00:00
now the cash flow statement actually can be prepared in two different ways using what's called a direct method or using
現金流量表實際上可以用兩種不同的方式編製，分別稱為直接法或
00:07
what's called an indirect method now the difference between these two methods is in how the cash flow from operating
間接法。這兩種方法的區別在於營業活動現金流量的計算方式，
00:13
activities are derived regardless of which method is used the results in cash flow from operating activities will be
無論使用哪種方法，營業活動現金流量的結果都將
00:22
identical the indirect method is much more commonly used than the direct method now if you want to learn how to
相同。間接法比直接法更常用。如果你想學習如何
00:30
calculate cash flows from operating activities using both methods check out our accounting fundamentals course okay
使用這兩種方法計算營業活動現金流量，請查看我們的會計基礎課程。好的，
00:37
let's apply what we've learned by looking at Starbucks 10K statement of cash flows or cash flow statement now
我們現在來應用所學知識，看看星巴克的 10K 現金流量表或現金流量表。現在，
00:44
one of the things you're going to see is the operating activity section is almost always using the indirect method which
你會看到的一點是，營業活動部分幾乎總是使用間接法，這
00:49
means we start with net income a profit figure and we add back all the non-cash items so what we're going to see here is
意味著我們從淨利潤（一個利潤數字）開始，然後加回所有
00:57
what's non-cash we're going to see always almost always if not always depreciation because that's a non-cash
非現金項目。所以我們會看到這裡是什麼非現金項目，我們幾乎總是會看到折舊，因為那是一項非現金
01:03
expense we've also seen how deferred taxes need to be adjusted for and in this case we're going to we can see our
費用。我們也看過遞延稅項需要如何調整，在這種情況下，我們可以看到我們的
01:10
deferred taxes so we've actually seen these already there are other non-cash expenses or Revenue items that are
遞延稅項。所以我們其實已經看過這些了。這裡還有其他非現金費用或收入項目，
01:17
captured here in these sections such as Equity method income earned from our Equity method investees
在這些部分中被捕捉，例如從我們的權益法被投資公司獲得的權益法收入，
01:25
where we have significant influence so we can you can see that's one category but then the second category I just want
我們對其有重大影響力，所以你可以看到這是一個類別。但第二個類別，我只想
01:32
to highlight is Cash provided or used in changes in operating assets and liabilities and that's where we're going
強調的是營業資產和負債變動所提供或使用的現金，這就是我們
01:38
to just track changes on the balance sheet between last year and this year as it relates to things like accounts
將要追蹤資產負債表上去年和今年之間變動的地方，涉及應收帳款、
01:43
receivable inventories and payables that ends up giving us our net cash provided by operating activities which we see
存貨和應付帳款等項目。這最終給出了我們營業活動提供的淨現金，我們在
01:53
here remember they're in millions so we have just over six billion of operating cash flows
這裡看到。請記住，單位是百萬美元，所以我們的營業現金流量略高於 60 億美元。
02:00
now what can we do with those cash flows well the next step is the investing and let's see what actually is in investing
現在我們可以用這些現金流量做什麼呢？下一步是投資活動，讓我們看看投資活動裡實際有什麼。
02:07
you can see sometimes you'll see small items like purchase of Investments or sale of Investments but for a retailer
你可以看到，有時你會看到像購買投資或出售投資這樣的小項目，但對於像星巴克這樣的零售商，
02:13
like Starbucks the largest item you should expect to see is investment in stores and equipment and you can see
你應該預期看到的最大項目是對門店和設備的投資，你可以看到
02:20
that number dwarfs all others additions to property planning equipment we're talking about over two billion in the
這個數字遠超其他所有對不動產、廠房及設備的規劃投入，我們談的是超過二十億美元，在最近的年度末
02:28
