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No. of Recommendations: 3
AYX is plodding along.

There was some concern over customer growth, but that number seems pretty solid this quarter.

Their customer count was 4696 customers in Q4 of last year. They grew customer count by 1304 in 2018.

This quarter, they grew customers by 277, or 35% higher than last year. In Q4 last year their customer count was up 38% over the previous year.

I expect customer count to grow at a more steady pace of say 1300 in 2019. That means they need to grow by 325 per quarter on average minimum.

This and their 134% net expansion rate will help them continue to grow revenues even if customer count slows down, but if it slows more, may be a time to get out before revenue growth slows materially leading to price multiple compression.
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