Edwarda,
It is now clear to me that my cash flow analysis did not take into account depreciation and the provision for doubtful accounts. There is insufficient information for me to include those numbers, but it is clear that my figures of $60,748,000 and $38,339,000 for operating cash flow and free cash flow were underestimates.
Second, something that seems to have been missed is that deferred revenues increased from $39,594,000 to $46,450,000 from Sept 30 to December 31. This is a gain of 17.3% for the quarter (89.4% annualized) and nothing to sneeze at.
TTFN,
CTC |
