I agree with you more often than not but from memory I thought operational cash burn was ,$12.5 million last quarter annualised at $50 million which gives them roughly a year of cash.
However I believe that was a "sweet spot " quarter with credit impairment as low as it's going to get and arrears were trending upwards.
A 50 basis point detioration in credit impairment would more or less wipe out cash reserves.
The other factor is customer churn as they are charging extortionate APR disguised as convenience fees and customers are waking up to that.
With Deloitte already named in the Banton potential class action I doubt they will be relaxing their going concern views.
Ann: Zip Leadership Update, page-207
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