iCar Asia Limited updated its first quarter of 2020 COVID-19, related receivables collections delays and business softness resulted in First Quarter 2020 cash receipts of AUD 3.9m, down 6% or AUD 0.27m compared to Fourth Quarter 2019. In the middle of March 2020, all 3 countries that the Group operates in had movement control measures put in place. Total Net Operating Cash Outflow was AUD 2.7m, and includes cost associated with downsizing the business in response to the softer cash receipts owing to COVID-19 and one-off costs associate with Carmudi and another abandoned potential acquisition. Despite the late-quarter challenges, the Company delivered strong growth in sales in First Quarter 2020, expecting unaudited revenue of AUD 3.6m. This is an increase of 36% compared to the same period in 2019, driven by the Group's used car business including: Classifieds, Carsentro and Auctions. Consumer Metrics remained strong for January and February. March, however saw a marginal decline with Audience down 2% year on year and Leads down by 13% year on year. Across the Group, Listings and Account volume remained stable through the quarter, with no drop off seen in March as compared to January and February. A key focus remains maintaining accounts and listing volumes so the Group can return to normal operation and performance as quickly as possible once Government imposed restrictions on businesses are lifted. The Company closed the quarter with AUD 3.9m in cash and cash equivalents. The Company has already undertaken a material cost cutting program and implemented various revenue diversification measures with a view to preserving its cash balance. Additionally, the Company has access to additional funds in the form of a AUD 5.0m debt facility that remains undrawn. April 2020 operating cash outflow is expected to improve to an outflow of AUD 0.4m. All iCar Asia staff, including the Board and 100% of all employees, have voluntarily agreed to reduce their pay from between 40% to 25%, depending on seniority (excluding those on low pay). From April this is expected to reduce employment cash costs by approximately 30%. Other expenses have been reduced or negotiated down while the entire organisation continues to work from home.