Pass through revenue isn't a great metric to value off of. It's a fancy and deceptive way to pass off a broker like a software company. If you pass through 70%-

Pass through revenue isn't a great metric to value off of. It's a fancy and deceptive way to pass off a broker like a software company. If you pass through 70%-80% of your revenue, your revenue is more accurately stated as a net revenue. It's more akin to how we value traditional retailers in brick and mortar businesses, with low margin - think Best Buy.