What you have done is some internet research that backs your point-of-view. I could do lots and annhilate your point-of-view. What we are talking about here is investing money in a plant, not an accounting view, which is what you are suggesting. Having been involved in this analysis, I can categorically state that these accounting numbers have nothing to do with ROI and anybody in the Engineering/ Construction industry would agree with me. SAIC does things the same way as any other Engineering firm because they all compete with each other. Having worked for them, I know what they do.
Because this is a plant investment and we are not looking at a business financial statements and trying to do ratio analysis or something, EBITDA is not a useful ROI-type measure.
All you have to do is look at the numbers. SG&A and R&D are 3M for the quarter, approximately. Revenues are 319k. SG&A and R&D dwarf revenue. those costs have nothing to do with the decision as to invest money in an operating plant. They are neither Direct nor Indirect Cost. They don't matte and will be there whether the plant gets built or not.
No professional engineering or construction firm would use this number as a measure of profitability of a proposed investment.
Yes and you are correct, EBITDA does not include the I, T or A, But, it does include R&D. You are wrong there. R&D is completely unrelated.
So we are not talking about the financial community. We are talking about the engineering consulting community, which I know. They use ROI or IRR., not EBITDA.
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