APT needs to invest in its business to grow.
Additionally, one of the Executives is receiving share-based compensation. When this remuneration plan was agreed to the share price was much lower. Since we have seen 3-4x share price appreciation in the last 12 months, this also must be considered in the financials. As a result, this impacts profitability - but not cashflow.
It is also great to have Executives aligned with shareholders. So I don't worry about this too much.
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