Ann: M2 delivers 60% increase in underlying net profit to $93.3M, page-18

The reason for presenting the underlying figure is due to the accounting treatment of acquired customer bases. Purchase accounting rules under the GAAP require a non-cash amortisation charge which is certainly something that should be excluded. I really do not see this as a poor cash flow or heavy capex business. Quite the contrary.

As for the comments downing the business as a crappy reseller - perhaps consider what the environment for broadband will be like in a full-nbn world, when perhaps the only differentiation will be price and service.