895m Reasons to Succeed - IAM Overview & Future, page-61

You are 100% spot on, kiwi.

However, given there's only 26 months to go for MF to earn his 880M performance shares (by 30/6/19), we need to go from $0 to $40M cumulative NPAT in next to no time. If we do achieve the profit target, I suspect most will have been earned in the FY ended 30/6/19 anyway.

My guess is we're currently running somewhere around break even or a small loss. Given the lead time to ramp up practices signing up, my take on what profits will look like if we can/do reach the cumulative targets is:
FY17 break even (cumulative NPAT $0)
FY18 $3-5M NPAT (cumulative NPAT $3M - $5M)
FY19 $35M - $37M NPAT (cumulative NPAT $40M)

Quarterly cash flows are the guide. We're seeing some strong growth in practice numbers starting to flow through, but it hasn't shown up yet as cash revenue in the quarterlies and I suspect it won't in this week's either. This will also be reflected in the profit numbers as practices are still getting billed fortnightly or monthly.