Nobody mentions the elephant

So — the quarterly figures. They're broadly in line, allowing for the usual seasonal dip.

Allowing for a fairly generous definition of seasonal, I'd say.

Go on.

We've had a dip in the same quarter for three years running. At what point does a seasonal dip simply become the shape of the business?

I think we're circling the elephant in the room, which is that the renewal rate has been falling since the pricing change and nobody has put that on a slide.

The pricing change was signed off above all of us.

Which is precisely why it hasn't been on a slide. I'm not reopening the decision — I'd just rather we stopped attributing its effects to the weather.

To be fair, the forecast did allow for some churn.

It allowed for half of it, and it's been quietly revised twice since. At some point moving the goalposts stops being forecasting.

All right. I'll take it up, and I'd rather take it up with a number than with a feeling. Priya, can you put the renewal curve on one slide — no commentary, just the curve?

Happily. It rather speaks for itself.