From Page 18 of the 2018 Report: SALES STRATEGY: ● Moving focus...

From Page 18 of the 2018 Report:
SALES STRATEGY:
● Moving focus to the 93% of annual revenue potential in the medium and large church segments
● Medium and large Customers have lower CAC, implement more effectively, churn less and have higher revenue growth
● Continuing to experience quarter-over-quarter growth in our field sales initiative and deal sizes continue to increase
● Record June 2018 quarter for the business, exceeding budgeted sales targets.

PPH, as I think we are both saying, is now very much focussed on the large and medium sized churches, and for good and obvious reasons. Blackbaud are welcome to lose money targeting the small end. It may look like lots of growth for Blackbaud [number of organisations serviced] but it will be profitless growth.
Most of my best stocks over the years have been where there are only a few active participants on HotCopper. Don't know for sure, but it seems that by the time all the noisy rampers turn up, the move is almost over. Nice to see only about three people here.