most recent year end uh 1.8 the previous year and 1.4 and again there's a small sale of assets which would be a cash
前一年是十八億，再前一年是十四億，另外還有一筆小額資產出售，這會是現金
02:35
inflow recall that the additions to property planning equipment are negatives because it represents a cash
流入，請記得，不動產、廠房及設備的增加數是負數，因為它代表現金
02:41
outflow okay so they have operating cash flows more than enough to cover their investing activities now let's look at
流出。好的，他們的營業現金流足以涵蓋投資活動，現在讓我們看看
02:50
what happened with their financing and because they have a lot of operating cash flows let's look at the
籌資活動的情況，因為他們有大量營業現金流，讓我們看看
02:56
largest item here well the first of all before we go to the largest item um you will typically see separate line
這裡最大的項目。嗯，在我們討論最大項目之前，你通常會看到
03:02
items for proceeds of debt issuance and repayment of debt they're not netted off so one of the things you want to watch
債務發行所得與債務償還是分開的列示，並沒有相互抵銷，所以你需要注意的一點是
03:08
for is I often want to compare them together and if there's hardly any change and I'll give you an example here
我通常會想把它們放在一起比較，如果幾乎沒有變動，我這裡給你一個例子
03:13
we have new debt but we also repaid debt of we of 1.5 billion but we repaid 1 billion of it so really that looks more
我們有新債務，但我們也償還了十五億的債務，但我們償還了其中十億，所以看起來實際上
03:22
like about 500 million that we've raised um and you can see there's other debt facilities that again I would take all
大約只籌集了五億，你可以看到還有其他債務工具，同樣地，我會把所有這些
03:29
those and add them up together to get a real sense of what's happening cuz sometimes a bond is just maturing and so
加總起來，才能真正了解發生了什麼事，因為有時候只是債券到期，所以
03:34
we're just refinancing by issuing a new Bond but we have to record it separately then what we see the largest number here
我們只是透過發行新債券來再融資，但我們必須分開記錄，然後我們看到這裡最大的數字
03:41
was the dividends paid to shareholders so retained earnings yes is negative we have a retained deficit but that is over
是支付給股東的股利，所以保留盈餘沒錯是負數，我們有保留赤字，但那是超過
03:48
two billion paid to shareholders in the form of dividends as well as they purchased repurchased some of the stock
兩十億美元以股利形式支付給股東，此外他們還回購了一些股票，
03:56
those are negative numbers because it's a cash outflow the dividend going out of the company and share BuyBacks that's
這些是負數，因為是現金流出，股利從公司流出，以及股票回購，那
04:02
again cash going out of the company so in terms of financing activities those are negative so we net paid back either
同樣是現金流出，所以在籌資活動方面，這些是負數，所以我們淨支付償還了，要麼
04:09
bought back shares or paid down debt U they're all negative numbers and so what we're left with at the end is I'll give
回購股票，要麼償還債務，它們都是負數，所以最後我們剩下的是，我給
04:15
you an example here's our six billion roughly two in a bit went to investing
你一個例子，這裡是我們的六十億，大約二十億去了投資
04:21
roughly three in a bit went to um uh to financing which leaves us roughly at one in a bit well technically it's 733
大約三十億去了籌資，讓我們剩下大約十億，嗯技術上來說是七億三千三百萬
04:30
million there's our opening balance which is the same as the closing balance from the previous period and that gives
那是我們的期初餘額，與上一期的期末餘額相同，這就給了
04:36
us our end of period balance 35515 and of course that number needs to always match the number on the balance
我們期末餘額是 35515，當然這個數字必須永遠和資產負債表上的數字一致
04:45
sheet and I'll just go control shift n 47 of course we already know that it does there's the
我只要按 Ctrl+Shift+N，47，當然我們已經知道它相符了，這裡就是
04:53
35515 billion and that's how you navigate through a cash flow statement now what we'd like to do is we' like you
