Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-2

Good result. Just solid with some clear upside to margins, take rate and cashflow over the coming 12-18 months.
My key take-aways:

1. Positive cashflow quarter again.
It was only touched on briefly in the conference call but I believe this warrants greater emphasis.
+$1.167m incl abormals
but importantly
+$2.06m once you add-back the abnormals (but also take away the gov grant)
I know they said +$2.3m on the call but I've taken off the Government grant.

By comparison, Q3 2022FY was a $1.94m cash burn.

Important given the sense from the investment community (still) that this business is burning through Cash and will need a cap raise again soon.
Listen to ******'s 'The Call' from 6/4/2023 to get a sense of what I mean about misconceptions.

2. Take rate 30.6%
Take rate for the business excluding PaulCamper was at 30.6%.
Premium membership growth and modifications to the insurance offering mainly in Aust/NZ are starting to show.
This will be exciting once the MGA is finalised and they can apply the same concepts to the PaulCamper business around Premium Memberships and insurance offerings. I'd expect this benefit to start showing during May to September 2024 on the PaulCamper business.

3. MGA
Get the PaulCamper insurance business into this new MGA structure by end of financial year (30/6/2023).
Then UK, then Australia and then NZ.
Enable a Premium Membership product for Paulcamper.
Enable increase margin on the insurance offered on the Australian/NZ market.
We should start to see the benefits of this MGA in the numbers on the Australian/NZ market later in 2023 and into early 2024.

4. PaulCamperBed down the current business. Not trying to undertake the full scale migration before PaulCampers busy season between May and September.From December 2023 (seasonally quieter period for PaulCamper), start to bring Paulcamper largely in line with how Camplify operates.I feel Paulcamper will start to show it's full potential from the May to September 2024 season. Until then just keep it ticking over and try to fully utilise this MGA.

5. Capex on the horizon?

Doesnt seem to be anything significant despite this MGA process being undertaken.
The $25m in the bank looks good.