Appreciate the response @Andredamus1. I think that's what the...

Appreciate the response @Andredamus1. I think that's what the accounts are indeed saying. Still, minimal maintenance capex doesn't make a lot of sense to me...

The below is taken from NXT's FY23 accounts (but I could use any recent year to illustrate the point). The computer equipment at data centres was valued at ~$22M and management added $306k in FY23. This means that it would take them 21645/306 = 70 years to replace the (accounting) balance of their computer equipment. Then there's the depreciation charge, which is 35 times what was spent in additions.

What computer equipment lasts anywhere near 70 years? And what other company has such a large difference between its assumed (depreciation) and actual (additions) replacement of equipment?



As I said, I am a long-term holder. I am super keen to continue holding. I am just frustrated with the information management provides because it (1) it doesn't make sense to me at least (e.g. see above) and (2) makes it difficult to assess the underlying quality of the business, particularly operational facilities.