Wavey, "Holy Moly, the last 7 quarters absolutely stink!" I disagree, this Q is much improved. Look at the GAAP statement, that paints a much clearer picture. Q3 grew nicely in new business and expenses declined again. another Q or two like this and Wave is back. Even the balance sheet shows improvement as current assets exceed current liabilities (sans deferred rev) for the first time in Qs. And this was under SKS's CEOship. This Q is an upper not the downer shown in Bull's post.