Ann: Quarterly Activities and Cashflow Report-MSG.AX, page-3

All down to timing of receipts as per the commentary. If you account for the change in net receivables, the company did about $375k in accrual/statutory operating EBITDA (operating cashflow) for the period. If they are effectively running at the same receipt level as prior quarter and all the difference is in timing of payment (i.e. no associated cash payment not captured) then it $560k. Timing of payments is something they have highlighted before which is why you have to factor in receivables.

Overall this company is struggling to live up and this quarterly doesn't do much to impress or change sentiment.