Actually they are cash break-even, the loss they report is due to GAAP-rules not allowing you to recognize cash on your balance sheet as revenue until you deliv

Actually they are cash break-even, the loss they report is due to GAAP-rules not allowing you to recognize cash on your balance sheet as revenue until you delivered the service. For the next 12 months they are sitting on 280.2 mil customer deposits that will become irrevocably delivered (and turned into revenue) and 215.4 mil revenue that is collected but not recognized. For more then 12 months they have 74.3 million in deposits and 118.6 mil deferred revenue collectes. Given the stickiness of the client and the product I think you can assume this cash will turn into revenue and then the picture looks quite different with an operating loss of 576 mil and 688 mil of non-recognized revenue, they are generating 112 million in excess cash. That's probably also the reason they are not raising additional cash in the IPO. Their customers are funding the company completely now.