35515 億，這就是你如何在現金流量表中操作，現在我們希望
05:01
to download the Starbucks financial statements template and we're going to start you on your journey of financial
你下載 Starbucks 財務報表範本，我們將要開始你的
05:09
analysis and financial ratio analysis and we're going to do this in three different steps so if you want to follow
財務分析與財務比率分析之旅，我們將分三個步驟進行，如果你想跟著
05:15
along with me that'd be great or if you want to pause while you work on it with me here we have an Excel workbook and
我一起做會很棒，或者如果你想暫停一下再跟我一起做，這裡我們有一個 Excel 活頁簿，我
05:22
I'm going to uh go to the next page and I'm going to go control home just so that I'm at the top now one of
要前往下一頁，然後按 Ctrl+Home，這樣我就在頂端了，當然其中一個
05:30
the challenges of course with a 10K is then we need to enter the data into Excel or some other software so that we
挑戰是，當拿到 10-K 報告時，我們需要把數據輸入 Excel 或其他軟體，這樣我們
05:36
can start building a model to analyze historic performance and possibly then do a forecast now one of the things you
才能開始建立模型來分析歷史表現，並可能進行預測，你在 10-K 報告中看到的其中一件事是
05:42
saw in the 10K was that the most recent year is on the left unfortunately we have to invert that because Excel works
最近的年度在左邊，不幸的是我們必須將其反轉，因為 Excel 是
05:49
from left to right so one of the things you're going to see right from the get-go is that the earliest year now is
從左到右運作的，所以你從一開始就會看到，最早的年度現在是
05:55
in column C then we have column d and e with the most recent year in that column e now one of the things we're going to
在 C 欄，然後我們有 D 欄和 E 欄，最近的年度在 E 欄，我們要做的其中一件事是
06:03
do is let's just make sure everything adds up now remember also if you can download an Excel version of the 10K or
讓我們確認所有加總都正確，也請記住，如果你能下載 Excel 格式的 10-K 或
06:11
annual report that might save you a lot of time and then you're just formatting it and maybe moving columns around as
年報，那可能會節省你很多時間，然後你只需要格式化它，也許移動一下欄位，而
06:18
opposed to having to manually enter now I'm going to just quickly put some sums in here so we get our financial
不需要手動輸入，現在我要在這裡快速加入一些總和，這樣我們就完成財務
06:24
statements done once we've done that we're going to do some introductory fundamental ratio analysis and then
報表了，完成後我們將進行一些入門的基本面比率分析，然後
06:31
finally we'll do something called a common size income statement okay so what I'm going to do is I'm also going
最後我們會做一種叫做共同比損益表的東西，好的，我接下來要做的是，我也會
06:37
to try to use shortcuts and you probably if you've done any of our other courses we strongly encourage you to uh get off
嘗試使用快捷鍵，如果你有上過我們其他課程，你可能知道我們強烈鼓勵你盡量
06:43
the mouse as much as you can and just stay on the keyboard and learn some shortcuts you'll go much faster uh and
不用滑鼠，只用鍵盤並學習一些快捷鍵，這樣你會快很多，而且
06:49
you'll be able to work and be much more productive so I'm going to hold down the ALT key and go alt equals and that
你工作起來會更有效率，所以我會按住 ALT 鍵，然後按 Alt+=，而那個
06:56
automatically sums up to wherever there's a break and then I'm going to highlight the cell
會自動加總到有分隔線的地方，然後我將會高亮顯示該儲存格
07:02
and I'm going to go controlr and that controlr stands for fail right now we also can you see blue font is for inputs
並且我將按下 Control R，Control R 在這裡代表填滿（Fill）。另外，請注意藍色字體代表輸入值
07:10
black font is meaning it's a calculation or formula we also believe it's best practice to always put expenses in as
黑色字體則代表這是計算或公式。我們也認為最佳實務做法是將所有費用以
07:18
negative items so that you only ever have to sum and you're not having to accidentally add something and minus
