Update: Growing pains
In the transition to a subscription-based business model, short-term revenues have come under pressure. With a strong balance sheet behind it, the company decided to hold firm on contract negotiations to sign up deals with longer-term subscription revenue potential. While this affects our FY14 forecasts and has a marginal impact on FY15 forecasts, the company is seeing high levels of interest in its technology and is confident it can meet its long-term targets. Until break-even is reached, evidence of progress towards user growth will be the key driver of share price performance.
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