Reviewed numbers.
Group losses were 10.5m for 2011. Of these, 2.6m was related to increases in stock based compensation, 5.7m was related to salaries and 1.8m to professional services including acquisition costs. This adds to 10.1m. So Safend losses, which approximately accounted for the remainder were likely 0.4m or thereabouts.
Net group losses for the group in the year were 10.5m. 9 month losses were 5.9m. So Q4 losses were 4.6m.
If group losses were 4.6m, and Safend losses were 0.4m, then company losses were 4.2m.
Stock based compensation was 2.8m in 2010. Increase in stock based compensation by 2.6m in 2011 means stock based compensation was 5.4m for the year. For first 9 months of the year, stock based compensation was 3.9m, so Q4 was 1.5m.
Company depreciation costs run around 0.2m each quarter and goodwill depreciation on Safend acquisition may add up to around 0.1m, so assume 0.2-0.3m.
BP income was around 1.7m, and likely paid in advance as with other major contracts: of the 1.7m I am assuming 0.1m appears in the revenue in Q4, leaving 1.6m deferred income. So this deferred amount was received in advance and sits in the bank (but not in the P&L).
And expiring warrants with a residual value amount to around 0.3m.
So calculating company only cash flow using standard method:
Cash bf was 6.9m
Remove net loss 4.2m
Add stock based compensation 1.5m
Add non-cash depreciation 0.3m
Add deferred income from BP 1.6m
Add warrant receipts 0.3m
Cash cf (ex Safend and before net asset changes) 6.4m
Woot woot
| 