Ann: LiveTiles 1HFY22 Investor Presentation, page-17

EBITDA Margin of 16.3% is robust but I see your point.
Still, the important metric in that context (to allow fair comparison and avoid all confusion re Fair value of CYCL earn out amount/provision in H1FY22 (due to current SP) vs Litigation costs in H1FY21 etc.; see slide 9) would be to look at Underlying EBITDA Margin and that is with 3.8% still up 16pp and that is what they report on the top level financial snap shot on slide 8 of results presentation. To me, that looks good and like a nice/welcome improvement? Given the positive pointers re market opening up in Europe etc. this should improve further in the current HY?