Emerging Cash CowCash flows were $10.6 million in Q1.
Remove the $1.9 m from CEWS and add the $3,4 m of restructuring costs and cash flows would have been $12.1 million.
Annualized, that's $48 million per year in cash flows.
Indeed, with revenues increasing and interest charges decreasing, that could reach an annualized rate of $50 million per year as we progress through the remaining 2021 quarters.
Further, $7 million in debt was paid down in Q1.
At that rate for the remaining 3 quarters, and debt remaining at exit 2021 will be just $20 million.
Taken together and what we are seeing here is the emergence of DCM as a cash cow.