The promise and the timetable

Nvidia revenue rose 18% while free cash flow fell 56%. Days sales outstanding went from 45 to 60 on extended terms to certain investment-grade customers, and supply and capacity commitments more than doubled to $279bn. In Australia, Centuria Bass paused two credit funds eleven days before Bathla Group entered administration, and a second manager later capped redemptions in a vehicle it said had no Bathla exposure. Different markets, different contracts, one governance question: when can the money actually move?