Pratica di Shadowing: FIN 2 Calculating Operating Cash Flows - Impara a parlare inglese con i video
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Welcome to module one of our class in corporate finance.
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And this is the very first problem, problem 118.
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You can click the link in the description to download a copy of this workbook for yourself.
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This problem has us looking at operating cash flows.
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Now I want to explain why we're going to look at operating cash flows.
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If you just want to solve the problem, probably skip ahead four or five minutes.
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We'll work through the problem.
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It's a, it's a very quick problem.
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But I feel like at the very start of the class, we should explain like, why, why are we doing this?
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So I want to discuss just the concept of cashflow and why it's so important in finance.
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And that'll sort of set the table for the rest of this chapter.
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So if you take a finance course, you're going to find your instructor very obsessed with cashflows.
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Just about every problem we look at in a finance course in some form
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or another is going to discuss the cash flows of an investment or of a company or something like this.
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And it's a really important concept in finance.
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And the idea is to value a company, to value an asset, to value an investment, value its cash flows.
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Now, I come at this from the perspective of an accountant.
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I'm an accountant.
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I'm a CPA.
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I'm not a CFA, so I do want to let you know that I am not a finance professional.
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I'm an accounting professional, an accounting educator.
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I'm making these videos because students have requested that I make them.
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And so I've had to work closely with a friend and colleague who helped me develop the material.
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But he's the expert, not me in any of it.
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Um, in finance cashflow is a crucial concept because it's very real in accounting.
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A lot of things are based on estimates and projections.
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Oh, how many debts do I think are going to go bad next year?
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Or how many years do I think I'm going to use this building?
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They're all guesses and finance folks say, well, the realest thing you can have is money, right?
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The company generates money.
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They pay it to you, the shareholder and the dividend that's real
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and that's something of value that's what we want to base all of our work around is the cash flow
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that the company is generating not some accountants estimates that are ingrained in the profits so
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what our first chapter has us doing in this course is just going from those accounting numbers
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which are definitely useful in accounting to cash flow numbers
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which are much more useful in finance so you'll find in most finance classes, you'll be doing calculations like this early on,
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taking accounting income statements and balance sheets and moving them over into cash flow information, not cash flow statements.
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That's another accounting financial statement, but cash flow information, converting accounting information into finance information
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so um a few more concepts and then we'll jump into the problem
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uh the first thing is just this concept of okay a
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company uses its assets to generate money right it uses its assets to generate money
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and what can it do with the excess money it generates well
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It can use it to buy more assets and to sort of satisfy its own assets.
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So it can use it all on the left side of the equation.
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But if it has extra money, it will often pay money out to creditors or pay money out to shareholders or likely both.
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Well, from finance perspective, we're often playing the role of creditor or stockholder, right?
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We buy bonds in a company.
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That's we're creditors or we can buy stocks in a company.
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Then we're investors.
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So we're very interested in how good the company is at using its assets to generate cash flow
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because that's money that's going to come to us potentially.
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So we're very interested in the cash flow of the company because,
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you know, it's important to us as investors or potential investors or lenders or potential lenders.
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So how do I figure out the cash flow from assets?
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Well, this can get further broken down.
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And this is question one of our class has us looking at operating cash flow.
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We'll get to that in just a minute.
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Question two, we'll look at capital spending.
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Three, change in networking capital.
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And these are 1-1, 1-2, 1-3.
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Question 1-4 has us looking at all three of them.
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So let's focus in on operating cash flow.
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This is the cash flow the company generates from its day-to-day business.
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So Walmart sells stuff to us.
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That's their cashflow from their day-to-day business.
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They pay their employees money.
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Maybe they buy goods from their suppliers and they sell stuff to us, right?
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Those are the operating cash flows, the main operating cash flows of a big retailer like Walmart or Home Depot.
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So operating cash flow is just the company basically doing what it does to make money.
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Capital spending is them buying capital assets, That's like buying a new store or buying a new equipment to go in the store.
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And obviously that's one way they could use their cash flows.
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And lastly, change in networking capital is a little more technical, but it's basically the short-term assets and short-term liabilities, current assets and current liabilities,
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how much money they have flowing in and out of those accounts.
