mCloud Technologies Corp (MCLD)

[Tickbomb]

I think you would have to somehow adjust for asset care initialization because they claim a chunk of the TCV up front. Initialization is way down vs 2020. So the margins would actually be much higher if we were connecting vs 2020. But Initialization is fools gold anyway.

You're probably better off trying to create your own FCF gross margin from the cash flow statement, if possible.