Not at all.
It is just that in the past all investment in intangibles (i.e., R&D) has been fully expensed (which is a very conservative form of accounting... most companies would capitalise some, if not all, of their R&D spend). This time TNE have capitalised $14m of expenses to the creation of intangible asset on the balance sheet.
I guess what I probably should have said, instead of "naughty" is "less good".
But all I wanted to flag is that there has been a change in the accounting treatment which has had a meaningful impact on the P&L in the most recent have and which means the growth, as reported, was not as impressive as it appears.
I hope I didn't misrepresent the situation.
.
Ann: H1 Profit up 130% driven by SaaS ACV up 45%, page-8
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$19.00 |
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Mkt cap ! $6.195B | |||
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