Key takeaways from webinar:- Restated goal again of cashflow...

Key takeaways from webinar:
- Restated goal again of cashflow positive by end of FY24.
- Clear markers on growth, margin, and bottom line set.
- Key cost areas are people, marketing and technology.
- Staff numbers (incl contractors) from 163 -> 169 over the quarter, with some people leaving and others being brought in (commercial).
- Potential for writedowns of acquisitions, subject to outcome of strategic review.
- CEO generally seemed knowledgeable/fluent with business (more so than last webinar) and not scared to address questions directly.
- Group margin 48% for the quarter.
- Re-iterated good capability of underlying architecture and licencing of Novatti - now sits with mgmt team to execute (in perhaps way the business didn't in the past).
- Why do people choose Novatti? (a) Breadth of capability / end-to-end, (b) Make payments a competitive advantage within their customer's businesses.

IBOA responses:
- IBOA has separate Board, CEO, Mgmt etc. Highly independent within the group.
- NOV is 91% shareholder at this point in time, there is a regulatory requirement to reduce this over time.
- It is a difficult time for financing and investment. Despite this, NOV will not be contributing any further funds to the bank.
- Bank Board is actively looking at options to achieve the selldown.
- Vague on whether capital raise required to achieve full licence (spoiler alert - it will be, as need to have signficantly more cash tucked away than they do now).
- CEO seemed supportive of the bank as a cohesive part of the NOV group, making sense as a payments centric and payments focused bank.

AUDD responses:
- Strong believer in thesis that stablecoins will be a stronger part of digital assets moving forwards - supporting customers/businesses that want to move digital assets.
- AUDD has own leadership and management team, who are moving to make stablecoin available to Novatti and customers.
- Mgmt team is looking at a range of funding options to support the growth of AUDD business.

Reckon responses:
- Reckon payments deploying at accelerated pace, but off low base.

I think generally a good wide ranging update