Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-5

Good to see that there is no particular one off to explain this good level of free cash flow (just a confirmation that they had a free cash flow of around 5 m$ during the quarter).

Overall, I find this quarter really positive :
- confirmation of strong growth for their receipts (+ 70 % yoy after + 111 % yoy in Q3*),
- clear operating leverage, looking at ad and marketing (50.9 % of receipts vs 57.6 % in Q3) and product manufacturing and operating costs (21.7 % of receipts vs 26.7 % in Q3).

So, if we annualise this quarter, the company has a free cash flow yield of 21.4 %, while it is growing its receipts by 70 %.
I'd like to find other companies with such a profile.
Main risk in the short term remains their high exposure to China.

* boosted by delayed payment, so Q4 is probably a better reflection of the normalised growth of the company.