Ann: Blue Sky Teleconference, page-24

When I heard that my immediate thought was what does that mean for the cash flow statement?

FY17 operating cash flow was $8.4 million, whereas it was $9.3 million in the first half - so it was negative $0.9M in the second half.

Now their FY18 first half operating cash flow was $10.3 million. Even it the second half is stronger than last year's second half, losing $14 million of revenue could wipe out their operating cash flow for the whole year.

It's hard to know exactly because the business is so complex it's hard to model, but it will be interesting to see the updated research note from Morgans after this conference call.