I listened in to the call. It was popcorn-worthy.

One shareholder expressed his feelings about the SP and demanded to know when they would see a real profit. He also expressed frustration with the term 'adjusted EBITA less Capitalised Development on a run rate basis'.

Management started out sounding confident and then started fumbling as they tried to explain why they use various terms.They don't seem prepared to handle pushback, they just want to skate through until the brighter future. They closed by saying 'Thanks everyone, I can see we're all aligned on the need to (make money).'

They do like wishy-washy terms. I think they mentioned the establishment of 'centres of excellence' in the Philipines and LatAm.

Takeaways:

-Breakeven will occur in 2025, they said this twice, first hesitantly, and later more emphatically.

-Debt will be an ongoing source of funds to support inventory, beyond the current 3 year term. They claim a good relationship with their bank/s, and used as evidence an improvement in the current terms.