One thing to check out is R&D capitalisation - this is where...

One thing to check out is R&D capitalisation - this is where they take out money that is being spent on R&D (i.e. software development costs, which tech companies have lots of) and remove it from EBITDA. So for example, if you have $10m in R&D costs, you could show a EBITDA of $5m, which looks like a profit of $5m, however, if you include R&D Capitalisation, the real profit is ($5m). If you look at their Cash Flow statements, you can see a large (very large!) R&D capitalisaiton costs...hence their EBITDA is not really reflecting the performance. Now, most tech companies do R&D capitalisation, so not suggesting anything untoward, but it is worth considering when looking at this business, and other tech businesses.