Minus 500,000.

Are the profits exclusive of taxes?

Before Interest and Taxes.

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.

A benefit to both our worlds.

So you take the interest out.

So basically Republicans who make more than 250,000 dollars a year don't want to be taxed.

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

Taxfree.

I was actually interfering with the process with lots of good intentions.

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

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

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.

The company announced a profit of 200 million after tax.

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

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?

People without means can't see the law as readily as people that have that Gold American Express card.

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

Ten grand a month.

It's 255 plus tax.

Donations to philanthropic programs are tax exempt.

You can only sell luck in an unequal society because you offer a life changing reward. The monetary system is based on profit leading indirectly to corruption, any game can also be corrupted.

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

Do you have anything to declare?

A new tax has been imposed on cigarettes.

Remember that famous phrase,

That's cheaper than today's gasoline, even in the U.S.

It's dependent on how the operations were financed.

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.

Our interests clash with theirs.

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 king imposed heavy taxes on the people.

Import goods are subject to high taxes.

Help me fight for environmental and economic justice.

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

(Laughter) But I know it's the bottom line, or one's perception of it, that motivates people in the end.

The king imposed heavy taxes on his people.

Heavy taxes are laid on wine.

The government imposed a new tax on farmers.

We care how we make our profit.

Kill the goose that lays the golden eggs.

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.

I'll just abbreviate that as Nl.

Go ahead, eat.