跟讀練習: FIN 2 Calculating Operating Cash Flows - 通過影片學習英語口語

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Welcome to module one of our class in corporate finance.

And this is the very first problem, problem 118.

You can click the link in the description to download a copy of this workbook for yourself.

This problem has us looking at operating cash flows.

Now I want to explain why we're going to look at operating cash flows.

If you just want to solve the problem, probably skip ahead four or five minutes.

We'll work through the problem.

It's a, it's a very quick problem.

But I feel like at the very start of the class, we should explain like, why, why are we doing this?

So I want to discuss just the concept of cashflow and why it's so important in finance.

And that'll sort of set the table for the rest of this chapter.

So if you take a finance course, you're going to find your instructor very obsessed with cashflows.

Just about every problem we look at in a finance course in some form

or another is going to discuss the cash flows of an investment or of a company or something like this.

And it's a really important concept in finance.

And the idea is to value a company, to value an asset, to value an investment, value its cash flows.

Now, I come at this from the perspective of an accountant.

I'm an accountant.

I'm a CPA.

I'm not a CFA, so I do want to let you know that I am not a finance professional.

I'm an accounting professional, an accounting educator.

I'm making these videos because students have requested that I make them.

And so I've had to work closely with a friend and colleague who helped me develop the material.

But he's the expert, not me in any of it.

Um, in finance cashflow is a crucial concept because it's very real in accounting.

A lot of things are based on estimates and projections.

Oh, how many debts do I think are going to go bad next year?

Or how many years do I think I'm going to use this building?

They're all guesses and finance folks say, well, the realest thing you can have is money, right?

The company generates money.

They pay it to you, the shareholder and the dividend that's real

and that's something of value that's what we want to base all of our work around is the cash flow

that the company is generating not some accountants estimates that are ingrained in the profits so

what our first chapter has us doing in this course is just going from those accounting numbers

which are definitely useful in accounting to cash flow numbers

which are much more useful in finance so you'll find in most finance classes, you'll be doing calculations like this early on,

taking accounting income statements and balance sheets and moving them over into cash flow information, not cash flow statements.

That's another accounting financial statement, but cash flow information, converting accounting information into finance information

so um a few more concepts and then we'll jump into the problem

uh the first thing is just this concept of okay a

company uses its assets to generate money right it uses its assets to generate money

and what can it do with the excess money it generates well

It can use it to buy more assets and to sort of satisfy its own assets.

So it can use it all on the left side of the equation.

But if it has extra money, it will often pay money out to creditors or pay money out to shareholders or likely both.

Well, from finance perspective, we're often playing the role of creditor or stockholder, right?

We buy bonds in a company.

That's we're creditors or we can buy stocks in a company.

Then we're investors.

So we're very interested in how good the company is at using its assets to generate cash flow

because that's money that's going to come to us potentially.

So we're very interested in the cash flow of the company because,

you know, it's important to us as investors or potential investors or lenders or potential lenders.

So how do I figure out the cash flow from assets?

Well, this can get further broken down.

And this is question one of our class has us looking at operating cash flow.

We'll get to that in just a minute.

Question two, we'll look at capital spending.

Three, change in networking capital.

And these are 1-1, 1-2, 1-3.

Question 1-4 has us looking at all three of them.

So let's focus in on operating cash flow.

This is the cash flow the company generates from its day-to-day business.

So Walmart sells stuff to us.

That's their cashflow from their day-to-day business.

They pay their employees money.

Maybe they buy goods from their suppliers and they sell stuff to us, right?

Those are the operating cash flows, the main operating cash flows of a big retailer like Walmart or Home Depot.

So operating cash flow is just the company basically doing what it does to make money.

Capital spending is them buying capital assets, That's like buying a new store or buying a new equipment to go in the store.

And obviously that's one way they could use their cash flows.

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,

how much money they have flowing in and out of those accounts.

But this video is focused on, or this problem one-one is focused on operating cash flow.

So with the preamble out of the way, well, let's get down to business.

So we're using, we're figuring out how much money the company's day-to-day businesses generated generating.

And the starting point here is an accounting income statement.

So let's read the question and see how we do.

Stranger company has sales revenues of $30,000.

The operating expenses are 21, including depreciation of three.

