I met with the CFO on Monday, as well as Dom, we discussed this point. The CFO also mentioned it on one of the previous earnings calls, you can listen to the recordings online. They do not capitalise ANY of their expenses, even software. The D&A charges you see relate to the acquisition, they will wind down over time but any true recurring expense is all being captured within EBITDA. This is a far more conservative accounting approach than most companies, Warren Buffet would be proud.
I met with the CFO on Monday, as well as Dom, we discussed this...
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