Ann: FY22 Q1 Results - Investor Presentation, page-15

Results are steady and not anywhere near as bad as FY21 half year and Q3.

They actually provide me with confidence that the ARR number wasnt a lot of baloney as the cash receipts are coming to fruition.

Cash receipts are in line with the previous quarter when they had increased 20% alone from March.

Karl had previously highlighted in the year end call that AR had done a great job chasing up debtors so cash receipts were abnormally high.

In the last two quarters they are averaging an extra $3.5- $4m on R&D costs compared to previous quarters.

There must be something in the pipeline.

Looking forward to half year.