負數項目輸入，這樣你只需要進行加總，而不會不小心加了某個項目卻忘了減去
07:24
something you're only summing so I'm going to go alt equals but that's what the brackets are everything oops sorry
你只需要進行加總。所以我將按下 Alt + Equals，這就是括號的作用。抱歉，剛剛失誤了
07:30
control home that's why we have those brackets then what we need to do is we
Control Home，這就是我們使用那些括號的原因。接下來我們需要做的是
07:37
have our operating income and that's our ebit but I'm just going to scroll up what we need to do is we're going to
計算我們的營業收入（Operating Income），也就是我們的 EBIT。但我先向上滾動，我們需要做的是取 C12
07:47
take C12 we're going to add C20 but they're going to also have to add the
並加上 C20，但我們還必須加上
07:55
items that are in rows 22 and 23 going to copy that across then we're going to sum this all
第 22 行和第 23 行的項目。接著將它們複製到右邊，然後我們將把這全部加總
08:05
up I'm going to just highlight now let me just go back if for a reason you're it's not going all the
起來。我現在先高亮顯示。讓我回到前面，如果你因為某些原因無法向上滾動到
08:13
way up that you need it to do one of the things you can do and I'm just going to do it again alt equals you can just hit
你需要的位置，你可以做的一件事（我再示範一次）是按下 Alt + Equals，你可以直接按
08:19
an arrow key and then highlight shift and the arrow key to highlight the cells you
一個方向鍵，然後按住 Shift 搭配方向鍵來高亮顯示你
08:23
want okay just make sure that's copied alt equals I'm going to just do
想要的儲存格。好的，確認已複製，按下 Alt + Equals，我將直接
08:30
that copy it across again controlr and finally I'll do it this
複製到右邊，再次按下 Control R，最後我用這個方式
08:38
way and the earnings per share should automatically be populated okay let's do the same thing with the balance sheet
執行，每股盈餘（Earnings per Share）應該就會自動填入。好的，讓我們對資產負債表做同樣的事
08:46
and the cash flow okay if you if I'm going too slow just go as fast as you can here we go so we have our current
和現金流量表。好的，如果我講得太慢，請盡量跟上。我們開始吧。這是我們的流動
08:54
assets copy that across and then we have our total assets and I'm going to do it this way
資產，複製到右邊，然後這是我們的總資產，我將這樣做：
08:59
alt equals then I'm using the arrow key shift hold it down to get all the area controlr F
按下 Alt + Equals，然後我使用方向鍵，按住 Shift 鍵以選取整個區域，按下 Control R 填滿。
09:08
right we know this balance sheet has to balance so that's our check there alt equals it's not capturing the
好的，我們知道這張資產負債表必須平衡，所以這是我們的檢查點。按下 Alt + Equals，但它沒有抓到
09:16
9158 so I'm going to use the arrow key then hold push shift highlight that area controlr for fill
9158 這一格，所以我將使用方向鍵，然後按住 Shift 鍵高亮顯示那個區域，按下 Control R 進行填滿。
09:26
right alt equals contrl R I'm going to add these two together and then we have total
右邊 Alt 鍵等於 Control R，我要把這兩個加在一起，然後我們就有總負債和股東權益，要確保它們相符，哎呀 2797
09:38
liabilities and shareholders Equity make sure they match whoops 2797
8.4，我們往上滾動，2797 8.4 和 2944 5.5，很好，現在最後我們要做的是
09:46
8.4 let's scroll up 2797 8.4 and 2944 5.5 good now last thing we have to do is
現金流量，所以我現在要往上滾動，現在我們要按 Alt 等於，但我們要從最開始加總
09:55
the cash flow so I'm going to scroll up up now we're going to have to do alt equals but we're going to be summing
所有的東西，所以從第 113 行一直到第
10:03
everything from the beginning so from row 113 all the way down to row
134 行，複製過去，我們對投資活動
10:11
134 copy that across we're going to do the same thing with investing
也要做一樣的事情，讓我確認一下，我想可能是，好，然後我們按 Alt 等於
10:21
activities so let me make sure I think what might yeah okay and then we go alt equal
複製過去，然後我們基本上只需要做這個，我們必須
10:30
copy that across then we have to just basically do this we have to
