*See the footnote at the end of this article for a further explanation of cash vs. accrual accounting.
While Boyd generated a significant net loss on an annual basis, it also generated substantial cash from collision and glass operations. Due to the rules of accrual versus cash accounting, Boyd recognizes expenses as they occur, rather than when they are paid. As a result, there are a number of non-cash expenses that lower the profitability of the company while having little impact on the cash position of the company.
Read more here.