So 12/21 annual report has:- Net cash from operating activities...

So 12/21 annual report has:

- Net cash from operating activities of $156 mil
- CAPEX was low at about $15mil and expected to be between $45-$55mil this year
- Assuming we maintain revenue growth of 15%+ we should hopefully offset this CAPEX with higher operating cash flow.
- Lease liability payment of $91mil last year and to be honest unsure how much this increases.

- Free cash flow last year of approx. $156mil-$15mil-$91mil = $50mil (allowed for repayment of $70mil on loans and reduced net debt by $50mil)

- Looking for this year to better this figure. Return to pre-covid should increase this again.

In any case, at least cash flow exceeds net profit

Management has free cash flow as a measurement of their long-term incentives which is pleasing.