An excellent and important question asked to Matt, and good pick...

An excellent and important question asked to Matt, and good pick up.

Alcidion has historically had lumpy cashflow performance in the first half of the year before things accelerate in the second half.

it would always be a brave call to forecast for a positive 4C for Q2FY23, in the absence of an upfront large payment for a significant contract which there was none.

Hopefully, this lumpiness in cashflow would even out over time with the continual uplift in recurring revenue assuming corresponding billing patterns.

To me, Kate came across as genuinely confident of the business progress albeit she did note there was a slight delay in UK due to the recent political uncertainty. Other than that, Silverlink is delivering against management expectations.

An underlying positive EBITDA is still on track for FY23. We should expect a really good headline figure for the Q3FY23 4C, assisted by the deferred $2.6M cash inflow.

Other than the turnover at the senior level of the sales team, everything else seems to be on track. Obviously revenue growth was not as high as I thought it should be but the political uncertainty in Alcidion's biggest market would also have been another major reason besides the turnover in senior sales staff. Probably best to monitor this to see it is an indication of something broader.