Some people read the statutory numbers and don't understand how...

Some people read the statutory numbers and don't understand how the business works.

e.g. we get paid a year in advance. So the number to focus on is not revenue but cash receipts and Unearned Income to get a sense of where the business is currently (well, as at 30 June). Revenue is recognised as the service is delivered or consumed, i.e. 1 month after you've paid us your 12 monthly subscription in advance 1/12th of the revenue is recognised. It's backwards looking, especially noting that fees paid in advance are non-refundable.

Rear Window picked on the underlying churn thing. You can argue that one either way. I don't generally like underlying numbers either but the detail matters (to me at least). As NEA said the loss of contracts in the US was not for competitive reasons, and the churn in AU they acknowledged was their own doing in being spread too thin across AU and US markets. I believe that's been corrected. So from that POV using underlying churn numbers as a gauge of the business moving forward is acceptable. But everyone is free to make up their own mind on this. I'm basing my judgement on what I know of the people involved.