Calculate the implied EBITDA for the period, given:

Receipts		150
Payroll		30
AP disbursements		60
Rent		4
Capex		15
Debt service		3
Severance		10
Cash flow
Beg AR		60
End AR		64
Beg Inv		50
End Inv		38
Beg AP		25
End AP		28
Beg Accrued compensation		8
End Accrued compensation		4
EBITDA calculation
Insert
Insert
EBITDA