I would suspect that they would be pretty unsure about...

I would suspect that they would be pretty unsure about forecasting the next 9 mos themselves and accordingly they have been very broadbrush about the way forward. AS we all know there are some significant events arising for debt collectors in the form of rising unemployment and reductions in stimulus payments to zero. Despite the presentation pointing out the improvement in older PDPs I note that the <12mos liquidations declined and this is where PDP companies get their best return and organic growth from. The graph headed Returns beyond Investments does give a very rough indication as to how they are going cashflow-wise. There is enough info to deduct that the cash flow from period Q2FY20 - Q4FY20 must have been positive enough to continue PDP purchases at the same percentage increase over the same period. Since FY20 the reduction in PDP purchases has created a bigger increase in the difference between the level of liquidations and PDP investment which of course means an increase in the cash held or or temporary reduction in debt but not necessarily an increase in the actual investment rate of return. The tight rope is still there but KJ is steady on it.