It has been a perennial question regarding the collection of Cash v's ACV.
Frustrating as it is, the continual SP fluctuation as investors/shareholders flog the stock for the lack of cash collection has almost become a quarterly meme.
At the last AGM, (if memory serves me correctly) Ian said the company had around 100 business as customers.
To be truthful, that is not many clients and I would guess that a small number of these clients represent the majority of their stated ACV. It would not take much to affect cash collection if say 3 to 4 of them (for internal business reasons) where late in paying their invoices. There is at times a fine line to be played pushing for collection and pissing a customer off and losing them for good.
It took me a while, but I found the ASX price query back in Feb 21 where 3DP explained their calculation of ACV
https://hotcopper.com.au/posts/50872889/singleFor those new to 3DP it may be worth a read.
My reading of the tea leaves; 3DP needs a larger client base before payment cycles smooth out. At the moment, they are way to reliant on a few large customers paying their bills.
Yes, cash collection is a red flag and is worthy of watching but I still see no need for me to sell out as my original investment thesis stays intact.
