Operating cash conversion, page-6

Spot on LimpFreaky.
Generally for the bulk of cash it means for example:
Reporting date 31/12/18
Payments of air and rail tickets etc made say, 28/12/18, ie just before reporting date.
Receipts for the sales by CTD of the above air and rail tickets received say 3/1/19, just after reporting date. 
At reporting date we see a massive amount of cash paid from ticket payments but no cash coming in via their sales.
Its the old swings and roundabouts. The amounts involved are very large.
There is no way Directors would explain the difference in writing and claim its all ok if it was not. The company and directors would be sued to the shxxhouse for any losses incurred by those buying the explanation.
It all payments and receipts are within the reporting period we get 100%.
Unlike profit and loss and balance sheet accounting there is no accrual with cash flow. It simply is what it is.
Cash conversion will not 'get' CTD's SP. Its performed incredibly well for a period of time and has been trading on a high PE. When the Global economy eventually softens materially business travel will be wound back etc. Also if that Global recession that is being talked about comes along all companies will be smashed - no one will be spared. These occurrences of course will be a topping up opportunity.
There is always the chance that an acquisition turns out a 'bust' but so far they have been very astute.