My prediction is some working capital will be taken if Big tech budgets come in softer than expected product development must continue and continue hard - Appen is depending too much on the concentrated side of the business . The sales run rate will be dependant on work in hand. Ad spend revenue from Big Tech is still in the US$300m mark 1H23 not going to be good , warned from now, as ad spend hasnt started to rebound yet.
When Big tech reports 1st qtr results in April - they may shed some light specifically Meta and Goog but interest rates too high for a signifcant rebound in marketing budgets.
But underlying business is very good.
Ann: Appen 2022 Full Year Results, page-66
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