Ann: FY22 Growth Plan Investor Presentation, page-11

Correct, the quarterly was very surprising as it shows they have received very substantial contract receipts upfront two quarters in a row. Clearly they are the best in the sector at securing favourable contract financing terms. The balance sheet at 30 June proves that the cash balance is not what you all think it is. At some point it will all wash out (net of margins) and so the next quarterly is also unlikely to be cash flow positive. The quarterlies are meaningless though, professionals only want to see the FY22 NPAT figures. They could have a cracking year, deliver decent margins and the stock will re-rate. However, their recent form on delivering profitability is poor (adjusting for JobKeeper they lost millions last FY) and, despite revenue growth, WSI so far has not delivered returns for shareholders.