A net cash outflow of $88.7 million from operating activities means that the company had negative cash flow from its core business operations during Q2. This likely indicates that the company's day-to-day operations are not generating enough cash to cover its expenses, which might be a concern depending on the context and the reasons behind this figure such as:
1. **Temporary Issue:** The negative cash flow could be due to temporary factors such as higher-than-usual expenses (compensation being one of them, LSTK losses the other, what are the others?), investments, or delayed receivables that may reverse in future periods.
2. **Long-term Concern:** If this trend continues over multiple periods, it could indicate underlying issues with the company’s profitability or cash management.
EPS H1 is 74 cents. So we are trading at 38 x earnings.