Fact #1 paper profit or real cash?, page-4

Mighty, two queries concerning your figures above.

First: Agree with the revenue figure. Don't agree with the cash figure which appears from the non-restated versions. The restated versions (for 2012 - 2014), dating from 2006 (1/7/2006) come in at $1,933M, so the correlation is closer to 88.7.

To use your observation (on an adjusted % basis):
"Therefore on average WIP and other revenue items are approx 11.3% of cash received."

Second: What of disbursements? These appear to be reflected as part of cash receipts from customers, but adjust then through the Balance Sheet rather than as part of P&L. Cash receipts therefore is not just confined to revenue (fee revenue, WIP correlation, etc) but rather to the larger pool of revenue plus disbursements.