Transcript

Often companies calculate what they call adjusted earnings and adjustments. Um, often they are very generous in taking everything out that's unfavorable and adding everything in that's favorable. And of course this is all you're within legal bounds. At the same time, one way we try to assess how much makeup has been applied is to compare the companies provided adjusted earnings to free cash flow. And it's, it's, it's our experience that actually in the cash flow statement. Very, very, it's much more difficult to make these these adjustments. So often you can, you can look at the the bright without makeup by looking at the cash flow statement and try to differentiate really what's the true underlying earnings power of a company versus what they tried to show to the outside world.