News: ZIP Zip Posts FY Revenue From Ordinary Activities From Cont Ops A$693.2 Million, page-46

They have received inflows of $5.8 mil from asset sales and closures, which was nett of costs and cash held by entities - that is done and dusted and refers to the previously expected $20 mil - I don't believe there is any more to come. They had $57.3 mil available cash and liquidity at 30 June restricted cash of $124 mil (of which $23.5 was paid to CN holders in August). They made a note about $28.4 mil in a debt funding program, expected to be released in 2024 if the facility is refinanced by a 3rd party. They have $275 mil available to finance receivables on top of the $2,738 mil drawn down, as well as a fully drawn $90 mil corporate debt which was increased from $47 mil last year and had its limit reduced from $100 mil to $90 mil.

As an aside the average interest rate was 7.36%, increased from 3.63% in June 2022. Another aside: in June 2022 a reported adjusted loss of $187.4 mil, in June 2023 $204.7 mil, despite an increase in revenue of $97 mil, which flies in the face of the business model IMO.

They need to be cashflow positive - they have little or no breathing room for their corporate debt, minimal room to finance an expansion of receivables, then there is the spectre of the remaining CNs. which perhaps they may seek to wipe out as they did the others, with another CR, otherwise a big CR down the track in 18-24 months when they are due, at a multiple of their face value. The Balance Sheet contains net equity of $197 mil, which is the culmination of the total destruction of all shareholder value, particularly in view of the $350 mil of goodwill and intangibles, which obviously negates the net equity.

They're budgeting additional revenue margin from new products, expressed as a marginal increase of % of TTV, so maybe a premium subscription (my tip) or some such thing. Along with a reduction in operating expenses, which they claim will result in EBTDA profit from scaling.