Capitalising software development costs is not that unusal. Look at RDY - they capitalise a huge part of their expenses as capital.
And companies are required to amortise those costs over time. If they were capitalising $30M of costs on $30M of EBITDA, that would start to look spurious, but they are not. ($15M against $21M of EBITDA).
As for your concerns around 'decent cashflow' the 2022 financial result delivered $7M of operating cashflow.... that seems reasonable.
Ann: Roadshow Slide Presentattion FY22, page-8
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