What happens to ABC’s existing customers who paid that $160 million in 2018?
Just a couple of points. In a recession, your overheads don’t go down but new sales certainly dry up. Just like SaaS companies can keep earning, the other software companies continue to earn support revenues, which are often 20% to 25%.
So I don’t see any particular benefit being a SaaS company offers against economic cycle. Am I missing your post by a mile?