Thanks for that podcast share @GazD, good to hear Shawn being consistent and focused as ever.

Agree @Solvetheriddle's comments that the final accounts in all their complexity are worth waiting for here (FDV report on a calendar year, so FY23 should be out in a few weeks).

That said, based on the 4C's they put out last week, they were Op CF & Free Cash Flow (LHS) positive for Q4 and FY23, and Receipts from Customers (RHS) have been rising nicely over the last 3 years as shown below.

However, there are multiple regions to this business each containing different sovereign risks and verticals so lots of moving parts below the surface.

It does look and feel to me like they are moving in the right direction and the recent cap raise has been enough to stabilise their balance sheet - as long as they can stay close to FCF break even, or close to it (they have $15m in the bank and no debt).

Worth remembering, they are still operating in a risky part of the market and may have been fortunate that the LATAM business has kept growing nicely and boosting EBITDA while Pakistan has gone from being the biggest and best business in their stable to a big drag on Group revenue and EBITDA.

The last couple of years have been rough for FDV but while Mgmt keep executing I'm happy to back them, especially as the current price looks good to me if you have a long enough timeframe...

Disc: Held.

@GazD this is probably a cope out, but given the complex financials with this one, i usually wait for the full set of numbers to have a go at it. due late Feb

I'm yet to have a proper look also, but could this be the cost of the new Iris software and the offline events they've been holding in LATAM?