Ann: Update on USA Operations, page-76

The expense would only be "not included" if they had to go out and hire new staff to complete the product. Which is not quite the case IMO (except to the extent they would almost be constantly hiring someone given the rate of growth ... so culture and other risks there IMO).

Take US as an example. From yesterday's anny they seem to be making large margins there, due to must have staff for development and leveraging off their Australian staff where able.