Yep - ACMR takes into account transactional and subscription fees.
Due to the influx of transactions leading into Thanksgiving and Christmas in Q3, ARPC cools off leading into Q4.
As has been case since PPH began.
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They have done this in the past where their revenues and customer base were half the size of what they are now.
Not sure why the notion of ACMR being slightly lower than peak period is something that could spook anyone.
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Put it this way, A2M sales during Q3 out over 3 quarters would have an ACMR of $1bn +/-.
Most are not daft enough to be even slightly worried by a lower number in the following quarter as we know what a peak period looks like.