把營運加上投資，所以營運是第 135 行，投資是第
10:36
go operating plus investing that's so that operating is 135 investing is row
145 行，融資是第 158 行，然後我們還要做
10:45
145 financing is row 158 and then we also have to do the
匯率變動的影響，所以我們要抓取那個，好，我們知道，讓我們確認
10:53
currency effective FX so we're going to capture that okay so we know that let's just make
我們有，那是期末的，這是
11:04
sure we have that's the that's the end of period That's the
期初的，我們這裡有一個檢查，這個檢查基本上是在問期末是什麼，讓我們確認
11:10
beginning of period we have a check here and the check is basically saying what's the end of period let's just make sure
這些是輸入的，但讓我們做個檢查，我們知道期初，所以我們要按
11:17
those are input but let's just do a check we know beginning of period so we're going to go
等於 Alt 加，很好，讓我按 Control Z 或 Control Zed（Ctrl+Z），記得那是一個輸入
11:23
equals at plus good let me just do contrl Z or contrl Zed remember that was an input
我正在用公式覆蓋輸入，以確保它確實在運作，因為這是我們的合理性
11:33
what I'm doing is over typing with the formula to make sure it is actually working because that's our sanity
檢查，現在我可以做，我會把它留在那裡，我會把它直接放在
11:40
check now what I could do and I'm going to just leave that there I'm going to just put it right
下面，好了，這就是公式，我們只是在做一個合理性檢查，很好，所以我們所有的財務
11:46
below there we go that's the formula and we're just doing a sanity check good so we got all our financial
報表都完成了，我們已經為您輸入了很多內容，記得藍色輸入永遠是常數，是硬編碼的
11:54
statements in again we already did a lot of the inputting for you remember blue input always for a constant a hardcoded
數字，黑色是用於任何類型的計算或公式，我們在下一課見，現在我們有了這些數字
12:01
number black is for any type of calculation or formula see in the next lesson now that we have the numbers
數字，黑色是用於任何類型的計算或公式，我們在下一課見，現在我們有了這些數字
12:07
we're going to calculate some core ratios okay see you in a second one important step once You' started reading
我們要來計算一些核心比率，等下見。一個重要步驟是，一旦你開始閱讀財務報表後，就要開始使用各種比率來分析財務報表，無論是
12:14
the financial statements is to start analyzing the financial statements using a wide variety of ratios whether they be
獲利能力比率、股東報酬率比率、流動性比率等等。現在這只是一個入門介紹，
12:21
profitability ratios returns to shareholder ratios liquidity ratios and so on now this is just a taster a
如果你想更詳細地了解如何進行財務比率與分析，你一定要查看我們的
12:28
starter if you want to understand how to do financial ratios and Analysis in more detail you must check out our financial
財務分析基礎課程，我們在那裡會非常詳細地介紹這些比率。所以，其中一個邊際比率
12:35
analysis fundamentals course where we go into these ratios in a ton of detail so one of the ratios in terms of a margin
就是我們所謂的淨利率（net profit margin）。當然也有不同的，你可以有 EBIT 利率，但淨利率
12:42
ratio is really what we call um uh net profit margin and there's different you can have an ebit margin but net profit
意味著我們要從損益表的最底層取淨利數字。現在我要
12:52
margin means we're going to take the bottom net income number from the bottom of the income statement now I'm going to
按加號，我得往上滾動，我們需要回到損益表，它就在最上面。
12:58
just hit plus and I have to scroll up we need to go to the income statement that's right at the
我要找到第 35 行，因為我們想計算星巴克股東的
13:04
top I'm going to find row number 35 because we want to calculate the net
淨利率，這是扣除非控制權益之後的數字。所以我找到
13:13
profit margin for shareholders of Starbucks so that's after non-controlling interest so I've got
了。現在，我需要回到最頂部，我需要知道淨營收，我直接按加號，抱歉，按 Page Up
13:19
that now I need to go to the very top I need to know net revenues and I'm just going to go I'm hitting plus sorry page
