (83% in new countries). Growth driven by advertising will saturate out and get very expensive. Being able to grow organically or via your channel partners is what JAY needs for the long term.

I also liked the acceleration of the growth into Asia using the R&D cash. The market is a bit of a land grab and I want to see JAY growing as fast as it can.

On the negative I am not too sure about the ride sharing pilot. This really isn't a market that JAY should be getting into, but if it is just a pilot and it doesn't distract too much from the main focus then it could be OK. Also I would put the pilot on B2B booking outside the airport market into this category too. Until JAY is servicing every airport in the world I don't want them distracted by other markets. Focus.