I thought Anthony Wamsteker came across as thoughtful, grounded and with a clear sense of the opportunity and how Preamium differentiates itself.

I'll let you watch the discussion at your leisure, but some of tyhe key points that stood out to me where:

• Very competitive industry, but the opportunity is in stealing market share from the large incumbents that have rather dated software and/or employ a range of legacy systems.
• A clear focus on high net worth (HNW) segment -- they require more complex applications with a big focus on tax minimisation. It's a smaller segment than 'retail' but it's a lucrative one.
• Anthony said AI had potential in their sector, but was approaching it with a "bullets and then cannon balls" approach (love that saying!). Ie. will make small investments to see what makes sense, and then lean into what works. There was a recognition that much of the investment may need to be written off, but it was small and there was risk of obsolescence if they didnt.
• This is a very cyclical industry -- markets rise and fall, fund flows swing from positive to negative etc. Anthony was very aware of that which is why they run a conservative balance sheet with $40m in cash and no debt.
• Funds under administration (FUA) really is one of the main metrics and along with transactions drives most of the fees.
• Expect an ongoing platform investment of ~$8.5m per year. Note that this is capitalised, so I'd be mindful of that when determining profitability.
• The business isnt as scalable as a pure SaaS type business, but every incremental dollar of revenue should generate a 50% operating margin (compared to the group's 30% margin at present ). At scale, he thinks a 40% margin is doable
• Anthony made comment (as others have on Strawman) that the prices on offer from other market players is somewhat elevated, and for that reason acquisitions arent a big focus right now. They have made 2 in the last 4 years, but will only consider if the price is right
• OneView acquisition involved a number of earn outs that offer some defense against worse than expected performance.

I'm sure I missed a bit, but just jotting these down while they are still fresh.