The Secrets of

Free Cash Flow


Dimitry Khmelnitsky, CPA, CA
Vice President, Partner
Head of Accounting & Special Situations


"Revenue is vanity, profit is sanity, but cash is king."


That well-known statement rings particularly true in today's markets, where capital costs are high and the liquidity taps are tight.

Unfortunately for investors, there are multiple ways of measuring cash flow. Worse yet, management teams have numerous ways of obscuring free cash flow calculations and making it look like there is more cash flow than there actually is.

We're proud to offer our Veritas 2023 Advanced Accounting Training Module: The Secrets of Cash Flow 

You will learn how to ask the right questions, identify warning signs and make adjustments to management's non-GAAP free cash flow calculations (FCF) so you can verify sustainable cash flow.

Webinar Replay

The Secrets of Free Cash Flow

You can purchase the replay of our latest webinar
from Thursday, January 25, 2023

$799 + tax

(please allow us up to 48 hrs to set you up with the replay)


Please contact sales for group sales and customized private training.

Special offers are available to current clients and subscribers of our research.



The Secrets of Free Cash Flow

Time commitment: About 2.5 hours

We use real-life examples and walk participants through actual financial statements to teach you how to proactively identify warning signs in the accounting and assess their potential impact on reported results and shareholders.

• FCF: key non-GAAP metric;
• Cash flow myths;
• Operating and free cash flow tricks: real-life examples;
• Intercompany comparability;
• Maintenance capex considerations;
• Incorporating 'unusual' costs in cash flow analysis;
• Stock-based compensation considerations;
• Warning signs;
• 10 Questions for management.

Companies Discussed

• Airlines (Air Canada, Westjet)
• Amaya
• Badger Infrastructure Solutions Ltd.
• Brookfield Business Partners LP
• Brookfield Renewable Partners LP
• Canadian Telcos (BCE Inc., Telus Corp., Rogers Communications Inc., Shaw Communications Inc., Quebecor Inc., Cogeco Communications Inc.)
• Fleetcor Technologies Inc.
• Grocers (Loblaw Companies Ltd., Empire Company Ltd.)
• Netflix Inc.
• Shopify Inc.
• SNC-Lavalin Group Inc.
• Torstar Corp.
• Twitter Inc.
• WSP Global Inc.

Case Studies

• Brookfield Renewable Partners
• Bombardier
• Carillion

Why Take Veritas Training?

When the story falls apart, it falls apart fast. Time and time again, we see that the warning signs were always there. And yet, somehow, the market responds with great surprise when the reality of underlying business challenges and deteriorating fundamentals eventually surface.

The objective of our training is to help you make better business and investment decisions. Participants benefit from our experience in identifying blow-ups often long before they occur.

Who Is Our Training For?

Over the past twenty years, we have trained regulators, portfolio managers, enforcement officers, business professionals, bank lending professionals, legal professionals, investment advisors, accountants, university students and individual investors.

Contact sales to discuss options.

Contact Sales


Dimitry Khmelnitsky

Vice President
Head of Accounting & Special Situations

Dimitry is Head of the Accounting & Special Situations Group, focusing on organizations that pose a financial risk. He is also Head of Training, helping our clients and their analysts on analyzing complex accounting issues. Dimitry was the #3 ranked Special Situations analyst for Canadian stocks in 2020, as voted on by Canadian, U.S. and European investors, according to Brendan Wood International. He was #1 ranked in 2019 and #3 in 2018.

Prior to joining Veritas in 2006, Dimitry was at Ernst & Young in their assurance practice. Dimitry is a Chartered Professional Accountant and holds a BBA from York University's Schulich School of Business. He has been a part-time accounting instructor in the Program where he taught Financial Accounting. Dimitry has also been involved in CPA Canada's professional development program, where he taught the CPA Canada In-depth GAAP course, dealing with complex accounting topics.


All Veritas training courses meet mandatory professional development requirements for CPA and CFA designations.


Training subsidies may also be available to certain groups that supports and develops highly skilled personnel. Contact us to find out more. 

Training Testimonials

100% of participants have told us they would take another Veritas course.

"I love their passion and how they dig into the details." 

"Anthony and Dimitry are very engaging and they make accounting interesting!"

"Become an expert in finding out the bombs."

"A great tool for what to look out for."

"It helps study certain aspects of financial history that are sure to repeat themselves."

"I now feel more comfortable screening for, recognizing and calling out red flags."

"Good for key takeaways you can apply to your investment process without being too time-consuming."

More customized and group training options

We can tailor courses for groups and organizations. We can discuss specific sectors or companies of interest, and adapt our curriculum around your organization’s specific investment or business needs.

1. Reading Financial Statements like a Forensic Accountant
2. Avoiding the Bombs
3. Acquisition Accounting: Explosive Growth or Ticking Time Bomb?
4. Understanding Stock Option Accounting
5. Understanding & Using Non-GAAP Metrics
6. New Accounting Standards: IFRS 9, 15 & 16 - An Investor’s Approach
7. Staying Vigilant: Lessons from COVID-19 Accounting Distortions and Past Blowups (Wirecard and Carillion)
8. Growth Companies: Is the Growth Real?

Each module varies from 1.0 to 4.0 hours