00:00
What's up everyone?
大家好嗎？
00:01
It's Ben here and today we're going to be talking about the cash flow statement for beginners.
我是 Ben，今天我們要來談談現金流量表的入門知識。
00:05
And let me just jump straight into the agenda.
那我就直接進入主題了。
00:08
First, I'll be talking about the basics of what is the cash flow statement.
首先，我會說明現金流量表的基本概念。
00:12
Then I'll go into the key sections of the statement which involve the operating, investing, and financing
接著我會深入探討報表中的幾個關鍵部分，包括營業活動、投資活動和融資活動。
00:17
sections. And then lastly, we'll go through an Excel example.
最後，我們會一起看一個 Excel 範例。
00:22
And as a friendly reminder, you can actually download this presentation and the Excel
身為一個友善的提醒，你其實可以免費在我的說明欄和置頂留言中下載這份簡報，
00:25
we're going to use in the exercise for free down in my description and pin comment.
以及我們將在練習中使用的 Excel 檔。
00:30
No strings attached.
絕對沒有任何附加條件。
00:32
You can just go feel free to download it.
你可以直接放心下載。
00:34
So, first off, what is the cash flow statement?
所以，首先，什麼是現金流量表？
00:36
So, I did previously make two videos about the income statement and balance sheet.
我之前有拍過兩支影片，分別介紹損益表和資產負債表。
00:41
If you want to check those out, um I'll also link to them in my description as well.
如果你想看看那些，我也會在說明欄附上連結。
00:45
But the cash flow statement is one of the three core financial statements.
而現金流量表是三大核心財務報表之一。
00:48
So, really quickly before I kind of go into the basics, in a business, cash is king.
所以，在我進入基本概念之前，先快速提一下，在企業中，現金為王。
00:54
You'll hear that kind of a lot, especially when you're doing like discounted cash flow analyses and things
你會常聽到這句話，尤其是在做像是現金流量折現分析之類的事情時。
00:57
like that.
或許有個東西可以幫助你更容易記住這點，那就是 Wu-Tang Clan 的歌，
00:59
And maybe something that might help you remember this a little bit easier is the Wuang Clan song,
"C.R.E.A.M."，代表 "Cash Rules Everything Around Me"（現金主宰我周遭的一切）。
01:04
Cream, Cash Rules Everything Around Me.
所以當你思考一家企業時，最終，這一切意味著
01:06
Uh so when you think about a business ultimately at the end of the day you know what this all means is that the
嗯，所以當你思考一家企業時，最終，這一切意味著身為一家公司所產生的現金數量
01:12
amount of cash you generate as a company uh so the amount that you if you had a lemonade stand for example amount of
作為一家公司所產生的現金數量，例如，假設你有一個賣檸檬汁的攤位，你在收銀機裡產生的現金數量
01:19
cash you generate in your cash register and it gets way more complicated when it gets to like a corporation and a
當涉及到像跨國公司這樣的企業時，情況會變得更加複雜
01:24
multinational you know kind of company without cash flow you can't pay for expenses interest investments uh equity
如果沒有現金流，你就無法支付開支、利息、投資、股東等款項
01:32
holders things like that and so cash is really what's important and I think you'll kind understand what I mean as we
所以現金真的非常重要，我想當我們完成這個簡報時，你會明白我的意思
01:38
come uh finish this presentate or as we go through this entire presentation.
或者當我們看完這整個簡報時。
01:45
And so going into the cash flow statement definition, it can be simply stated as a
因此，談到現金流量表的定義，它可以簡單地表述為
01:48
financial statement that reports a company's actual cash generated and spent over a period of time.
一份報告公司在一段時間內實際產生和花費現金的財務報表。
01:57
And I want to highlight in here a uh this part which says over a period of time.
我想在此強調「一段時間內」這部分。
02:02
This is different from the balance sheet which is a snapshot in time.
這與資產負債表不同，後者是某個時間點的快照。
02:05
For cash flow statements, you're usually looking at it on a quarterly or annual basis.