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But this video is focused on, or this problem one-one is focused on operating cash flow.
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So with the preamble out of the way, well, let's get down to business.
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So we're using, we're figuring out how much money the company's day-to-day businesses generated generating.
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And the starting point here is an accounting income statement.
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So let's read the question and see how we do.
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Stranger company has sales revenues of $30,000.
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The operating expenses are 21, including depreciation of three.
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Company has interest of $1,000 and the tax rate is 25%.
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What's the operating cash flow?
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Okay, to figure this out.
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Basically, they've given us an accounting income statement.
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Let's prepare that income statement.
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So we have sales of $30,000.
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And the income statement is the summary of revenues and expenses and take your revenues, your amount your company earned minus your expenses, your costs.
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And that tells you how profitable the company was.
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So let's figure out the accounting profits of this company.
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Sales are 30K.
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Operating expense, what is it?
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21,000, but it says including depreciation of three.
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I want to split out the depreciation.
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It's going to become relevant later.
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So our operating expenses, excluding depreciation, 21 minus 3, are $18,000.
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Our depreciation expense, I'm being very shorthanded here because we're just asked to calculate something, calculate operating cash flow.
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We're not asked to prepare in good form an income statement or something like that.
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If they'd asked me for good format, I would, you know, spend more time on dollar signs and underlines and things like this.
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But in any event, sales minus operating expenses minus depreciation is 30 minus 18 minus 3, 30 minus 21.
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That's $9,000.
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And that is our EBIT.
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Now, EBIT stands for earnings before interest in tax.
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In accounting, I would call this operating income.
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But in a finance class, we're going to call it EBIT.
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But we're essentially referring to the same thing there's maybe some small differences here there
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but for all intents and purposes we're talking about the same thing uh
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so earnings before interest in tax well then let's take away interest
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which was a thousand to get us down to eight
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which is our earnings before tax take away the i
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because we we did take away the interest and that brings us down to our taxes
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our taxes were 25 25 of 8 000 i can do
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in my head it's 2 000 a quarter of eight is two and
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that brings us to our bottom line our net income our
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earnings our profits this company made six thousand dollars okay so there we have a beautiful sort of of income statement,
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but we haven't answered the question.
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What are the operating cash flows?
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There are so many ways a person could calculate this.
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I'm gonna show you the one that I've seen most commonly in finance textbooks.
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And it says, start with EBIT and work from there.
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So that's what we'll do.
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We'll start from EBIT and we'll work from there um so
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if i have my ebbet
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which was nine thousand dollars now i need to look above ebbet
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and below ebbet i'm going to look above ebbet
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and i'm going to say is there anything up there
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that should have been excluded well sales typically
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that involves cash flow most my operating expenses involve cash flow
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because you know so again think of walmart they sell stuff to you
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while they get money from you
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when you buy a bag full of stuff operating expenses they pay their employees they pay them with money
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so that involves cash flow the one
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that sticks out though is depreciation there's no cash flow with depreciation depreciation is called a non-cash expense
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so it's a special expense and we're gonna deal with depreciation throughout the course
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so it's just worth knowing okay depreciation never involves cash
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so ebit isn't cash flow because it includes depreciation So we want to know cash, right?
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So let's take that depreciation out of our EBIT.
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Now, how do I take it out?
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Well, I went 30 minus 18 minus three is nine.
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Well, let's pretend I didn't have that.
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It would be 30 minus 18.
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It should be 12.
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So this should be 12.
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So I'm going to actually have to add back depreciation.
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So I add depreciation of 3,000.
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So now my subtotal is 12, right?
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So it's, again, there's many different ways we could calculate this this is one
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of them um okay let's look below the line we got two more expenses we got interest
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because this is earning before interest and tax we got interest
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and tax interest can involve cash
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but it's not considered an operating cash flow it's not considered part of the day-to-day business of the company uh
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and it's it's a payment out to creditors right
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so it's something different it's a different kind of cash flow
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taxes though are operating cash flows this two thousand dollars in
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taxes is a two thousand dollar deduction from our cash so minus two thousand
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equals nine plus three is 12 minus two is 10
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that is my operating cash flow which we will abbreviate in this course as OCF.
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So the formula is EBIT plus depreciation minus taxes.
