RE:RE:RE:RE:RE:RE:RE:RE:RE:Normalized Earnings Analysis of CRH Medical This is a great conversation. Apologies for these delayed questions as I'm only reading this discussion now. PSDFinancier, you are a great asset to this board!
So could you clarify why you think amortization is not a real expense? When CRH acquires a company, isn't the value ascribed to amortization the cost of acquiring that company? That acquisiton cost is a real expense, no? Are you saying because the contracts with the acquired company are certain to renew, the cost to acquire the company should actually be amortized over a much longer period of time than just to the end of the current contract, thus inflating the amortization cost?
What prevents CRH from including a non-IFRS FCF metric to their financial statements?