對於現金流量表，你通常按季度或年度來檢視。
02:10
And so, let's go briefly into some of the key sections or the three key sections of the cash flow statement.
因此，讓我們簡要地了解一下現金流量表的一些關鍵部分或三個主要部分。
02:18
So, first off is operating cash flow, which is the cash generated or spent from the
首先是營業活動現金流，這是指由
02:21
delivery of regular goods and services.
提供常規商品和服務所產生或花費的現金。
02:23
So, just like your core business, what cash is that generating?
就像你的核心業務一樣，它產生了什麼現金？
02:28
And then there's investing cash flow, which is the cash generated or spent from the
接著是投資活動現金流，這是指由
02:32
purchase and sale of assets.
資產的購買和出售所產生或花費的現金。
02:35
So, let's say you buy a big office, that's investing cash flow that you're spending.
舉例來說，如果你買了一間大辦公室，這就是你所花費的投資活動現金流。
02:35
and investments.
以及投資。
02:39
Let's say you sell that office five years later, you gain cash, that's cash, that that would be a cash
假設你在五年後賣掉那間辦公室，你獲得了現金，那會是現金流入。
02:45
And then there's the financing cash flow section, which is cash generated or spent from debt and equity financing.
接著是融資現金流部分，這部分反映透過債務和股權融資所產生或使用的現金。
02:52
So, how are you funding your business?
所以，你是如何為你的企業籌措資金？
02:54
How are you paying back the people who have funded your business?
你如何償還那些為你企業提供資金的人？
02:58
That's what the financing cash flow section is all about.
這就是融資現金流部分的重點。
03:00
And you add up all these together and ultimately you get your net change in cash which will either be positive or
將所有這些加總後，最終會得到現金淨變動，這個數字可能是正的，也可能是負的。
03:07
it will be negative.
它也可能是負的。
03:10
So one thing I do want to make really clear is that cash does not necessarily mean profit.
所以我想明確說明一點，現金不一定等於利潤。
03:15
And I know these two things can kind of sound the same, but they're pretty different.
我知道這兩者聽起來可能很像，但其實差別很大。
03:20
So the income statement deals with profit and it actually embeds a lot of non-cash
損益表處理的是利潤，而它實際上包含許多非現金
03:24
expenses like depreciation, amortization and so a lot of times your profit figure may not be a good representation of your
費用，例如折舊、攤銷等，因此很多时候，你的利潤數字可能無法真實反映你的
03:32
actual cash flow.
實際現金流。
03:33
Um especially when you're looking at uh maybe your operating sorry your in net income could
嗯，特別是當你看到，呃，也許你的營運，抱歉，你的淨利潤可能
03:39
be somewhat similar to your operating cash flow or there may be some correlation there.
與你的營運現金流有些相似，或者兩者之間可能存在某種關聯。
03:44
But when it comes to adding your cash from investing and cash from financing, that ne change in cash
但當你加入來自投資和融資的現金時，現金的淨變動
03:50
will look most in most cases very very different from your profit on your income statement.
在大多數情況下，看起來會與你損益表上的利潤非常非常不同。
03:56
So let's go into what it means to have positive or negative cash flow.
所以讓我們來探討現金流為正或為負意味著什麼。
04:00
So obviously you want a company with positive cash flow in the m vast majority of cases because it allows
顯然，在絕大多數情況下，你會希望公司擁有正現金流，因為它讓
04:05
a company to reinvest into its operations.
公司能夠將資金再投資於其營運。
04:08
Invest into capex to fund future growth, settle debt payments so that you have less interest to pay and
投資於資本支出以支持未來成長，清償債務款項以減少需支付的利息，並
04:13
also pay equity holders via dividends so that you're able to keep your equity investors happy.
透過股利支付給股權持有人，以維持股權投資者的滿意度。
04:19
But do keep in mind that positive cash flow does not necessarily imply that the company is
但請謹記，正現金流並不一定代表公司
04:23
profitable because there's so much more that goes into the cash flow statement than um what is in the net income which
是獲利的，因為現金流量表所包含的內容，遠比淨利潤多得多，
04:31
again as a friendly reminder just has to do with the main operations while cash flow can have to do with a lot of other
再次友善提醒，淨利潤主要只與核心營運有關，而現金流則可能涉及公司的許多
04:37
aspects of the business.
