I wonder if the professor sent Mark Brayan a thank you card yesterday to thank him for the fine job he did?
By the way, EBITDA is an acronym for “earnings before I tricked da auditor”.
Goodwill was cash when they paid for the (lousy) acquisitions. The non cash impairment has weakened their balance sheet considerably.
Positive operating cash flow is meaningless if free cash flow is negative which it is.
If their FY22 earnings and FCF losses continue (cash burn), then expect a CR, an increase in debt or a combination of both to fund working capital.
As I’ve said before, the only people that make money out of this business are the people that work there and the shorts.
Otherwise, the fundamentals of the business are good according to the professor….lol!
Ann: Appen 2022 Full Year Results, page-135
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