Ann: Catapult Reaffirms FCF Positive Guidance, After Strong Qrt, page-11

@shootandscore
Yes.
I don't remember to have seen such a case before.
My understanding is that they have capitalised part of their COGS : 4.6 m USD for H1 24 (vs 3.7 m USD for H1 23).
Usually, it is more R&D and software development which is partly capitalised.

Anyway, if we include these figures in their published COGS, we get a gross margin of 70.2 % for H1 24 (vs 61.6 % for H1 23), while they published a GM of 79.8 % for H1 24 (vs 70.6 % for H1 23).
That's still a decent gross margin for a SAAS.

This kind of accounting trick is also the reason why I try to value companies based on their free cash flow, as it is supposed to correct from most of the possible accounting problems. I also look at a free cash flow after lease payments and share based payments.