yeah Root, "appears" is the operative word. We can't know as likely more than 1/2 of the Q2 non Dell revs came from deferred rev & L.T. def rev. It's all about new sales, i.e. Billings. I like your point though. And really, non-Dell billings appear to be significantly from Safend not Embassy. Who dah thunk Safend would be saving Wave's butt? Not me, I thought the Safend purchase was the impetus to Wave's demise. For sure SKS way over paid for Safend but it does have products that sell.
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