RE:RE:RE:RE:RE:RE:RE:Earnings GAAP vs non-GAAPpjn: It is capex, whether the money is used to replace old assets or acquire new assets. Except if they didn't use their cash to pay dividend they wouldn't have to borrow to replace the old assets. Share price does not immediately collapse just because the pay out exceeds earnings. Earnings could be improved in the future. Not unlike investing in an unprofitable business expecting it will become profitable in the future.