I'm not doing it from cash receipts, I've been looking at it over the entire yearly period and averaging it.
Also you could use the movements in cash and net recievables to determine those margins also.
It's been a good year, but there are on-going concerns about margins and scale up. It doesn't help that their growth of affiliates and advertisers slowed considerably this quarter, but that could be a blip. Still growth is growth.
Ann: Appendix 4C and Quarterly Activity Report 30 June 2016-TMP.AX, page-31
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