I'd like to understand this insurance angle more. 1) Insurance reserves are a creation of accrual accounting, not cash accounting. So the insurance expense in the P&L is non-cash and added back to OCF. But it is the net change in insurance reserves that is added back to OCF https://t.co/Yatzg4YYCc
Original source ↗  |  November 27, 2025 at 06:22 UTC  |  Twitter - @itsDanielWu

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