Don't know whether I agree Bremit1...particularly with companies that are constantly acquiring on high multiples of EBITDA and where the great majority of the purchase price is in "Goodwill". One thing is sure...the goodwill is usually paid in CASH...and then over time, the goodwill diminishes (either because the business overpaid in the first instance or over time, clients just drift away). Consequently the GW write off is appropriate otherwise assets are over stated. Look at the tech companies (DTL, DWA etc) The only way they can keep their revenue going forward to to buy other companies. Check out their D&A write downs over the past ten years.
VRS is no different and indeed, the latest big acquisition is at A MULTIPLE greater than their previous buys.
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