A better balance of (reduced) expenses would help. They've been consistently 20% higher than receipts.
Presentations mention incoming benefits of scale and so on, but I've yet to see proof of it.
Rolling 4 quarters shows that Fixed Expenses (Staff, Marketing, Leased Assets, Admin/Corporate) were 81% of revenue (suggests that cashflow could improve with scale), and Product Operating Costs were 41% of revenue (I guess a somewhat non-negotiable %).
So either: - Scale up (not through acquisitions, but organically), leveraging the semi-fixed expenses, improving net cashflow. - Or create more efficient processes and reduce staff expenses (which are 60% of revenue). I guess this is possible, eg. getting more students into an existing class, using an existing teacher.
So it sounds possible, but: most growth has been from acquisitions (though they suggest synergies / cross-selling etc are ongoing), and there's no proof of benefits of scale yet.
