Thanks, Hugh
DASH has not announced anything, and we have not see any disclosure from PAY competitors. For now, we have to assume it is internal until more info is received. We would not say it is 'easy' at all, but for a company such as DASH that spent more than $1 billion on R&D last year it is certainly feasible. The problem now with PAY is that its remaining customers are still somewhat concentrated, and its offering clearly needs some work (otherwise DASH would have stayed). We think downside from here is probably limited, with $82M cash and still $100M+ (estimates) in other revenue. But with its small size, losses heading into tax loss season, and general negative momentum and investor disappointment, it is hard to paint a really strong outlook for the stock in the next six months. We took the hit in our Growth Portolio to move on to better pastures. There is still possible upside longer term, and of course the company now has a strategic review in place.