Not so much a commentary on the numbers, but more a commentary on management culture.

I had been an investor in the TDY IPO, which looked promising given the virtual dealmaking platform with sticky customers.

COVID should have been an opportunity to aggressively grow, even if it the timing was awful. I doubled down at the March 2020 lows and did very well on paper with an intention to hold long.

The Ansarada merger was a big let down for those who were long - trading was suspended for weeks, and the merger price resulted in my hold losing 30% of its value after AND started trading.

The culture of Ansarada has been commented on elsewhere, but in short, it's scathing. I am also not surprised that customers are not sticking around after a transaction, and they've got a long way to go to unseat the market leaders (with Docusign being the big gorilla).

Management culture isn't everything, but it gives you a window into how the company is run. Ultimately, I sold out after losing faith in management and their disregard for retail shareholders.