That's a pretty typical ad hominem attack
@Christos12You know that I do.
I am asking genuine questions.
It's difficult to untangle APT's fixed costs.
They focus VERY heavily on users, underlying trans, NTM, etc and very little else..
![https://hotcopper.com.au/data/attachments/2812/2812667-b5c60f16deb48995bf1c47af05bf49f6.jpg](https://hotcopper.com.au/data/attachments/2812/2812667-b5c60f16deb48995bf1c47af05bf49f6.jpg)
So revenue doubled FY19 to FY20, but EBITDA grew by less, so at this point, your "fixed costs" are still growing as a %. I understanding investing to get USA up and running.
But difficult to model accurately..