I believe that is the case.Note, though, that at least part of...

I believe that is the case.

Note, though, that at least part of that incentive may have already been earned (as it may relate to revenue that has already been recognised) but not yet received.

This portion is captured as accrued revenue. However, the half yearly does not specify what proportion of that $344m in contract assets is volume incentive receivables and how much of it is accrued revenue. I think our best bet is to gain some perspective by looking at the FY19 Annual Report figures:


If I adjust my calculation of FLT's quick ratio accordingly it becomes:

FLT's quick ratio (acid test) as at 31 December, 2019 is: ($186,773,000 + $100,333,000 + $585,951,000 + $65,838,000* + $19,000,000 + $80,000,000 + $4,000,000) / $1,610,511,000 = 0.647 compared to 0.542 in my prior calculation. Still in the realm of needing additional funding if the virus ensues for some time to come. In comparison to the other listed OTAs such as WEB and CTD, I also think it is the most vulnerable given the strength of its balance sheet.

*I am only including accrued revenue from contract assets, as this is the revenue that has actually been recognised. I am doing so at its 30 June, 2019 value, it would probably be a bit lower as at 31 December, 2019. Especially considering total contract assets has decreased by $12,286m