EBITDA19 Mar 2024 10:13
There is a bit of confusion out there in the market this morning about trading update EBITDA of $27.3m versus $25.8m.
- They decided to pay $2m worth of bonuses to the wider employee base given the amazing traction in 2023 after the year closed. Half of this, which is non-contractual, is being asked to be accounted for in FY23 by the new auditor despite cash impact being FY24 - makes sense.
- If you search for 226 in the release, you will see that their AWS payments have been redefined; they go from being accounted for in depreciation to being accounted for in opex. The new auditor takes a different view to the prior here, and c.300k has been taken from depreciation and put into opex in FY23 because of this - again, makes sense to me.
- These things together account for the difference, and we are not reading too much into it!
STRONG BUY