Humm Valuation - What is Sensible, page-106

Long time reader first time poster here. I've generally been impressed with the analysis done on this company by you guys but we are getting bogged down in accounting rules here. The company made $24.1 million in FY23. Yes, there is a strong argument against normalised figures but statutory is not the number to focus on either - Surely you don't intend to assert, grimloq, that the company 'lost' $170m in FY22 do you? How on earth could you argue that writing off goodwill from the GE transaction almost a decade ago amounts to having 'lost money'? I don't think anyone was intending to 'dishonestly frame' numbers but Shadyjames is correct, Humm did not 'lose' anything in FY23.