I think the most interesting aspect of this most recent release was they have changed yet again what yardstick they're measuring their success upon.
If my memory serves me correctly they changed their ACMR calculation methodology a number of times last year.
Now they are saying their emphasis is on GAAP, (generally accepted accounting principle's) for measurement of revenue.
A cynical bean counter could very easily make the case that this latest change is yet another change / attempt to show their results in the absolute best possible light.
One of the most fundamental underlying basics of accounting is that of consistency. Whatever measurement yardstick you use, make it consistent.
https://www.aicpa.org/Research/Stand...s/AU-00420.pdf
PPH the masters at creativity and appear to have ignored conventional generally accepted accounting principle's right up to the point where it first suits them...does that seem a little odd to anyone else ?
Any way you slice and dice this it would appear the easy low hanging fruit, (the big churches) has already been picked and the growth rate is declining.
My personal measurement yardstick favorite is earnings per share.
I am just a simple dog and these interestingly different multiples of earnings measured so many varying ways I have lost count, to suit the various circumstances is far too creative for my liking. Whether their growth ever translates into real earnings is where all the doubt lies for me. Glad to be out and have my previous stake in something far more tangible, (Cash).