It wasn't a particularly strong quarter from the operating cash flow perspective. Receipts of $5.104m was 15% lower than the Jun 14 quarter, while also -13% lower than the PcP.
I spent a bit of time looking at the historical growth of REA compared to IPP. These two charts are pretty illustrative.
First chart is pretty self explanatory. Starting off the same point @ ~$1.5m cash receipts per quarter, REA's growth was relentless, while IPP's qtrly receipts have lagged in terms of growth, and actually showing some stagnation in the last 4-5 periods.
Second chart is a quick valuation metric... a simple market cap (at the end of the quarter concerned) divided by quarterly receipts. So a value of 20 means the company is worth 20x quarterly cash receipt (NOT net cash flow, just the top line receipt). REA's history showed that, even with very substantial and sustained growth, it's valuation never reached the height of IPP, which currently trades at ~100x.
So the problems with IPP is that... growth hasn't been as good, but it's valuation is sky high.
I am not saying that IPP won't be a long term success story, but it may be worth digging a bit deeper on whether there are something fundamentally different in terms of IPP's market or operations such that it hasn't enjoy the success of REA over the same timeframe.
It's reassuring that REA sees something in it... but REA also acquired a whole heap of other realestate sites along the way that never amounted to much.
Anyhow, I guess IPP could easily trade anywhere between 20-100 qtrly cash receipts... which means plenty of large swings.