其他層面。
04:40
Um, so when it come but but when it comes to negative cash flow, this does also not
嗯，所以當談到負現金流時，這也並不
04:44
necessarily imply that the company is unprofitable and has negative net income.
一定代表公司是虧損的或淨利潤為負。
04:48
But it does usually signal one of the two following.
但它通常意味著以下兩種情況之一。
04:52
One is that the company is spending more cash than it's earning.
第一是公司的現金支出超過了其賺取的現金。
04:54
And this could really, really mean that the company's in a lot of trouble and is going to go bankrupt.
這可能真的、真的意味著公司陷入了大麻煩，即將破產。
05:00
Or it could mean that the company is reinvesting heavily back into its
或者，這可能意味著公司正在將大量資金
05:02
business or it's paying off its debt or equity holders very very aggressively.
重新投資於其業務，或是非常積極地償還債務或回報股東。
05:07
So, you can't just look at one period and worry too much about the company.
因此，你不能只看單一期間就對公司過度擔憂。
05:10
You really have to understand the reason behind all the numbers.
你必須真正理解所有數字背後的原因。
05:15
Now, before moving on to the next part of the video, I do want to let you guys know about
現在，在進入影片的下一部分之前，我想向大家介紹
05:17
today's sponsor, Wall Street Prep, which is a really fantastic resource for anyone who is interested in getting any
今天的贊助商 Wall Street Prep，對於任何有興趣獲取
05:24
kind of finance knowledge or wants to enter into the finance industry.
金融知識或想進入金融業的人來說，這都是一個非常棒的資源。
05:29
They have previously taught hundreds of corporate clients.
他們之前曾教導過數百家企業客戶。
05:31
They actually teach at Wharton, which is where I'm getting my MBA right now as well.
他們實際上在華頓商學院授課，那也是我目前正在攻讀 MBA 的地方。
05:36
And they have a ton of online courses which I think are super super helpful and pretty much
他們有大量的線上課程，我認為這些課程非常非常有幫助，幾乎涵蓋了
05:40
any kind of financial modeling that you want to learn.
你想學習的任何一種財務建模。
05:43
They pretty much have.
他們基本上已經涵蓋了。
05:45
As you can see here, they have a ton of different options.
如你所見，他們提供了海量的選項。
05:48
Two I really highly recommend are the accounting crash course because that's the kind of
我非常推薦的兩門課程是會計速成班，因為那是金融的
05:51
language for finance.
語言。
05:53
If you don't really have a background in accounting or finance, I do recommend this course.
如果你沒有會計或金融背景，我真心推薦這門課。
05:56
97,000 students have taken it already and they just go over everything that you need to know for accounting.
已有 97,000 名學生修過，他們會帶你複習所有會計必備知識。
06:04
And then there's the most popular course they have which over a 100,000 students
再來是他們最受歡迎的課程，已有超過 100,000 名學生
06:07
have taken and this is the financial and valuation modeling program and you'll learn everything that I learned at JP
修習，這就是財務與估值建模課程，你將學到我在 JP 摩根
06:13
Morgan like financial statement modeling, DCF modeling, M&A modeling, trading comps, transaction comps, LBO
學到的一切，像是財務報表建模、DCF 建模、M&A 建模、交易比較法、併購比較法、LBO
06:18
modeling. Did I say modeling enough?
建模。我說夠多建模了嗎？
06:23
Uh there's a ton of opportunity to learn a lot and about modeling.
呃，這裡有海量的機會讓你學習大量關於建模的知識。
06:27
And uh if you use my code rare liquid, you'll get 20% off.
呃，如果你使用我的代碼 rare liquid，可以享有 8 折優惠。
06:29
So, feel free to check that out using my link down in the description below.
