News: ASH Ashley Services Group Acquires Owen Pacific Workforce, page-9

edshan - I had the same initial view, but my debt balance in 2023 is $8m at year end (including some allowance for additional working capital investment). Given the debt increase happens part way through the year, I'm still assuming interest rates close to 10%. That said, we don't have full visibility on the intrayear working capital needs so could move around a little, and line fees could be higher, but either way I wouldn't expect it to move the dial too much in terms of earnings. I would also reiterate that any forecasts, particularly with a company this size, need to be taken for what they are and the actual results could bear little resemblance to these forecasts, either positively or negatively.