How to stay positive with this stock?, page-24

Indeed the change in amortisation does change profitability; profits will be higher with 5 years vs 2 years.
However the change does not change cash.

I know the amortisation change was discussed when it happened; indeed I talked about it. My point is that after a couple of years with the new regime we can better see the impact of better matching costs and revenue.

The real issue with NEA is not ACV growth it is that the company does not generate enough revenue from each picture it takes!