That's how much Webjet owe to Thomas Cook, which as of the FY19...

That's how much Webjet owe to Thomas Cook, which as of the FY19 annual report stood at $16.8 million.

The two items which, I find, have altered my stance somewhat meaningfully are:
- In July 2017 BDO flagged the proposed accounting treatment of the Thomas Cook agreement with Webjet. This would have reduced the carrying value of intangible assets by $32.7 million. This type of aggressive accounting combined with a desire for more acquisitions in the coming years makes me nervous. Now with the agreements future extremely uncertain, I'm not sure I trust those in charge of the books at Webjet right now. It will be interesting to see how they've hedged their exposure.
- The untimely go-live issues with new financial ERP system leaves cash flow from operations at $45.7 million. Supposedly after the adjustment cash from operations for the period would be $98.7 million - still lower than the $120.9 million reported in FY18.

I don't see the next couple years being easy, even with the broader strength of WebBeds behind them. I will do some more research on the effect of Thomas Cook going under, but it will be interesting to see. I imagine margins from Thomas Cook are putting a drag on their overall margins, if they can stop with the acquisitions and redirect some capital into the right areas that would be great.