It depends how you view the company. If you see it as a series...

It depends how you view the company.

If you see it as a series of cash flows, then for the most part operational cash flow is in line with ebitda. This FY is an outlier (at this point, unless they lose additional contracts) with working capital requirements increasing some 47m worth.

In years where school closure doesn't occur, the change in negative working capital is used as reinvestment (a 0% loan if you will) whilst the profits are paid to shareholders.

School closures and deferred revenue decreases are the big risks to the above.