Of interest I think is the detail on why operating cash flow is much better than profitability. As per the table below, the main items are $4.5m D&A, $860k share based payments and $5m increase in deferred income:
Deferred income is the most interesting aspect and it shows the cash flow benefits with growth in subscription revenues advance. Subscription revenue growth this year is guided at greater than 50pc but from the conference call, there are signed contracts for 50pc growth so could be considerably more with ensuing cash flow benefits. Details of the shift in deferred income below:
Ann: ikeGPS (IKE) Annual Report, page-2
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| IKE (ASX) Chart |