Black Friday weekend sales update, page-33

Ordinarily, BUD would have to spend cash to manufacture inventory to meet demand and maintain constant inventory. However, BUD is currently selling more inventory than they are manufacturing, which results in reduced costs. This cannot go on forever and at some point, the manufacturing must increase, along with the costs.

To make matters worse, the sales will also likely decrease for the next three quarters because this current quarter is the biggest one. So you will end up with reduced income and increased expenses.

The key point here is that you cannot rely on one month or even one quarter and use those figures to make a sound decision because it is far too easy to manipulate an outcome. Further, note that DM refers to "adjusted EBITDA", not actual EBITDA. This way he gets to ignore the excessive share-based payments which have already decimated returns for the current financial year.