I don't think anyone can avoid the fact certain expenses have been treated differently. The questions that need to be asked are:
- Is the change in treatment appropriate?
- Should previous expenses classified as operational been classified as investing?
That's up to each investor to work out on their own.
I've queried management about this, the answers are on the Investor Hub, and open for all to see publicly.
If the expenses are customer-led, which the response indicates, and not recurring, I think it's reasonable they be classified as investing. It's less speculative in nature, and directly related to a potential revenue-generating outcome, as opposed to "business as usual" R&D.
As with any investment, the question that also needs to be asked is "does the current price reflect reality?".
If a purchaser was happy paying 200x revs, why is 2x revs unreasonable?
