You are examining XYZ Company.You notice that its profits and ROE seem to be increasing; however cash flow is negative and the company isnotpaying out any dividends.You would conclude that...

a)XYZ is a company in its growth phase.

b)XYZ is a company in its maturity phase.

c)XYZ is a company in its declining phase.

d)The discrepancy between profits and cash flow suggest that XYZ Company may not be presenting its results accurately.