Reading a business through its numbers: the three statements, cash and value

Same EBITDA, very different cash

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The prompt

Two fictional companies each report EBITDA of USD 100 million. A mobile operator in Southeast Asia has depreciation of 45 and spends 50 a year on its network. A software firm has depreciation of 5, spends 5 a year on equipment, and its working capital falls by 5 because customers pay a year in advance. Tax is 20 percent for both (illustrative). Which business produces more cash?

Practice with a partner

1. Send the interviewer link to a friend. They read the case aloud and hold the answers.

2. You open the candidate view: you see only the prompt, a timer and a notes box.

3. Speak the case out loud. Your partner shares data when you ask, then scores you with the rubric.

Interviewer view
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Candidate view
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Your turn first

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Clarifying questions, with the interviewer's answers

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