所以，歡迎透過下方描述中的連結查看。
06:32
All right, with that said, let's go back into the presentation and go over the three key sections of the cash
好了，說完這個，讓我們回到簡報，並詳細了解現金流量表的三大關鍵區塊。
06:37
flow statement.
95.
06:39
Starting off with your cash flows from operations, which as a friendly reminder is the cash generated
從營業活動現金流開始，友善提醒一下，這是來自你核心業務
06:43
or spent from the delivery of regular goods or services for from your core business.
提供常規商品或服務所產生或花費的現金。
06:49
And here are some of the key line items that you might see.
以下是你可能會看到的一些關鍵項目。
06:53
And a few things that I want to note.
還有幾點我想提醒大家。
06:55
First off, you always always always start off with your net income.
首先，你總是、總是、總是從淨利潤開始。
06:57
So this is one of the key ways that your income statement is linked to your cash flow statement.
這就是損益表與現金流量表相互連結的關鍵方式之一。
07:03
And then what you do is you add back your non-cash expenses.
接著，你會加回非現金支出。
07:06
One of the most common being depreciation and amortization.
其中最常見的是折舊與攤銷。
07:09
Another being stockbased compensation.
另一個是股票期權補償。
07:11
And then you add or subtract out your non-cash working capital which will involve current
然後你會加減非現金營運資金，這會涉及流動資產
07:16
assets and liabilities that are used um or that are part of your core business.
和負債，這些是用於或屬於你核心業務的部分。
07:22
And so, for example, the change in inventory when you're buying inventory and then eventually selling it, that's a
舉例來說，存貨的變動，當你採購存貨最終並將其售出時，這就是
07:30
change in cash because when you're spending money on inventory, that's cash you literally are spending.
現金的變動，因為當你花錢購買存貨時，那是你實際支付的現金。
07:36
And then when you sell that inventory, you get your money back, right?
然後當你賣掉那些存貨時，你就把錢收回來了，對吧？
07:40
And so, that's uh one example.
這就是其中一個例子。
07:41
I won't go through everything here because that would kind of take too long.
我不會在這裡詳述所有項目，因為那會花太多時間。
07:45
Uh but these are really the core key line items that you'll see in the cash flows from
但這些才是你在營業活動現金流量中
07:49
operation section.
會看到的核心關鍵項目。
07:52
And your c operating cash flow will indicate to you the level of cash profits from the core business.
你的營業現金流量會向你顯示核心業務所產生的現金利潤水平。
07:57
So that's kind of the overview of the cash flows from operation section.
以上是營業活動現金流量的概觀。
08:03
And then let's go into the cash flows from investing section.
接著讓我們進入投資活動現金流量。
08:06
So this is the cash generated or spent from the purchase and sale of assets and investments.
這是由資產與投資的購買和出售所產生或耗費的現金。
08:14
And here again are some of the key line items.
這裡同樣列出了一些關鍵項目。
08:18
So usually the most common ones are are and the most important ones for you to know
通常最常見且你最需要知道的
08:19
is the first one which is capital expenditures which is also known as what you spend or the cash you spend on plant
是第一項，也就是資本支出，也就是你花在廠房
08:26
property and equipment.
不動產與設備。
08:29
So if you buy an an office building or if you buy a desk or a chair which is would be something
所以如果你買一棟辦公大樓，或是買一張桌子或一把椅子，這些屬於設備，
08:33
like equipment those are actual cash amounts that you need to spend on all these things right and you have a few
這些都是你實際需要花費的現金金額，對吧？而你這裡還有其他一些項目，
08:40
thing other things here like divestatures of assets so if you sell part of your company to another company
像是資產剝離，如果你把公司的一部分賣給另一家公司，
08:46
or investors then that would be a cash inflow right and so again I won't go through everything here but hopefully
或投資人，那這就會是現金流入，對吧？同樣的，我不會在這裡一一詳述，但希望
08:52
you get some sense of what cash flow from investing is all about and So, as a quick summary for this section,
你對投資現金流有了一些概念。那麼，針對這部分做個快速總結，
08:59
investing cash flows are the engines that drive the growth of operating line items like revenue, EBIT, and etc.
