Fact #1 paper profit or real cash?

Since 2006 SGH have reported aggregate revenues of $2179m

Since 2006 SGH have reported cash receipts of $2001m

Therefore on average WIP and other revenue items are approx 8.5% of cash received. That has been consistent throughout its period of operation.

Does that suggest a company that has manipulated its revenues to generate profit?

Anecdotally, putting aside the issue of whether agree or disagree with the accrual concept of WIP - would it seem reasonable that in the course of a financial year approx 10% of revenue is on the way to completion but not yet settled? History shows it comes in as cash the following year.

Keep in mind that approx 10% has been relatively consistent, not growing out of control.

Each to make up their own mind. The reported figures do not suggest a company built on phantom revenues.

I accept today is about the future. However, many seem to want to push the SGH is built on a house of cards theme.