We believe that ATO's true operating margin and FCF are both below that presented by management because of management's aggressive use of adjustments to operating margin and the non-inclusion of acquisition costs in FCF. Cost capitalization has been increasing, raising the possibility of more earnings benefits. Excluding certain benefits, we estimate that operating margin was 8.0% in FY20 compared to the reported 9.0%. Additionally, organic revenue growth may disappoint following the rise in unbilled receivables in FY20, which could indicate accelerated revenue recognition. Thus, we are adding ATO to our Biggest Concerns list.