Backward solve Revenue is $48.4M and EBITDA is $3.1M Implies...

Backward solve

Revenue is $48.4M and EBITDA is $3.1M
Implies cost is $45.3M

Operating Cashflow forecasted increase of $15.2M between FY17 and FY18

Costs is fully accounted in the cashflow, implies cash revenue is $45.3M + $15.2M = $60.5M / 4 = $15.1M per quarter for FY18

Of that, $1.5M will be hospitality from Q2 onwards, so "core business + BHA" is $14.6M

We're on track to hit $14.5M for Q1 already

This means the analysis pretty much doesn't factor much growth in cash revenue - hence the numerous mentions of it being quite conservative