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Now, later in the course, we will go through so many different ways to calculate this.
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You can really calculate OCF in myriad different ways, but it becomes a really useful and powerful number.
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Right now, okay, you know, we're just like, we're calculating it going through like an intellectual exercise.
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later in the class, we will use this number to do powerful things.
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So I hope you'll stick with me because I want to do powerful things together.
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And just, you know, if you're planning to stick with me, I hope you'll hit one of those buttons.
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Thanks for watching.
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Have a great day.
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See you in the next video.
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Bye-bye.
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Perché praticare il parlato con questo video?
Praticare il parlato utilizzando questo video sull'analisi dei flussi di cassa operativi è un'ottima opportunità per migliorare la pronuncia inglese e acquisire familiarità con il linguaggio del settore finanziario. Il contesto di questo video è altamente educativo e professionale, il che offre ai praticanti la chance di apprendere un lessico specifico e di ampliare il proprio vocabolario. Attraverso l'ascolto attento e la ripetizione, gli studenti possono beneficiare del shadowing in inglese, una tecnica efficace che prevede di seguire il parlato del relatore sincronizzandosi con i suoi tempi e la sua intonazione.
Grammatica e Espressioni nel Contesto
Nel video, l'insegnante utilizza diverse strutture grammaticali e frasi chiave che gli studenti possono sfruttare. Ecco alcune delle più importanti:
- "If you just want to solve the problem, probably skip ahead four or five minutes." Questo esempio utilizza il condizionale per indicare una situazione ipotetica.
- "We should explain like, why, why are we doing this?" Qui si osserva l'uso di domande retoriche per coinvolgere gli studenti e stimolare il pensiero critico.
- "The company generates money." Questa semplice frase strutturata mostra come descrivere l'attività economica di un'impresa, cruciale per una buona pratica di conversazione in inglese.
- "It's very real in accounting." L'uso dell'aggettivo "real" enfatizza l'importanza dei flussi di cassa rispetto ad altre considerazioni finanziarie.
Trappole Comuni di Pronuncia
Durante il video, ci sono alcune parole e frasi che possono rappresentare delle trappole di pronuncia per gli studenti di inglese:
- "Cash flows" è una combinazione di suoni che può risultare complicata, soprattutto per chi ha una pronuncia italiana.
- "Generate", dove l'accento cade sulla seconda sillaba, può essere confuso; è importante praticare l'intonazione corretta.
- "Asset" richiede attenzione nell’articolazione della doppia "s" e può essere difficile per chi non ha familiarità con suoni simili in italiano.
Utilizzare il video per imparare l'inglese con YouTube e impegnarsi in attività come il shadow speak permette di affrontare queste trappole in modo sistematico, migliorando nel contempo la comprensione e la pronuncia.
La grammatica di questo video
Le strutture che chi parla usa di più, con le parole esatte del video:
| Struttura | Nel video |
|---|---|
| Frasi condizionali if + frase, will/would + verbo — una condizione e il suo risultato | if it has extra money, it will often |
| Present perfect have/has + participio passato — un’azione passata che conta ancora adesso | have requested · I've had · they've given |
| Forma passiva be + participio passato — conta ciò che accade, non chi lo fa | are based · are ingrained · have been excluded |
Cos'è la tecnica dello Shadowing?
Shadowing è una tecnica di apprendimento delle lingue supportata da studi scientifici, originariamente sviluppata per la formazione dei traduttori professionisti e resa popolare dal poliglotta Dr. Alexander Arguelles. Il metodo è semplice ma potente: ascolti un audio in inglese di madrelingua e lo ripeti immediatamente ad alta voce — come un'ombra che segue il parlante con un ritardo di solo 1–2 secondi. A differenza dell'ascolto passivo o degli esercizi di grammatica, lo shadowing costringe il tuo cervello e i muscoli della bocca a elaborare e riprodurre simultaneamente i modelli di discorso reale. La ricerca dimostra che migliora significativamente la precisione della pronuncia, l'intonazione, il ritmo, il discorso connesso, la comprensione dell'ascolto e la fluidità del parlato — rendendolo uno dei metodi più efficaci per la preparazione alla prova di speaking dell'IELTS e per la comunicazione reale in inglese.