I’m on the sidelines now after a decent run.

Balidor then Leslie Szekeley sales, and more recently Paul Wilson as well. Too much movement for me to be comfortable.

Anyone aware of who bought so aggressively?

Morningstar imitating with a $10 price target.

Same points made:

• $40M of cash and move to CF positive in FY25.
• Expect metrics to adopt that of a platform as the channel manager industry consolidates - SDR being the leader at double other market shares at 5% - natural winner (some risk this does not happen). SDR then becomes natural choice lowering customer acquisition costs.
• Attraction to hotels to use SDR due to operating leverage from incremental guests despite dominance of Booking.com and Expedia.