Ann: Renter Resume Exceeds 75,000 users, page-10

I like to think of the Rent Resumes like inventory. When someone first signs up they are unlikely to execute a transactions (only 4% are on average) but as the number grows that delayed execution rates will build up - RNT appear to be basing the 30% Mkt Share on having approx 700k RR .This number of RR might be an underestimate.

If you back calculate this model you end up at the RNT announcement forecasts - Cash B/E by FY18Q2 and $28m EBITDA @ 30% Mkt Share (FY2020 - FY2021). I think they are overestimating the $120 ARPU by $20 - $30 but it doesn't really matter.

The key information I have picked up today is that:

1. Rent Resume is definitely driving transaction volume (tick)
2. The RR transaction process involves the entire value chain (Rental Search &/or Rent Resume -->Rental App --> Rent Bond &/or Rent Connect) (tick)
3. Unfortunately the limited number of listings (maybe 5%) that are Agent Plan mean there is low probability of a renter actually hitting one of these properties during the search process. (cross)

Once they have sufficient inventory of Agent Plan listings then we'll all be watching rain cash. This is why they will be taken over, if that happens.

This is obviously other significant value to gained from the RR and the site generally but these are the facts as we know them.