Ann: Appendix 4C - 131% growth in ARR and record cash receipts, page-48

FWIW how they’ve classified the numbers is appropriate including both the R&D, one off costs and cap raise costs.

R&D for a business like this is a legitimate operating inflow. Given it may not be recurring investors should consider adjusting their analysis but it’s not hard to look through that. I was shocked to see the big jump at the open. Nothing really new and a very average quarterly given the weaker sales growth.

Yes, LVT have marketed this at a high level incorrectly but that’s just fluff and anyone following the company can look through that.

While it screens ok atm, outside of a major positive catalyst between now and the end of the calendar year I see this getting below at least 27c IMO. The December quarterly is seriously huge for LVT. If growth returns there will be a violent re-rate. If not then the $100m ARR goal is at risk and the SP tanks outside of a takeover.