Ann: FY20 Full Year Results Presentation, page-14

My numbers show $2.05 positive cashflow per trade last quarter (including free trades). That cashflow would include trades revenue, interest, and subscription (including EOFY sale).

The cash outflows would include brokerage, staff and everything else, but it would have downplayed expenses a bit, since some of the high June trades expenses would not be payable until July (while March's fairly high expenses would have been paid in April).

So the quarterly cashflow was temporarily skewed positively by EOFY sale, and brokerage payment terms.

So it's not really a representative quarter, but by the time we reach January, brokerage costs should be lower (re-negotiated costs), and with some luck, volumes might be higher too.

When growth is not so extreme between quarters, the cashflow will become more representative.

I'm liking where we're at. Maybe being able to stay cashflow positive in the short term, while we wait for further improvements from re-negotiated brokerage costs, user growth, international, etc.