A few things..
1) royalties are paid to BCC/RP likely out of the COGS line - otherwise there would be a royalty line below the GP line
2) BCC's stated $700k+ royalties are a forward-looking measure (basically a "net of costs ARR") whereas the financial accounts are backwards looking.... most of BCC's subscription revenue will be recognised in the next 12 months, as opposed to the prior 12 months.
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- Ann: Record FY2022 Revenue with Growth to Accelerate in FY2023
Ann: Record FY2022 Revenue with Growth to Accelerate in FY2023, page-15
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