My favourite part of SGI reporting is that their FCF metric is before leases. $2.5m becomes ~$1.6m and the change in working cap was +$1.6m in their favour so not sure how sustainable that FCF rate is in the 2H. That said, P&L looks solid and biz is ticking in the right direction.

@Strawman you are correct and good to call it out. Until now I think Mike has only voiced it over and I don't think it has been in print. I recall he said it in the last SM Meeting and he also did in the Share Cafe presentation. It is an important metric - if they maintain it - as it provides a key valuation scenario.

Yeah probably fair to include the principal component of lease payments in FCF, as least as we should envision it @BkrDzn. Although good to see there's still a $1m cash inflow for the period, even when debt repayments are considered also.

Yeah @mikebrisy, i hope they continue to report this. Critical to understand how well they are leveraging their fixed costs.