Shadowing Practice: FIN 2 Calculating Operating Cash Flows - Learn English Speaking with 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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Bu dersin kelimeleri ve konuşma notları
Bu C1 seviyesindeki konuşma dersi “FIN 2 Calculating Operating Cash Flows” videosuna dayanıyor. En çok tekrarlanan kelimeler: cash, flow, operating, depreciation, finance. Bu videoda gölgeleme çalışması için 167 cümle ve 1898 kelime var. Konuşma bölümü 11:37 sürüyor. Konuşmacı dakikada yaklaşık 163 kelimeyle, günlük konuşmaya yakın doğal bir hızda konuşuyor. Kelimelerin %85’i İngilizcede en sık kullanılan 3.000 kelime arasında; geri kalanına başlamadan önce bakmakta fayda var.
Bu videodaki önemli kelimeler
Videodaki en ileri düzey 15 kelime, telaffuzu ve anlamıyla:
| Kelime | Telaffuz | Anlam |
|---|---|---|
| minus | /ˈmaɪ.nəs/ | eksi |
| calculate fiil | /ˈkælkjʊleɪt/ | hesaplamak |
| creditor isim | /ˈkɹɛdɪtɚ/ | kreditör, alacaklı |
| accountant isim | /əˈkaʊn.tənt/ | muhasebeci, muhasip |
| investor isim | /ɪnˈvɛs.tə(ɹ)/ | yatırımcı, sermayedar |
| shareholder isim | /ˈʃɛəˌhəʊl.də(ɹ)/ | aksiyoner, hissedar |
| lender isim | /ˈlɛn.dɚ/ | borç veren, ödünç veren |
| abbreviate fiil | /əˈbɹi.vi.eɪt/ | kısaltmak, ihtisar etmek |
| deduction isim | /dɪˈdʌkʃən/ | tümdengelim, talil |
| myriad isim | /ˈmɪɹi.æd/ | çok büyük sayı, pek çok |
| preamble isim | /ˈpriˌæmb(ə)l/ | giriş, önsöz |
| shorthand isim | /ˈʃɔɹthænd/ | stenografi |
| subtotal isim | ara toplam | |
| underline fiil | /ˈʌndɚˌlaɪn/ | altını çizmek |
| calculation isim | /ˌkælkjuˈleɪʃn̩/ | hesaplama |
Duyacağınız deyimsel fiiller
| Kelime | Telaffuz | Anlam |
|---|---|---|
| figure out fiil | açığa çıkarmak | |
| take away fiil | /ˌteɪk əˈweɪ/ | götürmek |
Tekrar etmeye değer cümleler
Videodan, günlük konuşmada yeniden kullanabileceğiniz kısa ve tam cümleler:
- We'll work through the problem.
- I'm an accounting professional, an accounting educator.
- We'll get to that in just a minute.
- Question two, we'll look at capital spending.
- What's the operating cash flow?
Bu videodaki dil bilgisi
Konuşmacının en çok kullandığı yapılar, videodaki sözcüklerin aynısıyla:
| Yapı | Videoda |
|---|---|
| Koşul cümleleri if + cümle, will/would + fiil — bir koşul ve sonucu | if it has extra money, it will often |
| Present perfect have/has + fiilin üçüncü hâli — geçmişte olan ama şimdi de önemli olan bir eylem | have requested · I've had · they've given |
| Edilgen yapı be + fiilin üçüncü hâli — kimin yaptığı değil, ne olduğu önemli | are based · are ingrained · have been excluded |
Dikkat edilecek telaffuzlar
Konuşmacı we're, I'm, we'll gibi kısaltılmış biçimleri 51 kez kullanıyor. Bunları duyduğunuz gibi kısa söyleyin.
- “sh” ve “zh” sesleri: depreciation /dɪˌpɹiːʃɪˈeɪʃən/, shareholder /ˈʃɛəˌhəʊl.də(ɹ)/, deduction /dɪˈdʌkʃən/, shorthand /ˈʃɔɹthænd/, calculation /ˌkælkjuˈleɪʃn̩/
- Uzun kelimeler — vurguyu doğru yere koyun: depreciation /dɪˌpɹiːʃɪˈeɪʃən/, abbreviate /əˈbɹi.vi.eɪt/, educator /ˈɛd͡ʒəkeɪtɚ/
Bu videoyla nasıl çalışılır
- Videonun tamamını konuşmadan bir kez dinleyin ve bilmediğiniz kelimeleri not edin.
- 0,75× hızla başlayın, cümle cümle tekrar edin ve kolaylaşınca normal hıza dönün.
- Kendinizi kaydedin ve orijinaliyle karşılaştırın; minus, calculate, creditor gibi kelimelere özellikle dikkat edin.
Gölgeleme Tekniği Nedir?
Gölgeleme, başlangıçta profesyonel tercüman eğitimi için geliştirilen ve çok dilli Dr. Alexander Arguelles tarafından popüler hale getirilen, bilim destekli bir dil öğrenme tekniğidir. Yöntem basit ama güçlüdür: ana dili İngilizce olan bir sesi dinler ve hemen yüksek sesle tekrar edersiniz — konuşmacıyı 1-2 saniye gecikmeyle takip eden bir gölge gibi. Pasif dinleme veya dilbilgisi alıştırmalarının aksine, gölgeleme beyninizi ve ağız kaslarınızı gerçek konuşma kalıplarını eşzamanlı olarak işlemeye ve yeniden üretmeye zorlar. Araştırmalar, telaffuz doğruluğu, tonlama, ritim, bağlı konuşma, dinleme anlama ve konuşma akıcılığını önemli ölçüde geliştirdiğini göstermektedir — bu da onu IELTS Konuşma hazırlığı ve gerçek dünya İngilizce iletişimi için en etkili yöntemlerden biri yapar.