The following table reflects "employee benefits expenses" across...

The following table reflects "employee benefits expenses" across the last 5 years :



Had employee costs in 2023 represented only 56% of revenue as it did in 2019, NPBT would have been about $25m to $30m better.
I'm not sure why the mix has changed.
Perhaps the shortage of professionals has created the need to increase benefits. This may be exacerbated by the fact that many of their sites are not in the big cities.
It may be that the professionals are being paid appropriately (and not overpaid) but that they and the expensive equipment required is not being fully utilized.
Either way, this company is now in a bind and that bind, at best, is only going to be unwound slowly I suspect