So many posts... anyway, there was a question about how much...

So many posts... anyway, there was a question about how much money has been used by ZIP on acquisitions and all that. @coppergaz had a nice summary of them. Quite a bit of that was using the stock as currency, so the cash impact turned out to be a lot less than it looked at the time.

In 10 years to FY23, they have raised about $577m cash from shareholders directly, paid no dividends or bought any stock back from them, so that's net $577m cash in transactions with shareholders.

Trying to disentangle receivables funding from other borrowing, take the net increase in borrowing and take away the change in receivables. Over that time, you get a net outflow ~$233m. The net change in cash over 10 years was ~$275m. So there hasn't been a huge amount to show for it I guess. The share count increased from 12m to 824m by fy23 and 1.126b now. It seems to have matured somewhat over the last year or two and I think is unlikely to go bust, but it turned out to be a lot more difficult and expensive than the founders and their investors thought. Anyway, the question for investors is what happens going forward, not what has gone on in the past.