Thanks @mikebrisy for the summary of the call and for your take! Much appreciated.

I have always liked Paul and feel like he’s a straightshooter.

The economics of the units smart parking installs and the short payback period I feel lend themselves to a land grab type approach and so personally I’m more than happy for them to defer profits to the future if this brings forward growth.

It was the Jekyll & Hyde of results for SPZ today - one of my larger holdings.  

If you opened their investor presentation you got Dr Jekyll with management kicking arse and taking names. Targets are being beaten, graphs are all bottom left to top right, debt is repaid, cash is flowing. It’s an orgy of success.

 But if you opened the Annual Report you got Mr Hyde. Profits are down, cash is down, the current ratio is down. You could be forgiven for thinking this company is growing itself into oblivion.

 Which of those two realities you accept is going to depend on a range of factors. It seems the market (at least initially) looked at it and saw Mr Hyde. It looked at the statutory result and got the heeby jeebies. It then went to the investor presentation and saw not only Adjusted EBITDA but also Adjusted FCF! At that point the market said “You’re taking the piss” and reacted accordingly.  @mikebrisy ,@GazD and some others went contrarian and saw Dr Jekyll. I’m in that camp too. Statutory results are important and they can’t be ignored but they’re also not gospel, and they’re not telling the real story here. 

 This is a classic case of investing for growth and doing it successfully. Sites managed continues to be the key metric and on that score they’re growing ever faster as they move into new regions and have more ways to win. If I was surprised at anything it was the lack of a new site target, with the current target of 1500 likely to be beaten well in advance of 31 Dec 2024 (which was brought forward from the original 30 Jun 2025 target). I’m sure they have their reasons and will release a new target at the AGM if not before. 

The U.S. rollout will be interesting. I feel like hastening slowly is the best strategy here. Treating each state as a mini-country is probably the best approach. These guys have bought some rope in rolling out a U.S. growth strategy but when it comes to the U.S. some rope is as much as you get.

@Noddy74 appreciate your perspective. You’ve summed up exactly what I saw, but didn’t articulate so completely. I’d marked it down as needing to come back to and understand the details, after the sugar rush of results.

I was OK on the adjusted EBITDA, because stat. is a few lines down ( not omitted like many others do!), so it was clear what they are doing. And the definition of FCF is also used by others, even though I don’t agree with it, and again in the voiceover they were clear.

So I saw enough to want to add … as I’ve marked this one out as wanting a much bigger position, as long as they keep executing. Today I was convinced they are.

Thanks @Rocket6 @Noddy74 @mikebrisy for your takes.

As happens in small cap world ended up nearly flat after getting to a little over 13% down at times. If we’re right this is an absolute gift for those who managed to get some…