Tillman,
Your right 100% right and also not to be confused with EBITDA.
PhilW ur are not going win this one...
Capex is nothing to with P&L accounts which Tillman is quoting it goes in the balance sheet and gets depn over LOM.
You are doing a cash flow statement and although cash is v.important, it does not have impact on whether "GG" is EBIT positive.
Cheers
Muzza
(CPA)
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