Let me get this straight: So customer billings is when the...

Let me get this straight:

So customer billings is when the invoice is issued to the customer?

Cash receipts is when the money actually hits FZO bank account from customers?

Revenue is when cash receipts/billings have converted to the service having been rendered. Ie billings paid 12 months in advance covert to revenue proportionally over the 12 month period. Until rendered it will be listed as a liability as deferred revenue?

Need to monitor which metric is being used/reported and that in announcements/presentations they are not chopping and changing between them to present the one that looks most impressive at any given point in time.

Is the 55% figure you mentioned indicative of a lag between billings and actual cash receipt being received?