Ann: HY18 Investor Presentation, page-3

The part of this (and many other tech business) that takes me time to get my mind around is where they capitalise development costs on the balance sheet then amortise it, rather than just expensing. The impact is ebitda is not a true reflection of free cash.

The numbers u quote look good, however going by half yearly result it seems possible that capitalised development will be similar to ebitda. In other words, if it was expensed would show $0.