Humm Valuation - What is Sensible, page-109

Just trying to indicate that the most useful figure is cash. The 'strong arguments against normalised figures' I mention in my post are exactly what you're articulating: "One offs" that have repeated two years running in suspiciously similar quantum. Having said that statutory figures that you are referring to are also not the most accurate measure of the companies health given they can be distorted by things like writing off goodwill as occurred in FY22 which you would argue resulted in a $.35 EPS loss. This of course is rubbish. The company made 50m cash in FY22 but impaired 207.5m in goodwill and intangibles which had absolutely zero impact on the financial health or marketable value of the company - It would be utterly misleading to say Humm lost $170m in FY22 without proper context.
You are correct about the preference shared dividend - I guess if the time ever comes that the cost of this note exceeds the ROE that the company enjoys elsewhere they will pay it off but until then the company has higher yielding places to deploy its capital.