I've gone back to the annual report. You are correct that Tyro...

I've gone back to the annual report. You are correct that Tyro have cut permanent and contractor head count, but not "savagely". As March 2022 to Aug 2022, they went from approximately 630 permanent staff down to approximately 610. Contractors were cut from about approximately 130 to 90. Contractors are always disposable and are hired and fired as and when a business requires.

I'd hardly call these savage staff cuts. It's trimming the fat, making redundant headcount that is unnecessary. According to the 10th Oct business update these cost cuts were made in "non-revenue generating parts of the business".

Of the $11M of cost savings, only $5M will be realised by the end of FY23, so your claim that Tyro's profitability is entirely due to the $11M in cost cuts is, obviously, false. As Jon Davey said in the October update:

"“The cost reduction program, which is underway now, will decrease our previously guided operating cost base by $11 million on an annualised basis, of which $5 million will be achieved in FY23. Based on this plan, we now see EBITDA coming in at a range of $28 million to $34 million for FY23 at an operating leverage of 82%. This program is targeted at reducing costs in non-revenue generating parts of the business without impacting our customer experience or product delivery timeline"

Please note that since the October business update, operating leverage and EBITDA forecasts have been upgraded to 79% and $37M - $41M respectively.