AFR Article, page-238

Cheers. I was under the impression that the bulk of revenue was still coming from pillar one (the part with the production costs). As such I would have expected far more expenses in each quarter.

Could be that more revenue is coming from pillar 2 (reselling / repurposing existing content), could be that there is long delays between when clients pay and when they get their product. Amazing for cashflow to delay project delivery, but totally unsustainable and likely to piss of customers.

I know that new win rates are growing exponentially, so there will always be a huge delay (and widening $ amount) between cash receipts and expenses, but it’s bigger than I thought.