投資現金流是驅動營運項目（如營收、EBIT 等）增長的引擎。
09:06
And what I mean by this is that in order for you to really keep your business growing
我的意思是，為了讓你的企業在未來持續成長，
09:09
more and more into the future, you're going to need to keep investing into the business, right?
你需要持續對企業進行投資，對吧？
09:14
And this is going to be things that are outside of your core operating business where you're not
這些投資屬於核心營運業務之外的事務，你不僅僅是
09:18
just, you know, paying off suppliers and then buying inventory, you know, kind of like more day-to-day kind of things.
付錢給供應商然後採購存貨，那些比較像是日常的瑣事。
09:24
This is more long-term planning.
這更像是長期規劃。
09:27
So if you buy a big office so that you can house all your employees, that's a huge
所以如果你為了容納所有員工而買一間大辦公室，那是一筆龐大的
09:29
capital expenditure cost, right?
資本支出成本，對吧？
09:33
But that'll fuel the future growth of your company.
但這將為公司未來的增長提供動力。
09:35
So the next section is the cash flows from financing section, which is the cash generated or spent from debt and
接下來是融資現金流的部分，這是指透過債務和
09:41
equity financing.
權益融資所產生或花費的現金。
09:43
And here are some of the line items.
以下是一些相關項目。
09:46
These are a lot more simple simpler and easier to understand because they're very in very intuitive.
這些項目簡單得多，也更容易理解，因為它們非常直觀。
09:50
So if you raise debt or you raise equity, then that is cash inflow, right?
所以如果你舉借債務或籌集權益資金，那就是現金流入，對吧？
09:55
You're you're getting cash literally into your bank account.
你確實是將現金存入你的銀行帳戶。
09:59
And then when you're paying off debt or you're paying equity holders through dividends or
而當你在償還債務，或是透過股利或股票回購向股東支付權益時，
10:02
through stock buybacks, then that's when you're actually losing cash and your bank account is decreasing in cash.
你實際上是在流失現金，你的銀行帳戶現金餘額會減少。
10:11
So that's the main gist of the cash flow from financing.
這就是融資現金流量的主要概念。
10:13
And this really just shows how a company funded its operations and investments because all
這真的只是在顯示一家公司如何為其營運和投資籌措資金，因為你所產生的所有現金，
10:18
that cash that you're generating really has to come from somewhere, right?
確實必須有來源，對吧？
10:23
And you'll see this more in the Excel Excel example that we're about to go through,
接下來我們即將進行的 Excel 範例會更清楚地說明這一點，
10:25
which is a good segue into the next section of the video.
這正好是進入影片下一個章節的完美切入點。
10:29
This Excel should look pretty familiar if you watched my previous videos on the income statement
如果你看過我之前關於損益表和資產負債表的影片，
10:32
and balance sheet.
這個 Excel 檔案應該看起來相當熟悉。
10:34
And what we're going to do is create a mini cash flow statement acting like we have a company
我們要做的是建立一個簡化的現金流量表，假設我們有一家名為 Lemonade Co. 的公司，
10:38
called Lemonade Co., which is simply a business where you're selling lemonade.
這是一家單純販售檸檬水的企業。
10:42
And [snorts] we have three key events or periods here that are color-coded.
而 [吸氣聲] 我們在這裡有三個關鍵事件或期間，並以顏色區分。
10:47
And let's jump into the first one and see what happens with our cash flow
讓我們直接進入第一個事件，看看我們的現金流量表發生了什麼事。
10:51
So the first one, by the end of January 15, 2022, you take out a loan for $250.
首先，到 2022 年 1 月 15 日為止，你借了一筆 250 美元的貸款。
10:56
You pay for a lemonade stand, and then you also buy $500 worth of supplies, which is basically inventory.
你支付了一個檸檬水攤位的費用，然後又購買了價值 500 美元的原料，這基本上就是存貨。
11:03
And then by the end of the month, you sell out your inventory, generate $1,000 in revenue and $500 in profit.
