Minus 500,000.

But just so you know what EBlT is, EBlT is just Earnings

So you take the interest out.

And you could guess what the next line is going to be, given that this says pre tax.

And now we are left with our we're getting close to where we need to get to pre tax income.

They have no interest expense, because that's not the point of this video.

And at least it'll give you a sense of how revenues, gross profit, operating profit, pre tax income and net income really are different.

The company's profit amounted to 250 million before tax.

It's dependent on how the operations were financed.

And you'll hear these numbers, gross and operating profit and net profit and pretax profit, and it's very hard to understand that these are actually very, very different things, because they all have the word profit, and what does gross and operating and all that mean?

I did in that last video it might be interesting to say, is that the pre tax or the post tax return on asset.

The company announced a profit of 200 million after tax.

PUMA has 2.7 billion dollars of turnover, 300 million dollars of profits, 200 million dollars after tax, 94 million dollars of externalities, cost to business.

In this example that I did in the previous video, it was the pre tax return on asset.

Are the profits exclusive of taxes?

Before Interest and Taxes.

We had marginal profit I did.

I asked them all.

And we were to add back the taxes and the interest.

And so you can already imagine that both EBlT and the way I defined it initially, operating profit divided by assets.

Kill the goose that lays the golden eggs.

And we seek national advantage rather than global advantage.

But the point of this is, even though their business is ultra stable, they do the exact same thing every year, when we look at the pre tax or the operating income, or if we tax it, or even at the net income, we see a super lumpy business, because in one year they lost 100,000.

When we did return on asset, we looked at the operating profit, because this is what our company generated before we paid the bank or Uncle Sam or anything like that.

So this is just the same thing as net income plus interest plus taxes.

You can either profit by this or be destroyed.

But in general if you take EBlT and you take out the non operating income, you get back to operating profits.

Now, doctors and nurses they too get trained.

He claimed his share of the profits.

So you've probably heard not only the term earnings, you've probably also heard the term earnings per share.

They buy more of your service and they tell more of their friends, which leads to more profit.

For once, I agree with you.

Our starting cash here is 50,000. It's our ending cash of the previous period.

Ichiro puts friendship above profit.

If it's 30 , that means a 100 deduction will save you 30.

We are assuming a very simple world, were the is no taxes, we have no debt, we have no intrest or things

This is really important to pay attention to, because so many people say, oh, a company made this much.

But here you see it means very, very different things.

And let's say, assume if I inherited this million dollars, I didn't finance it.

Our interests clash with theirs.

So what are they?

Our best negotiators always drive a hard bargain.

Now what about the U.S. government?

But again, fun is not enough.

This is what the owners of the company get before they pay the government.