RE:RE:RE:RE:Record Financial Results for Q3 2021 Why would you want to take the Manitoba program away? They don't give away anything. My guess is more that as program participation goes up they have to pay out an incentive which costs them money so yes margin gets hit but clients get happy so they will keep doing programs with them! For every $10 they give away they probably make atleast $1 in fees if not $2. That's the classic fintech model. The banks take their wire fee, PayPal takes its transaction fee etc. so they aren't giving away anything. It's just a different product compared to the higher margin software license and sale.
This company is brilliant in the way they have layered their revenues. They are extracting value at every stage from software implementation and license sales to transaction fees on performance. Lower margins simply means higher user participation and will drive repeat sales to clients.