So based on the latest presentation I've seen, all schools combined now gives a $2.5m EBIT for 2015 (no reason to believe it should fall from there). Why then don't we get positive underlying operating cash flow (only positive due to one-off R&D credit)? Are the cash receipts all skewed toward a certain quarter (when student fees are mostly due)?
So based on the latest presentation I've seen, all schools...
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