Oh 100%! Cash receipts are ultimately what values a business. And should be indicative of how revenue is travelling. SaaS businesses do accrue quite a bit of revenue as shown by the large amount of unearned revenue on the balance sheet.
This was the case this time last year when only 5.3m was recognised in Q1. So it's obvious that most of their customers don't pay in this quarter, based on the timing of contract renewals or roll overs.
The main concern for me is the decline yoy of cash receipts. Not the fact it doesn't match up sequentially with their revenue forecast.
Ann: Appendix 4C - quarterly, page-63
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