The revenue is great (but that's really just a trailing indicator from last year's sales success).

Sales success is conspicuous by its absence in the commentary. Even looking at "cash receipts" which might be a proxy of new sales, they have limited growth compared with the same quarter last year (although try to explain that away with a lag in cash receipts following product delivered in the quarter).

Nice to see the $519m sales funnel, but would like to see a bit more conversion success.

DISC: Held IRL and Strawman.