How to Calculate Working Capital

UK companies typically keep excess cash on the balance sheet because when they sell the company, they have a tax benefit called Entrepreneurs Relief. So you can see you're on some huge jumps in cash, which may not really be included in the working capital calculations. At the end of the day, as long as you're kind of measuring what that is, and, you know, you're incorporating that in a just kind of cash flow construct, I think it doesn't matter whether you look at a cash free debt free or inclusive of excess cash, whatever.