[rob08]

Any investments made that are meant as long-term (i.e. >1year) is capitalized on the balance sheet and is a use of cash in the cash flow statement.

Any short-term operating costs related to those investments are likely to be expensed during the period in question and thus be recognized in the income statement.

Opex may also be higher (and consequently lower profit) while heavy investments are made because the company hires a lot of more staff which do not start generate any revenue until a later period.