To my understanding, it's the latter. "We spent 1B in one-off costs for increased future growth" is a much happier story to investors than "we have recurring c

To my understanding, it's the latter. "We spent 1B in one-off costs for increased future growth" is a much happier story to investors than "we have recurring costs of 1B", put simply, even if the actual recurring cost number is worse. (There's also some complexities in some industries around money from, say, grants, which you can only spend on certain types of expenditures...)