Minus 500,000.

The company announced a profit of 200 million after tax.

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.

So you take the interest out.

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

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.

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

There is no doubt about what they have done.

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?

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

Fair enough.

It's the tax man.

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

But business is not philanthropy.

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.

Tax officials are zeroing in on income tax evasion.

Minus 50,000.

That's kind of a lot of money

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.

You don't work for the IRS?

Pearl Jam, 96 albums released in the last two years.

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.

Social Security numbers.

Kill the goose that lays the golden eggs.

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

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.

Utilities are still rewarded when their customers waste energy.

MlT actually lived by its actions.

A benefit to both our worlds.

I'll just abbreviate that as Nl.

Go ahead, eat.

And when people talk about earnings of a company, this is what they're talking about.

And that's my dad found that.

The tax agent allowed the deduction.

Over the next few years big decisions will be made in Washington on jobs, the economy, taxes and deficits, energy, education, war and peace.

So my operating profit is really my profit because I don't have to pay taxes on it.

And that's what these brands did.