接著在月底之前，你賣光了存貨，產生了 1,000 美元的營收和 500 美元的利潤。
11:10
So let's see what happens to each of the key sections here.
讓我們看看這裡的每個關鍵部分發生了什麼變化。
11:13
So one by one, you take out a loan for $250.
首先，你一筆一筆地借了一筆 250 美元的貸款。
11:17
That's $250 increase in debt in your cash from financing section.
這是你籌資活動現金流中的 250 元負債增加。
11:22
And you use that money to buy eliminating buy a lemonade stand, which is acquisition of plant
你用這筆錢去買了一個檸檬水攤，也就是取得不動產、廠房及設備。
11:26
property and equipment.
也就是 250 元的資本支出增加。
11:29
So that's $250 increase in capital expenditures.
這可能是最棘手的部分。
11:32
And then this is probably the most trickiest part.
你花了 500 元在存貨上，對吧？
11:34
So you spent $500 in inventory, right?
所以你的現金減少了 500，但你其實把那些存貨都賣掉了。
11:38
So your cash decreases by 500, but you actually sold all of that inventory.
所以你的現金在存貨項目中其實又增加了回來。
11:43
So your cash actually increases back in your inventory line item.
這兩項其實互相抵銷了。
11:46
So those two actually cancel each other out.
為了這個，你必須對資產負債表有更深入的了解。
11:48
And for this, you actually have to understand a little bit more about the balance sheet.
在現金流量表中，營業活動現金流的許多項目，你都需要比對對應期間的兩張資產負債表，並查看流動資產和流動負債的變動。
11:53
And with the cash flow statement, for a lot of what you see in the operation cash from
這稍微超出了我們今天要討論的範圍。
11:56
operation section is you're going to be looking at two balance sheets that correspond to your period and see the
所以，我們今天真正要專注的是，把這些數字加到我們的現金流量表中。
12:02
change in the different current assets and liabilities.
最後我想提到的是，利潤增加了 500 元。
12:05
That's a little bit beyond the scope of what we're going to be discussing today.
這是我們首先要加進來的。
12:10
So, um, what we really just want to focus on is, uh, adding these numbers to our cash flow
500 元的增加。
12:14
statement for this exercise.
然後是資本支出，因為我們的檸檬水攤，增加了 250 元。
12:17
And we, the last thing I want to mention is there was a $500 increase in profit.
我們，我想提到的最後一點是，利潤增加了 500 美元。
12:21
So, that is the first thing we want to add to here.
所以，這是我們首先要在這裡添加的項目。
12:23
$500 increase.
增加 500 美元
12:25
And then capital expenditures, $250 increase because of our lemonade stand.
接著是資本支出，因為我們的檸檬水攤，增加了 250 美元。
12:30
And then negative uh, positive $250 for our debt issuance.
接著是負的，呃，正的250美元，作為我們的債務發行。
12:34
So that's the first kind of period here.
所以這是第一個期間。
12:37
And we also need to add up our beginning cash flow statement or cash flow uh line item um which is January 1st
我們還需要加上期初的現金流量表或現金流量項目，也就是1月1日，
12:47
where pretty much nothing has happened.
基本上還沒發生任何事。
12:49
And as you can probably tell here, everything in yellow is what you want to be putting in.
如你所見，所有黃色標示的部分都是你需要填寫的。
12:55
Everything else will just kind of be automatically calculated.
其他部分會自動計算。
12:59
So let's look at our second period, which is by the end of February.
那我們來看第二個期間，也就是2月底。
13:03
So, you sell $2,000 worth of lemonade and you earn $1,150 in net income.
所以，你賣了價值2000美元的檸檬汁，賺了1150美元的淨利。
13:09
And then your friend also sells uh or gives you $400 in of lemons on credit and you put $200
然後你的朋友又以信用方式給了你價值400美元的檸檬，而你將200美元
13:16
into a cash account that yields 2% annual interest.
存入一個年利率2%的現金帳戶。
13:20
So, let's see what happens here.
