Ann: Launches AddGlu Predictive Performance Marketing Platform, page-24

Please provide your goodwill valuation of Clipp poker.

Segment loss of $111k (or thereabouts) screams impairment.

Do you honestly expect anyone to pay $4.5m (or thereabouts) which is the carrying cost of goodwill plus whatever value they have ascribed to software (another intangible)?

No, I didn't think so.

EBITDA only works when companies keep their balance sheets clean. Capitalising wages clouds the true performance of a company. The intangibles grew $5m from FY16 to $35m. Their revenue was only $55m.

Paying premiums for acquisitions and developing a lot of software is fine if your revenue is increased accordingly. The company has already advised that revenue will not be growing (or words to that effect). So, how is the software and goodwill "worth" $35m? The market doesn't think it is. Why do you think it is and why do you rely on EBITDA?