I'm still working through things. My takeaways: - The board will...

I'm still working through things.

My takeaways:

- The board will only approve the perf shares if the revenue is seen to be long term and sustained. I took this to mean beyond the minimum 3 month hurdle. This is a good consesion.

- They disclosed within 24 hours of becoming aware. TH was therefore not appropriate.

- They didn't see this coming. UOL were paying up until they delivered the news. My argument is that maybe they still could have seen it coming through the obvious lack of backup volume but weren't looking.

- They acknowledge they need to be more proactive going forward with communication between themselves and their partners.

- Charif sounded sincere, disappointed and somewhat rattled but still optimistic about the future.

- Charif was optimistic about the potential of the recent partner signings. I think you could tell he is quietly very confident about them but he obviously is being very very cautious with what he says at the moment.

- Ironically, I think he acknowledged they need to use some of their own analytics software going forward to monitor anomalies in their partners seats to get on the front foot with wild churn like this.

- they are continuing to work on product innovation.

If you think they can shrug this off and the growth can continue, this is a pretty good entry point.