那我們來看看發生了什麼事。
13:23
So, first off, I think the easiest thing is uh now you your I mean your net income increases by $1,150.
首先，我想最簡單的是，呃，現在你的淨利增加了1150美元。
13:32
that's in your cash from operations section.
這是在營業活動的現金流量部分。
13:35
Your accounts payable has now increased by $400 because you got that lemon on those
你的應付帳款現在增加了400美元，因為你用信用方式取得了那些
13:39
lemons on credit, right?
檸檬，對吧？
13:42
So, your accounts payable goes up.
所以，你的應付帳款增加了。
13:44
Eventually need to pay your friend back.
最終你需要還給你的朋友。
13:46
And then a $100 increase in marketable securities.
然後是100美元的短期投資增加。
13:47
Marketable securities is anything where Oh, sorry.
短期投資是指任何...哦，抱歉。
13:52
This is actually 200.
這裡應該是200美元。
13:54
Um, so anything where uh you could easily convert it into cash and it's like some kind of security that's
嗯，所以任何你可以輕易轉換成現金的東西，而且像是某種證券
13:55
Sorry about that.
不好意思。
13:59
on the market.
在市場上流通。
14:01
So let's see the changes here.
我們來看看這裡的變動。
14:02
This increases by 1,150.
這個增加了 1,150。
14:04
And then your accounts payable increases by 400.
然後你的應付帳款增加了 400。
14:08
And then your marketable securities, you spent two, you invested $200, right?
然後你的有價證券，你花了兩筆，你投資了 200 美元，對吧？
14:14
So that's negative200.
所以那是負 200。
14:15
And so let's see what happened in uh this period for our cash flow.
那麼我們來看看在這個期間我們的現金流發生了什麼事。
14:22
Simply are just we're just getting our previous cash flow period and then adding everything together.
其實很簡單，我們就是拿前一期的現金流，然後把所有東西加在一起。
14:29
So right now you can see that right now our operating cash flow pretty strong, lots of cash.
所以現在你可以看到，目前我們的營業現金流非常強勁，現金很多。
14:36
We are investing back into the business and saving some money and ear earning a yield.
我們正在把錢再投資回生意中，並存下一些錢來賺取收益。
14:42
And then uh cash flow from financing also has been a uh one source of our financing.
然後，融資活動的現金流也一直是我們的一個資金來源。
14:49
And then um so overall our cash is at $1,850.
然後，所以整體來說，我們的現金是 1,850 美元。
14:51
Pretty strong, right?
相當強勁，對吧？
14:53
So that's kind of like in a nutshell is how you want to look at a company section by section.
這大致上就是你如何分段檢視一家公司的方法。
14:56
see what's affecting everything and then see what your net change in cash is and what cash balance you're at at the end
看看是什麼影響了各個部分，然後看看你的現金淨變動是多少，以及在期末時你的現金餘額是多少。
15:02
of the period.
218.
15:04
So the last section is the end of the month in March and you don't work at all but you do pay
所以最後一個部分是三月底，你完全沒有工作，但你確實支付了
15:09
interest and taxes.
利息和稅款。
15:11
So your net income drops by $334 and then towards the end of the month you purchase $400 worth of
所以你的淨利下降了334美元，然後在月底時，你為下個月的銷售購買了價值400美元的
15:16
supplies for next month's sales and then you also because business is going so well you pay equity holders which is
原物料，接著因為業務表現非常出色，你向權益持有人支付了500美元的股利，
15:22
just yourself $500 in dividends.
而權益持有人就是你自己。
15:28
So let's see what happens here as well.
我們來看看這裡發生了什麼事。
15:28
So $334 decrease in net income, 400 increase in inventory and then a $500 increase in
淨利減少了334美元，存貨增加了400美元，然後股利增加了500美元。
15:38
Right? So the change here is negative334 here and then inventory increase by 400 uh you purchase.
對吧？這裡的變動是淨利負向334美元，然後存貨因為你進行採購而增加了400美元。
15:49
So, it's an uh you spend $400 and then dividends you
所以，這代表你花了400美元，然後股利方面你
15:53
paid yourself 500, right?
