SWF - General Discussion, page-32

It is not surprising that cash peaked during COVID (GME mania, cash handouts), and cash fell when cost of living started rising rapidly (rent, food) and RBA started raising rapidly (mortgage repayments and term deposits becoming more attractive).

So management could not do too much about that trend. All they can do is nudge it (optimise it) to be less severe.

We're cashflow positive, so it can't be a called a complete failure. Just some metrics don't 'look nice' - user growth/attrition, trades, cash balances. Some are nicer - cashflow, marketing costs being reigned in (finally), and staff costs possibly being reigned in.


The business makes gross profit from both trades and interest. So cashflow is mainly a balancing act of keeping staff/marketing costs under control versus the revenue.



Here's the cashflow (1 being most recent quarter), showing what I mean by 'finally' after some marketing wastage.

First burst of cashflow positive was during COVID mania, but we were understaffed (receiving complaints about sign-up processing times, but hoards of people signing up anyway).

Most recent break to cashflow positive was from RBA raises and some cost cutting, but some metrics showing as 'not nice' (trades, sign-ups, cash balances).