@Rocket6 I think you nailed it, although I had to duck out of the meeting half way through so I'm relying a bit on your writeup.

Only thing I can add is that I spoke to CFO after the meeting as I wanted to get clarity on the accrued revenue movement ($9m versus $5.6m in FY22). I'm just a bit nervous when such a big component of revenue is booked via a journal and the accrual is up so much more than revenue as a whole. The movement is actually made up of four elements that all moved in the direction:

• Volume made up $1.8m of the increase in the accrual - pretty self explanatory
• Payment ratio changes made up $0.5m, which represents the amount they recovered from the previous year's accrual over what they estimated. Apparently they've under accrued for the past 5 years, which gives some comfort that they are accruing conservatively
• FX contributed $0.6m to the movement
• Slower processing in May/June contributed $0.4m. Apparently they had a tech issue over a few days which resulted in a backlog of fines that have since been processed.