@Valueinvestor0909 great write-up!

I particularly liked you turning the spotlight on the advserse cash flow move - interesting to see where that goes in the next report!

As to the 30% over the "medium term" line - i've always seen that as a form of weasle words to pre-empt questions when growth fall below. I don't actually think $SDR need 30% revenue growth to fulfill my thesis.

I was actually happy to see the discounting to win larger accounts. With the Smart Platform and the shift to transaction revenues, you want as many beds onboard as possible. From an economics perspective, you can think about discounts as a form of CAC, and $SDR has sufficient headroom in CAC for this to still be attractive. (I should do the maths to check!)

Anyway, a really helpful note. Thanks for posting!

Disc: Held in RL and SM (relative newbie to this particular party)