支付給自己500美元，對吧？
15:56
So, that's a cash outflow.
這是一項現金流出。
15:57
So, you can see that in this month we had a lot of a cash a lot of cash spent and let's see how that
所以你可以看到，這個月我們花費了大量現金，讓我們看看這對整體的現金流量表
16:03
affects our entire cash flow statement.
有什麼影響。
16:06
So again, just adding everything here.
同樣地，把這裡的所有數字加總起來。
16:16
Okay, so now we're pretty much at a net change in cash of $616 starting from January all the way until March.
好的，從一月一直到三月，我們的現金淨變動大約是616美元。
16:25
And as you can see, depending on where you're spending your cash, your net change in
如你所見，根據你現金的支出流向，你的現金淨變動以及最終在銀行帳戶裡的
16:29
cash and how much you have um kind of ultimately in your bank account will can change really dramatically.
餘額可能會產生非常戲劇性的變化。
16:35
And so this is why the cash flow statement is so important.
這就是為什麼現金流量表如此重要。
16:40
You can really get to understand uh how much cash a company is generating.
你可以真正了解一家公司產生了多少現金。
16:43
And if we were to only look at the income statement, we would only really have uh
如果我們只看損益表，我們就只能看到
16:46
like the net income, right?
淨利，對吧？
16:49
And we would have some idea of the profitability of the company by looking at the net
我們可以透過淨利來了解公司的獲利能力。
16:52
income. But there's so much more here that really explains the financial health of a company.
但這裡還有更多內容，能真正解釋公司的財務健康狀況。
17:00
So let's uh actually just go into some concluding thoughts for the cash flow statement.
那麼，讓我們針對現金流量表做一些總結性的思考。
17:03
And hopefully by now you understand that the financial statement uh or the cash flow statement is a financial statement
希望到目前為止，你已了解財務報表——或者說現金流量表——是一種財務報表。
17:10
that reports a company's actual cash generated and spent over a period of time.
它報告一家公司在一段時間內實際產生和花費的現金。
17:15
And your net change in cash is your operating plus investing from financing cash flows.
你的現金淨變動數，就是營運現金流、投資現金流加上融資現金流的總和。
17:20
So just looking at the three key sections and adding everything up together.
所以，只需檢視這三個關鍵部分並將所有數字加總即可。
17:25
And lastly, the cash flow statement is arguably, if you had to choose one, the most important
最後，如果你必須三選一，現金流量表可以說是三張報表中最重要的。
17:28
financial statement of the three because it provides the clearest insight into the true profitability of a company and
因為它最清楚地揭示了公司真正的獲利能力，以及
17:34
its ability to keep paying off its expenses, its investors, everything that we went through in today's video.
公司持續支付各項開銷、回報投資者的能力，這些我們在今天的影片中都有討論到。
17:43
So, last reminders, this Excel and PowerPoint can be downloaded for free in
那麼，最後提醒大家，這份 Excel 和 PowerPoint 檔案可以在下方的影片說明和置頂留言中免費下載。
17:45
the description and pinned comment below.
此外，我正在製作一門投資銀行招聘課程，早期報名者將享有大幅折扣。
17:47
Also, I am creating an investment banking recruiting course, which I will be giving a huge discount to for people
歡迎大家到下方說明查看詳情。
17:53
who sign up early.
最後，也別忘了到 Wall Street Prep 觀看深入的財務建模課程。
17:55
Feel free to check that out down in the description as well.
輸入我的折扣碼 Rare Liquid，所有課程皆可享八折優惠。
17:57
And lastly, check out Wall Street Prep for in-depth financial modeling courses.
以上就是今天的內容，非常感謝大家的收看。
18:01
Use my code Rare Liquid to get 20% off of any course.
期待在下支影片與各位相見。
18:05
And with that said, thank you all so much for watching.
再次感謝大家，我們下次見。
18:07
Hope to catch you all in the next video.
希望能在下支影片見到大家。
18:09
Thanks so much all and peace out.
非常感謝大家，再見。
