It’s important to note that this is on an earnings basis. Looking at their cash flows presents a slightly better view of operations, with an outflow of 16M, tho

It’s important to note that this is on an earnings basis. Looking at their cash flows presents a slightly better view of operations, with an outflow of 16M, though some would argue their stock based comp of 4M should be included. But it also shows a huge capex expense of almost 20M. This is clearly not just a software business and must be considered like a business that requires real PP&E.