PPT Slide
Recurring User Fees Leveraged Over Relatively Fixed Costs
High Visibility Business Model
$
135K
282K
449K
625K
841K
2003
Revenue
Expense
Approximately 70% of
costs are fixed
Over 90% recurring
EBITDA
1,125K
2004
23% Margin
Users
*Card users expressed as revenue equivalent to Banking users at $2.88 per user
2005
1,613K*
30%-35% Target
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