Updates from SEC’s web, the whole year performance of $PLUS was released today. The stated profits include earnings collected (cash flows) and those not yet collected (accruals). Accruals are thus the firm’s forecast of future benefits. See the image below. The forecast involves great subjectivity and is susceptible to manipulation, making accruals quality low and difficult to turn into cash. Based on this, whereas two firms report the same earnings, the one with higher accruals would perform worse next period.