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【正文】 operations (CFO) is a broader view of operating activities than is ine. – It is not a measure of profitability. ? Note: A measure, be it ine or cash flows from operations, is of limited usefulness. The key is information about ponents of these measures. Interpreting Cash Flows and Net Ine 724 Analysis Implications of Cash Flows ? Accounting accruals determining ine rely on estimates, deferrals, allocations, and valuations. – Subjectivity ? Note: CFO effectively serve as a check on ine, but not a substitute for ine. ? CFO exclude elements of revenues and expenses not currently affecting cash. – Our analysis of operations and profitability should not proceed without considering these elements. Interpreting Cash Flows and Net Ine 725 Analysis of Cash Flows ? In evaluating sources and uses of cash, the analyst should focus on questions like: ? Are asset replacements financed from internal or external funds? ? What are the financing sources of expansion and business acquisitions? ? Is the pany dependent on external financing? ? What are the pany’s investing demands and opportunities? ? What are the requirements and types of financing? ? Are managerial policies (such as dividends) highly sensitive to cash flows? 726 Analysis of Cash Flows Case Analysis of Cash Flows of Campbell Soup 727 Analysis of Cash Flows ? Inferences from analysis of cash flows include: – Where management mitted its resources – Where it reduced investments – Where additional cash was derived from – Where claims against the pany were reduced – Disposition of earnings and the investment of discretionary cash flows – The size, position, pattern, and stability of operating cash flows Inferences from Analysis of Cash Flows 728 Analysis of Cash Flows ? Net ine plus depreciation and amortization – EBITDA (earnings before interest, taxes, depreciation, and amortization) Alternative Cash Flow Measures 729 Analysis of Cash Flows ? The using up of longterm depreciable assets is a real expense that must not be ignored. ? The addback of depreciation expense does not generate cash. It merely zeros out the noncash expense from ine as discussed above. Cash is provided by operating and financing activities, not by depreciation. ? Net ine plus depreciation ignores changes in working capital accounts that prise the remainder of cash flows from operating activities. Yet changes in working
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