Excluding all the capex from AI this last quarter has been one of their best.
> Excluding
But you don´t get to to that. Would be like "Excluding my business costs, my company profits are the same as my revenue".
I think the point is more: as soon as they stop with the AI silliness they'll return to being a quite strong business.
The implication is if AI implodes, the AI-related expenses go away and what remains is a great business.
> But you don´t get to to that.
You can, and for tax purposes you must. The bean counters hate that you can’t deduct capex.
The return on capital is also phenomenal. To be a bear, you have to assume that will crater.
EBITDAI
> Excluding
But you don´t get to to that. Would be like "Excluding my business costs, my company profits are the same as my revenue".
I think the point is more: as soon as they stop with the AI silliness they'll return to being a quite strong business.
The implication is if AI implodes, the AI-related expenses go away and what remains is a great business.
> But you don´t get to to that.
You can, and for tax purposes you must. The bean counters hate that you can’t deduct capex.
The return on capital is also phenomenal. To be a bear, you have to assume that will crater.
EBITDAI