Reflecting on the nuances between AU and US revenue and cash...

Reflecting on the nuances between AU and US revenue and cash receipts...

AU clients pay up front for 12 months.
US clients pay month on month.

So if we are talking about cash receipts, all other things equal (i.e. ARPU) if AU and US both saw the same increase QoQ, the number of US clients onboarded is far greater than AU clients.

This also means that there is more certainty in extrapolating annualised US cash receipts figures, as no new clients are required to maintain that annualised run rate. On the other hand annualising AU cash receipts implies that they will need to continue to onboard new clients quarter after quarter.

Also it has already been mentioned the US receipts model provides more certainty over revenue figures in half and full year reports.