company is spitting off cash - $33m of underlying cash inflows...

company is spitting off cash - $33m of underlying cash inflows ($22m net figure). This is growing at a huge rate btw. the Accouting rules for non cash charges is distorting the bottom line - hence why that ebitda line is a better measurement of business performance. An unfranked div could have been paid.

The thought I had was, what is the most efficient use of emls resources and as an owner in Eml I would have liked to be paid for my holdings. However, the acceleration program is a much better use of the funds than paying a divy - clearly why I’m not running the show and really happy to leave it to the Eml team.

the b2b business is a bit confusing to the market and everyone appears to be looking for a knocked deal worth $20m in rev but that’s just how the business is. They sign up 20 customers all at $1m each. That’s why is so important for them to have a strong pipeline of deals because today’s contracts are tomorrow’s revenues. Their spend of 10% of revs on product development also ranks above the potential div spend

nothing really sexy in that report and clearly the proof will be in the pudding when the following reports come out. Even on their 20b gdv run rate (based on July and factoring no growth) they will continue their solid yoy performance for next year.

time to sit back and relax