IMO despite all the rather positive commentary from mgmt, the...

IMO despite all the rather positive commentary from mgmt, the market is discounting this stock because the cashflow is so far off the ACV numbers reported.

The below shows announced ACV (in USD) which Cash receipts (in AUD) and something just does not lign up:
- trailing 12 mths receipts in the latest quarter was ~AUD10m and this was announced as ACV in Jan-Apr21...so a full 18+ mths ago if you convert the ACV into AUD
- the ACV growth is ~USD 2m each quarter for the last 8-9 quarters (excl Apr21), but the cash receipts are well short of that growth

=> the definition of ACV seems to be quite divorced from the cashflow reality and I can only think that they pick up a number for ACV purposes as soon at they have a commitment, bu t it takes over a year to generate any cashflow from that deal......this is inconsistent with their own definition of ACV

Look if they hit 20-30m in revenues all good, but at the current pace, it seems ~6 quarter away at best (should nothing else change)

		ACV (USD)	Growth			Cash Receipts (AUD)	TTM	Growth
1	31Oct19	1,660			1Q2020	306
2	31Jan20	1,900	240		2Q2020	185
3	30Apr20	2,160	260		3Q2020	532
4	30Jul20	2,870	710		4Q2020	820	1,843
5	30Sep20	4,930	2,060		1Q2021	609	2,146	303
6	31Jan21	6,880	1,950		2Q2021	635	2,596	450
7	30Apr21	7,890	1,010		3Q2021	1,374	3,438	842
8	31Jul21	9,800	1,910		4Q2021	1,453	4,071	633
9	29Oct21	11,700	1,900		1Q2022	983	4,445	374
10	31Jan22	14,400	2,700		2Q2022	2,849	6,659	2,214
11	29Apr22	16,300	1,900		3Q2022	2,360	7,645	986
12	29Jul22	18,200	1,900		4Q2022	1,661	7,853	208
13	29Jul22	20,130	1,930		1Q2023	3,411	10,281	2,428