Falacy of depr,amort and int expense not being exp's Roll upDepreciation - includes rent expense and purchase of equipment for resale. Rent is a real cash expense. Depreciation of goods for resale is a real cash expense.
Amortization - For a roll up, M&A is not a one time expense. Amortization reflects the cost of M&A and relates to the actual cash paid, and/or reflects required principal payments on debt for cash paid, and /or reflects the dilution of adding more shares for M&A, therefore accounts duliting existing shareholders ownership. Quipt is a rollup. Period, as organic growth is minimal. To grown, Quipt has to spend money and/or dilute shareholders to grow. Quipt does that with little to no FCF and why it the nessessity to continually dilution shareholders and/or add debt, as reflect through amortization expense.
Interest expense- Is a cash expense and currently around 8% of amount owed for buying Great Elm, which turned out to be a dud for the S/P. They bank fixed the base portion on part of the debt at 4.4% but they still have to add the 3% above that, or 4.4+3= 7.4%.
For long term investors to dispute these points after holding at losses for so many years,just goes to show how ignorant some retail investors can be.