See in conjunction with my bull case.

Transparency is not great. really have to dig into the notes of the annual report to see segment revenues etc. Presentations seem to be just management speak (on slides at least - I haven't attended any), with details buried in the back and kept to a minimum. Perhaps being run somewhat like a private company (as mentioned in my bull case, to 20 own 96.5%)

They changed auditor from EY to RMS a couple of years ago and are reporting much higher revenues. It is a complex business admittedly but that is a concern. At least RMS are credible. They do report unearned income in relation to contracts that are paid upfront but for which TMH must provide investor relations type services throughout the course of the next (typically) 12 months. This exploded in 2020, but encouraging to see cashflows come through in 2021 and the amount stabilise.

HotCopper and potentially stockhouse and potentially TMH are all in competition with larger companies like twitter in terms of how and where people go to get their news these days.

CEO Jag Sanger holds 11m shares plus some options (5-10% of company), however he paid for them via a loan from the company. Likely all part of the package to sign him up, however would always prefer that management had purchased their own shares or were founders in the business. He has some history with vehicle financing operations and they have gone into this at TMH, seems totally off mission and they haven't really promoted it.