Verimatrix has reported its 2020 results, posting $95 million in revenue – down from 2019’s $106.8 million. While the 58% growth in subscription revenue sounds good at first glance, this has only reached a total of $5 million, and annual recurring revenue was grown by some 2.4x, to hit a total of $9 million. Capping a mixed bag off was EBITDA of $24 million, with Verimatrix claiming record operating margins. Operating income was reported as $11.8 million, up 3.9x year on year. So, a small dip in total revenue, but much better profits, on much fatter margins. Sure, the subscription revenue has a long way to go until it accounts for a majority of the total, but with the shift…