If you compare the financials of ONT against PSQ, you will see...

If you compare the financials of ONT against PSQ, you will see that ONT is making money (cash flow) hand over fist, by comparison. Not only is their EBITDA margin much fatter, but its PPE capex cash consumption is much lower than its depreciation rates, whilst PSQ is consuming cash at much higher than depr rates.

Of course, there may be a risk that its practices are being starved.

PSQ is probably consuming a lot of cash because it has been opening a lot of greenfield sites. What ONT loses by paying up for goodwill, it probably gains by having established practices that can sustain a lot of revenue per dollar of that goodwill.

Also PSQ has been doing a lot of insurance work. Both these factors might explain, at least in part, their much lower margins.

So PSQ has a smaller and shrinking proportion of goodwill, but its tangible assets bring in much less proportionate revenues than is the case for ONT.

The fact PSQ has been growing via greenfield investments, and that ONT has slowed right down on expansion (up until the month of June 2017), might tell us something about the current cost of practices (versus their revenues), and might also be indicative of 1300smiles' prudence with expansionary capital expenditure.