@lostI remember now my problem with Readytech : it is an...

@lost
I remember now my problem with Readytech : it is an accounting problem.
It looks interesting in terms of EBITDA margin and free cash flow.
The problem is about their software development costs, which are capitalised and not expensed, which is, of course, boosting both their EBITDA and free cash flow.
My understanding is that the software development costs are included in "payment for intangible" in their cash flow statement.
If I am right about this, they have a negative free cash flow after taking into account the software development costs.

Interested by your view if you look at this.

I discussed it in the past in the thread "under the radar" in Readytech Holding (Nov 20).