mCloud Technologies Corp (MCLD)

[DVP25]

Not sure about that. The Initializations recognize a chunk of TCV as rev, like you said, but that's also where the bulk of the cost is incurred. Maybe it's something in the amortization of those costs? If you listen to the CFO on the CC, she credits the higher y/y GM in the 1st 9 mos of 2021 to the higher % of "over-time" revs. So if it positively impacted the 1st 6 mos, why not Q3? Doesn't make sense to me.