I think analysts agree SGH very hard to analyze because of so...

I think analysts agree SGH very hard to analyze because of so many acquisitions over years and opaque accounting treatment of them.

I wouldn't agree though about the exponential growth by acquisition necessarily causes more cash sucked into W/C needs at all. The acquired businesses come with mature W/C already and that is paid for, and this cash excluded from the equation in the analysis quoted (except in that one dramatic VGI chart, which is a whole different analysis). There's no reason an acquired business's W/C should jump in SGH hands. On the other hand, rapid organic growth very much has this effect - but SGH has not been experiencing rapid organic growth.

I don't think the "move cash inflow by a year" analysis can be justified rationally, though always interesting to look through different lenses.