JustCo Holdings Limited
What remains after tax and capex from Cash EBITDA?
State: open
Evidence cutoff: 2026-08-29
Question reviewed: 2026-09-07
Mechanism: Issuer-defined Cash EBITDA already deducts cash lease payments; tax and capital expenditure determine the separate issuer FCF measure.
Best public test: Read the next issuer metric reconciliation beside the cash-flow statement and lease roll-forward.
Ideal disclosure: A consistent issuer Cash EBITDA-to-FCF reconciliation and a separate statement cash-flow bridge.
Limits: Issuer FCF is not normalized cash generation or total cash movement.
Resolution requires: The same-period definition and reconciliation identify each included cash item once and explain the residual difference between the two measures.
Question ID: justco-cash-conversion
Snapshot: smid-desk-08179cdc352783e2b654ea5d3dee2e4785eabe69a5333921aa3b1caf5e492cc8
Evidence:
https://smidresearch.com/companies/justco/#first-half-2026 | src-justco-cash-conversion-support | excerpt SHA-256 a438ff23a941c1c16623be14c0f441c13f9d402753914e964348ea7335bcf4f9
https://smidresearch.com/companies/justco/#lease-bridge | src-justco-cash-conversion-challenge | excerpt SHA-256 e160db3d9f388f54a5d0afe99ba0852b8aa964210bb5a77ca99efde0a61003c5
Organised from published SMID research. A linked issuer document is not a new independent review.
No ratings, price targets or personalized recommendations.

JustCo Holdings Limited
Does management-contract expansion preserve centre economics?
State: open
Evidence cutoff: 2026-08-29
Question reviewed: 2026-09-07
Mechanism: Contract model and centre maturity affect upfront investment and the path to cash payback.
Best public test: Compare mature/non-mature segment results, occupancy, workstation revenue, contract mix and disclosed cohort payback at the next results.
Ideal disclosure: Comparable mature/new-centre results and payback cohorts separated by contract model.
Limits: Historical issuer cohorts do not guarantee each opening; aggregate occupancy cannot isolate the contract-model effect.
Resolution requires: Comparable cohort and contract-model evidence explains the earnings and cash trajectory without mixing centre ages or group overhead treatment.
Question ID: justco-contract-model
Snapshot: smid-desk-08179cdc352783e2b654ea5d3dee2e4785eabe69a5333921aa3b1caf5e492cc8
Evidence:
https://smidresearch.com/companies/justco/#centre-ramp | src-justco-contract-model-support | excerpt SHA-256 5a1a3e75eefca736965c1129cb8ef2abc1e0c1855dd66c765cc60596ca5c4e85
https://smidresearch.com/companies/justco/#centre-ramp | src-justco-contract-model-challenge | excerpt SHA-256 0cbe261ad98d0ae20ec0c154d9e1d3cb04667564bc9b047cbc93e4a89ce0899e
Organised from published SMID research. A linked issuer document is not a new independent review.
No ratings, price targets or personalized recommendations.

Revenue: US$80.780m | 1H2026 | as-filed | obs-justco-revenue
Definition: Revenue for JustCo Holdings Limited, using the measure and perimeter stated in the linked public research; no cross-company equivalence implied.
Source: https://smidresearch.com/companies/justco/#first-half-2026

Issuer-defined Cash EBITDA: US$10.554m | 1H2026 | as-filed | obs-justco-cash-ebitda
Definition: JustCo issuer-defined EBITDA before lease-related expenses less cash lease payments on lease liabilities, adjusted for foreign exchange, share-based payments and one-off items.
Source: https://smidresearch.com/companies/justco/#first-half-2026

Operating cash flow: US$45.010m | 1H2026 | as-filed | obs-justco-operating-cash
Definition: JustCo net cash generated from operating activities after working capital and tax paid, as presented in the consolidated cash-flow statement; lease principal and total interest paid appear separately in financing.
Source: https://smidresearch.com/companies/justco/#first-half-2026

Issuer-defined free cash flow: US$3.247m | 1H2026 | as-filed | obs-justco-issuer-fcf
Definition: JustCo issuer-defined Cash EBITDA less tax paid and total capital expenditure; distinct from a cash-flow-statement subtotal.
Source: https://smidresearch.com/companies/justco/#cash-flow-bridges

Tax paid: US$0.531m outflow | 1H2026 | as-filed | obs-justco-tax-paid
Definition: Tax paid as a positive cash outflow magnitude to subtract in the cash bridge. 
Source: https://smidresearch.com/companies/justco/#cash-flow-bridges

Property, plant and equipment purchases: US$6.705m outflow | 1H2026 | as-filed | obs-justco-ppe-purchases
Definition: Property, plant and equipment purchases as a positive cash outflow magnitude to subtract in the cash bridge. 
Source: https://smidresearch.com/companies/justco/#cash-flow-bridges

Intangible purchases: US$0.071m outflow | 1H2026 | as-filed | obs-justco-intangible-purchases
Definition: Intangible purchases as a positive cash outflow magnitude to subtract in the cash bridge. 
Source: https://smidresearch.com/companies/justco/#cash-flow-bridges

Lease principal paid: US$32.135m outflow | 1H2026 | as-filed | obs-justco-lease-principal
Definition: Lease principal paid as a positive cash outflow magnitude to subtract in the cash bridge. 
Source: https://smidresearch.com/companies/justco/#cash-flow-bridges

Total interest paid, including lease interest: US$10.184m outflow | 1H2026 | as-filed | obs-justco-total-interest
Definition: Total interest paid, including lease interest as a positive cash outflow magnitude to subtract in the cash bridge. This is total interest, not lease interest alone.
Source: https://smidresearch.com/companies/justco/#cash-flow-bridges

Limited cash-flow-statement subtotal: −US$4.085m | 1H2026 | as-filed | obs-justco-statement-subtotal
Definition: Limited statement subtotal: operating cash flow less PPE and intangible purchases, lease principal paid and total interest paid. Excludes other investing/financing flows; neither normalized FCF nor total cash movement.
Source: https://smidresearch.com/companies/justco/#cash-flow-bridges