The online travel agencies Cost of Revenues are associated with transaction processing, rather than the manufacturing of goods.
Thus, there is limited investment in Property, Plant & Equipment (PP&E).
Both Booking and Expedia enjoy a negative Tangible Capital Invested in Operations (CIO).
As a reminder from the Balance Sheet Workbook:
Capital Invested in Operations (CIO) = Capital (Debt + Equity) - Excess Cash & Marketable Securities
Tangible Capital Invested in Operations (T-CIO) = Capital Invested in Operations (CIO) - Intangible Assets
Tangible CIO	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018
BKNG	13%	6%	8%	-2%	-2%	-8%	-11%	-15%	-13%	-12%	-19%	-16%
EXPE	-61%	-41%	-54%	-24%	-41%	-53%	-47%	-49%	-56%	-39%	-34%	-28%
As a review of the analysis we conducted in Balance Sheet (Workbook 5), which of these phrase best explains the negative values for Tangible CIO?
	a)Online travel businesses require 'negative' capital to grow revenues. b)Online travel businesses are using cash. c)Online travel businesses are unhealthy businesses.