Ann: August Operational Update, page-36

Last quarter receipts were only up by 15% despite GW growing by 38, 31 and 23% in the previous 3 quarters. Not sure why the discrepancy? To 'catch up' receipts should be up ~30% this quarterly. This should see receipts at about $4.9mil....expected cash outflows from last 4C was $4.35mil (will see how accurate their cash outflow prediction was). At a minimum cashflow neutral this quarter and well positive next quarter. However they have only been converting ~5.5GW a month for the last two, so possibility that cash outflows could be a little lower?