Ann: Beam Quarterly Report - Further Growth in Cash Position, page-50

A good article in this weekend’s AFR by Jonathan Shapiro re the Nuix IPO and subsequent fall from grace. Trust is earned. Nuix had it before they deserved it IMO (investors should always be wary of new IPOs given lack of track record as a public co etc) and lost it. BCC still needs to earn it. Improved disclosures will go a long way in that regard, including with respect to the cashflow point.

Here’s a sound bite that talks to the R&D issue - but the whole article is worth a read if you have time. And even though Nuix and Beam are at different ends of the market cap segment, the principles are the same.

Nuix capitalised 84% of its R&D which is considered high. Beam has capitalised 100% of its R&D this year according to the latest 4C...