Where is Nuix going to find the money?, page-8

From the cash flow statement. Take the ‘net cash from operating activities, and minus the ‘net cash used in investing activities’. That gives you the ‘Free Cash Flow’, which essentially tells you whether the company is left with any cash from its normal operations. This tweet from last week summarises it nicely:




PS: you will note in the 2019 figures he has stripped out the ($75.9M) in the acquisition to arrive at ($39.0M).

The gist of this here is that despite apparently being an amazing business with a world-class product, in the last four years they have only generated positive Free Cash Flow ONCE, suspiciously right before the IPO. Hmmmmmmmmm...