Where is Nuix going to find the money?, page-13

Yes, fair point. Though I get a slightly different proforma FCF. If you strip out the -$32,277,000 IPO costs baked into the the -$152,039,000 payments to employees/suppliers, that reduces payments to employees/suppliers to $119,762,000 (which is more in line with FY20's figure of $115,744,000). All else being equal, that makes proforma FCF +$7,771,000 for FY21, down almost 45% on PY:



I guess the unfortunate truth here is that proforma means "what would have happened if other stuff didn't happen" so at the end of the day it's all a bit of a moot point. But the FCF will be something to watch, consider the top line is not growing.

I think I'll have to give up on following NXL now, I was hanging around in case there was a turnaround story, but I don't see it anytime soon.

Cheers