jayunited wrote:So basically after reading the CF article the US3 all lied about their actual cash burn ( I know lied is a strong word and may not be the right word for this situation).
Actually it's quite the opposite. The airlines report their results all in, including one time items. Each airline may to choose to include/exclude certain items when they publicly state their respective cash burn rates, but all follow the same accounting rules.
All Raymond James did was took the airlines' results and backed out certain items based on what Raymond James believed was the best way to compare airlines cash burn rates. As a side note, there are certain financial metrics do not follow a standard calculation when reporting. DSO and DPO are two other examples that do not follow a standard calculation methodology either.