Company has interest of $1,000 and the tax rate is 25%.

What's the operating cash flow?

Okay, to figure this out.

Basically, they've given us an accounting income statement.

Let's prepare that income statement.

So we have sales of $30,000.

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.

And that tells you how profitable the company was.

So let's figure out the accounting profits of this company.

Sales are 30K.

Operating expense, what is it?

21,000, but it says including depreciation of three.

I want to split out the depreciation.

It's going to become relevant later.

So our operating expenses, excluding depreciation, 21 minus 3, are $18,000.

Our depreciation expense, I'm being very shorthanded here because we're just asked to calculate something, calculate operating cash flow.

We're not asked to prepare in good form an income statement or something like that.

If they'd asked me for good format, I would, you know, spend more time on dollar signs and underlines and things like this.

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.

164

Thanks for watching.

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Have a great day.

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See you in the next video.

167

Bye-bye.

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FIN 1 Welcome to Finance!

Business EnglishUniversity Students

FOR YOU

背景與上下文

在這段影片中，講師開始了關於公司財務的課程，並通過一個具體的財務問題來探討經營現金流的重要性。儘管講師是一位會計師，而不是專業的金融專家，但他強調了現金流在財務評估中的關鍵作用。通過討論，講師希望幫助學習者理解現金流如何影響公司價值評估，並引導他們將會計資訊轉化為更具實際意義的現金流資訊。這是本章的核心主題。

日常交流的五個重要短語

現金流 (cash flow) - 這是財務分析中最基本的概念之一。
資產 (assets) - 公司利用資產來創造收入。
投資 (investment) - 財務課程中討論的核心主題。
股東 (shareholder) - 瞭解股東如何從公司獲得實際收益。
財務報表 (financial statements) - 包含了重要的會計和現金流資料資訊。

逐步跟讀指南

為了有效提高你的英語口語練習，特別是針對此影片的學習內容，建議使用以下步驟進行英語影子跟讀：

熟悉內容：首先，觀看影片一遍，瞭解講師的話題和主要觀點。注意聽取與現金流和財務分析相關的關鍵詞。
逐句跟讀：放慢影片的播放速度，選擇一個句子暫停，然後模仿講師的發音和語調。在這裡，可以利用shadowing site來幫助你更好地跟讀。
理解短語：重點注意並重復使用在日常交流中的短語，以便更好地掌握其用法，提高雅思口語練習的能力。
分段練習：將內容分段，每段專注練習。逐漸加快速度，直到可以流利地複述每段的內容。
錄音對比：錄下自己的聲音，與影片中的講師聲音進行比較，注意發音和口音的差異。

通過以上步驟，你不僅能夠提升你的英語口語技巧，還能夠深入理解財務相關的內容，增強在實際場景中運用這些知識的能力。將這個shadow speech練習融入到你的日常學習中，必能助你一臂之力。

影片中的語法

說話人最常用的結構，並附上影片中的原話：

結構	影片中的用法
條件句 if + 從句，will/would + 動詞 — 條件及其結果	if it has extra money, it will often
現在完成時 have/has + 過去分詞 — 過去發生但與現在仍有關聯的事	have requested · I've had · they've given
被動語態 be + 過去分詞 — 強調發生了什麼，而不是誰做的	are based · are ingrained · have been excluded

什麼是跟讀法？

跟讀法 (Shadowing) 是一種有科學依據的語言學習技巧，最初開發用於專業口譯員的培訓，並由多語言者Alexander Arguelles博士普及。這個方法簡單而強大：您在聽英語母語原聲的同時立即大聲重複——就像是一個延遲1-2秒緊跟說話者的影子。與被動聽力或語法練習不同，跟讀法強迫您的大腦和口腔肌肉同時處理並模模擬實的講話模式。研究表明它能顯著提高發音準確性，語調，節奏，連讀，聽力理解和口語流利度——使其成為雅思口語備考和真實英語交流最有效的方法之一。

影子跟讀法: 閱讀完整分步指南 →

跟讀練習: FIN 2 Calculating Operating Cash Flows - 通過影片學習英語口語

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背景與上下文

日常交流的五個重要短語

逐步跟讀指南

影片中的語法

什麼是跟讀法？