https://media1.giphy.com/media/jeXiz1RAvzX44/giphy.gif
So after all that glossy presentation stuff and the platitudes...Sky essentially created zero FCF/Owner Earnings in the last 6 months.
Cashflow from operations = $56,115,000 (down from ~$74M Dec-21).
Cash needed for 'investing activities' totalled $40,156,000 across tangibles and intangibles. This entire amount really does have to be treated as 'stay in business CAPEX' given the company is still in the fight of its life.
Then do not forget the lease costs ($13,416,000) and some other borriwings they paid back ($577,000).
So after the (impressive) growth seen in SSN, maintenance of lower STB churn rate and what appears to be peaking NEON subs...Sky generated ($56,115,000 - $40,156,000 - $13,416,000 - $577,000 =) $1,996,000 for shareholders in the last 6 months.
They essentially generated no cash in the last 6 months and the remaining $56M on the Balance Sheet is just leftovers from the money that shareholders handed over when they got mugged during the infamous Covid Capital Raise.
I mean, yes Sky is still a going concern - but you wouldn't really pitch this as a magnificent result yeah?