Greetings chaps/chappettes.
Still banging out the cash at a ridiculously low single digit earnings multiple! Even more so on an ex-cash basis!
Curious though that they managed to surge revenue by 11%, maintain gross margin, and yet had relatively flat net income. A lot of below the line increases unmentioned in the letter:
Attachment 14485
Employee benefits expense: up from $75.3m -> $88.5m
Marketing costs: up from $23.4m -> $28.5m
Selling expenses: up from $9.3m -> $11.7m
All rising much more than the pace of revenue increase during the half.