Or you could do that..lwhich is pretty much the example of what I said... Except, if we are really going to make this fun, I would only add back LT debt. Other Liabilities will be inherent as the company grows. So certain liabilities will expand in parallel with the business and the assets thus cancelling itself off. Leaving the true differential to be LT debt.

Taxes, Insurance, pension liabilities will grow as the company grows.... Oh lets take that a step forward.. No Taxes on the first 90 mill in profit....