Ann: Beam Quarterly Report - Further Growth in Cash Position, page-39

That's the point. It does not. The R&D spend is included in the staff cost under Op cash flow. I don't think you fully understand how to read CF statements.

If you want to get a better idea of how a company is doing operationally, you really want to look at Op cash flow and not necessarily net cash.

For instance, if a company pays down debt, its net cash will drop but most investors will see this as a good thing. On the other hand, if a company does a cap raise, the net cash will increase, but investors get diluted. Both of these items do not fall under Op cash flow but have a big impact on net cash AND the net cash says nothing about how a company is performing.

I hope this clears things up and that people understand what operating cash flows really mean vs. net cash.