The update lacked some clarity, so I was trying to distill it...

The update lacked some clarity, so I was trying to distill it myself.




- Gross Revenue is somewhere between 50-58m. Down, but unsure if significantly. If they gave a specific number, I could infer NIM based on Gross Receivables.
- NIM not provided.
- Office Costs <26% for HY. Possibly up HoH.
- Gross Receivables -7%, so why is Undrawn Securitization Facilities down 3%, not up?
- Originations starting to rise (though not fast enough to stop the decline in Receivables). So having come more financial certainty after the raise?
- Secured % gradually rising.
- Equifax gradually rising.
- - Probably a good risk-reduction trend if no bad economic surprises any time soon.
- Net loss seems not bad. Best in 3 quarters, even vs when they were doing a placement, and they might have been motivated to make the numbers look better.
- Unrestricted cash up a little. Does this mean something?
- Net Assets or debts - not listed. Might need auditing, so a valid reason to delay it until the annual report? Q4 Update last year also didn't mention Net Assets.
- I showed the SocietyOne acquisition and the 2 placements. But people are well aware of that.
- Corporate Debt - they said it came down to $50m, but not enough details for me.

I don't have enough detail to infer whether the financials are looking better or worse than the placement+SPP+accumulating NPAT should have contributed. Eg. Net Assets not listed.

So good or bad? Doesn't really seem bad. But have to wait on the annual report to see whether the underlying performance delivered anything on top of the placement/SPP funds.