Ann: Trading update and fully underwritten A$30m equity raising, page-80

Extract from APX Announcement dated 21 November 2023.

”Outlook
Notwithstanding the weaker revenue environment, Appen remains focused on returningto underlying EBITDA and underlying cash EBITDA profitability on an annualised, run-ratebasis9,10,11. The additional cost out initiatives recently implemented and those announcedare expected to enable Appen to return to underlying EBITDA and underlying cashEBITDA profitability at or around the end of FY23 on an annualised, run-rate basis,assuming an expected revenue improvement in November and December.”

Beware of the words “underlying” and “assuming”.