If I understood them correctly , Ned and Parag said that cash expenditures over the next 12 months will be $ 78 and that cash receipts will also be $ 7B . However , the cash receipts number doesn't seem realistic , given that they expect only $ 1.28 in Q2 , which is just $ 4.8B annualized .

in europe so just getting your msg , i do not have proxy w me but my guess is they are using their proxy numbers vs current reality . we are developing proformas that have lower revenue / receipts and lower disbursements .

Ok . Given that Q2 is almost over , it obviously doesn't make sense for them to use proxy numbers vs

I'm traveling in Europe right now , but back next week

i spoke w ned on the 7b receipts / expenses . he said he was trying to be more illustrative on '23 expense base , pre any actions we would take and provide a simplified strawman of possible savings . he said they are not planning on doing an updated fcst for 22/23 . i think this is ok re process since i think their fcst would not likely be very good and we wouldn't likely use it anyways . They fly at way too high a level to have a fcst of much value . We are in process of developing revenue fcst and a range of sensitivities and will then walk thru w them to get their input .

Their revenue projections seem disconnected from reality

completely .

Phew , it's not just me