edit; First post didn't include images somehow, so reposted and...

edit; First post didn't include images somehow, so reposted and hopefully the other will be deleted.

I'm still digging into this in more detail to feel better before pulling the trigger, so have a couple of more charts for consideration.



Observations

• we're fluctuating between positive and negative cash flow; based on the past 6 quarters you'd expect a spike in the upcoming quarter, but that trend seems a little dubious. Is it due to payment cycle for some specific large client? Is it just coincidence?
• a decent balance of positive and negative, but the negative quarters are much larger than the positive.
• I've added "estimated" revenue here but dividing the half yearly revenue equally into quarters (not perfect but reasonable enough). Note that there were only two quarters (corresponding to one half) where revenue was greater than expenses, and things looked at at the end of FY22 before the disaster that was FY23 revenue
• but at least expenses seem to be somewhat under control after peaking during that awful year. It seems very likely that the high point of expenses was related to lagged sales bonuses after the revenue high water mark, i.e. a few people got a nice big bonus after that very big result.

Observations

• a huge one-off operating (i.e. AWS) cost in the December quarter. There's no explanation for this in the quarterly report that I could see, but there is a mention of cloud optimization. It's possible that there was a significant R&D effort to move / re-process / re-platform some data, but the cost is wildly out of line for other quarter cloud costs.
• In general the cloud costs are low, as we would expect. Outside of that one aberrant quarter, where they hit 60% of estimated revenue (!!!!), they are normally bouncing between 10%-15% - which is great for scalability.
• Non-admin "staff" costs are quite high in that September quarter. This is where I hypothesize the sales incentives for FY22 landed. I'm happy to see this cost drop into FY23. The costs themselves are reasonable enough but are very high as a percentage of revenue. I hope that these payments are new contract incentivized, so they only spike when we gain or renew good contracts.
• R&D cost grows into this year. There's mention in the reports about "next generation data formats"; this is understandable, and I love investing into the business. But IMO let's get to cash flow positive before investing further, this type of work is the epitome of "long term investment" and isn't aligned with revenue this year or cash flow positive.

Just my 2c, hope these charts are useful to someone. Let me know anything I've missed. DYOR etc.