Slide 11 of this presentation may help you visualize what's...

Slide 11 of this presentation may help you visualize what's going on:
https://www.shinecorporate.com.au/F...Ffx6xsg/Results/FY16_results_presentation.pdf


Shine records revenue in the year that the billable work is done but not when the money comes in. Cashflow is recorded in the year when we get paid. So for example in the above graph 46% of the cashflow in 2016 came from revenue from the 2015 report. To look at it the other way around the 2015 revenue would be received across multiple years. You will notice that we recieved cash in 2016 for work done in 2012. Four years later!
Some percentage of the revenue each year may not ever be converted to cash as revenue represents a prediction of how likely individual cases are to succeed. If we lose the case there's no fee and the WIP for that case never becomes cash.

I really wish they would include an equivalent of this graph in the investor presentation for every year as it's extremely useful information.