Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-21

On the "rightsizing", I think a lot of Australian companies used Covid to make cuts that were deemed "too hard" prior to that. Now many of them are reporting record profits because they have 'got their house in order'.

TTB may have gotten ahead of itself and then found that contracts like IBM take a lot longer to materialise than first forecast.

So I really think it's a positive. Good companies go through bad periods. It's the ones that don't make tough decisions that you have to watch out for.