The $8m debt drawdown has nothing to do with getting to positive FCF...
Operating CF was $22.2m, less CAPEX of $13.2, which gets you to $9m FCF.
The only impact debt has was boost the cash balance to $27m (less lease obligations).
Overall, result looks fantastic and clean IMO. They managed to exceed pre-COVID guidance revenue of $100m. Capital sales were hit hard due to COVID and they estimate it as a 14.5m loss to revenue. Other aspects I like include, employee benefit reduction doesn't seem to have occurred (essentially flat yoy) so no major staff losses, they're building up inventory and the only COVID cost rationalisation was travel/marketing (~3.8m) - which makes sense.
Interestingly, cash receipts of 108m vs recorded revenue of 100m, looks like it was driven by a decent reduction in trade receivables. Should allay some fears about sports clubs not paying. Subscription revenue is 77% of business now, which is probably the best part of the result given this is sticky.
For those thinking Positive FCF was primarily achieved via Govt grants such as Jobkeeper - that was only 650k!
In tomorrows call I would want more colour where R&D is going and what ROI's they're aiming for.
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