The changes to AP and AR balances in the period are what affects the cash flow. Either balance can go up or down. So they can both increase or reduce the cash balance.
It's pretty much unpredictable whether the contribution of the balance sheet will increase or decrease in any quarter as much of what occurs is within the control of the company's accountant. So the number could easily be a million or two either way.
My guess is that since Wave is a little short of dough, it will pay its bills as late as it can and chase its debtors pretty hard. So I'm leaning towards a contribution to cash from the balance sheet, in which case it may be that Wave's cash balance will be fairly stable through the quarter.
But if the cash ends up at $6.4m or thereabouts (ex-Safend), it isn't a bad place to be, given the scale of the quarterly loss.
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