Frank,
It seems to me it’s crucial to distinguish the recurring revenue from the one time revenue. I just look at the income statement:
Apr17 Jan17 Oct16 Jul16 Apr16 Jan16 Oct15 Jul15 Apr15
License 116,726 190,513 139,725 115,695 100,992 141,403 104,164 87,960 71,872
15.58% 34.73% 34.14% 31.53% 40.52%
M&S 125,722 115,948 105,064 97,058 84,960 78,621 70,256 60,366 53,793
47.98% 47.48% 49.54% 60.78% 57.94%
It’s very encouraging to see the second line still growing at near-50%. I assume that’s all recurring, as it’s been up every month.
Likewise the “License” revenue growth really fell off a cliff in the April quarter (Fiscal 18 Q1). I think this must be do to the business model change. It’s kind of hard to care, though, since the much more steady recurring revenue has already become a very large piece of the pie (the majority, even, in this quarter).
Bear