Cheers Saintex - I find friendly questioning very helpful to sharpen my thinking and make me delve deeper.
I should've said operating cashflow (closer to 12x now), but regardless you raise an important issue.
Interesting that as you mention, the cashflow statement mentions intangible spending at 4.3m; while the CEO's AR letter mentions "over $11m" R&D in FY 2020. I assume that means 4.3 was capitalised, and remaining 6.7m was expensed as payments to employees and included in operating cashflow expenses??
If so, do they see 4.3m as 'bells and whistles', and the balance of the 11m as the cost of staying in business?
I may be showing my inexperience in analysing tech stocks, so would appreciate either confirmation or correction from wiser heads.
Under the radar?, page-6
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