Sticky Software Biz with 80% Margins and Relentless Buybacks at 9x FCF

I used to follow this company closely, then let it drift to the back of my screen while the stock did… not much. Coming back to it now, the story is almost comically the same: a sticky, utility-like software product that keeps throwing off more cash, keeps trimming fat, and keeps shrinking the share count at bargain prices.

It isn’t a “great company” in the romantic sense. It doesn’t need to be. At the right price, boring can pay.

When I looked back through the numbers, what stood out to me wasn’t growth but control. This is one of those businesses that finally figured out what it is. The early years were all about chasing new products, trying to prove it could be something more than cloud storage. That chapter’s over. What’s left is a simpler, more focused company that quietly makes a lot of money.

The core product still does its job. People pay for it, use it, and don’t think twice. It’s not flashy, but it’s sticky. The customer base still inches higher every year, ARPU keeps moving up a little, and churn stays low. That’s the beauty of a product built into daily workflows, it just keeps ticking.

Growth has slowed, but it’s not falling apart. From roughly $1.1 billion in 2017 to about $2.5 billion today, it’s been a slow but consistent climb. The top line doesn’t need to do much heavy lifting anymore because the real story is happening beneath it.