可以更快上去，我的總淨營收是第 12 行。現在，我可以把它們複製過來。
13:26
up to get up there quicker and my total net revenues is line row 12 now I can copy those
淨利率通常以百分比表示，我基本上是拿淨利除以
13:36
across now net profit margin is always quoted as a percentage and I basically take my net earnings and we divide it by
我們的總淨營收，然後我會把它複製過來。解讀的方式是，我就拿最近一年來講，
13:43
our total net revenue and I'm going to copy that across and the way you read this is for I'm just going to pick on
我喜歡的解讀方式是：星巴克每賣出一美元，
13:51
the most recent year one way I like to read it is for every dollar that Starbucks
就有 11.5 美分留給股東。這就是如何解讀淨利率。現在，另一種
13:57
sells 11.5 cents is left of that dollar for shareholders that's how you can read the net profit margin now another
比率是所謂的報酬率比率。我們可以做資產報酬率（ROA）或股東權益報酬率（ROE）。在這個
14:06
another type of ratio is something called a return ratio we can do return on assets or return on equity in this
案例中，我們要使用總資產，並且我們要使用期末餘額。好的，但回想一下，我們之所以在這裡放一個 NA（不適用），
14:13
case we're going to do total assets and we're going to use an ending balance okay but recall the reason why we put an
是因為在 10-K 報告中，你會有三年的損益表、三年的現金流量表，但只有兩年的
14:21
NA here is that in an 10K you get 3 years of an income statement three years of a cash flow but only two years of a
資產負債表，所以我們無法計算第一年的。不過，我們已經知道淨利，我就直接把它連結到...
14:28
balance sheet so we can't calculate in the first year but we already know net earnings I'm just going to link it to
資產負債表，所以我們無法計算第一年。不過，我們已經知道淨利，我就直接把它連結到
14:33
right here and copy that across Sav me a bit of time and now I need to go to the balance sheet and find the total asset
在這裡，然後複製過來，幫我省一點時間，現在需要去資產負債表找總資產
14:38
number and that total asset number is in row oops we just a bit higher up there
數字，而那個總資產數字在第... row 噢，我們往上面一點
14:46
we go row 68 we'll capture those two copy that across and then we just divide net
我們到第 68 行，我們會抓取那兩個，複製過來，然後我們用淨利除以
14:54
earnings by total assets and here we have somewhat similar numbers but the way you interpret this
總資產，這裡我們得到一些類似的數字，但解讀的方式是
15:02
one is for every dollar invested in assets how much are we getting as a return and we're getting a 14% return on
每投資一塊錢在資產上，我們能得到多少回報，我們得到 14% 的
15:10
our assets and we're just using the ending balance you could use average balances there's different ways to
資產回報率，我們是使用期末餘額，你也可以使用平均餘額，有不同方式可以
15:14
calculate the ratio that's called Roa or return on assets okay there's two more um one of
計算這個比率，這叫做 Roa 或是資產回報率，好的，還有兩個，嗯，如果你在
15:20
the things you'll know if you're in finance and banking you'll hear it all the time cash is King it's really
金融業，你會知道的一件事，你會一直聽到，現金為王，真的
15:25
important to understand cash so and also liquidity so we're going to do a liquidity ratio it's called the current
很重要要了解現金，還有流動性，所以我們要做一個流動性比率，叫做流動
15:32
ratio and it basically we need to take our total current assets so we're going to the balance
比率，基本上我們需要拿我們的總流動資產，所以我們去資產
15:40
sheet there's total assets there's our total current assets which is row 58 and we're going to divide that by our
負債表，那裡有總資產，我們的總流動資產在第 58 行，我們要用它除以我們的
15:47
total liabilities and what we want to see here is do we have enough current assets to cover what we have to pay out
總負債，我們在這裡想看到的是，我們是否有足夠的流動資產來支付我們在
15:53
in the next year remember current liabilities are things we have to pay in the next 12 months or in the next year
下一年必須支付的款項，記得流動負債是我們在接下來 12 個月或下一年
15:58
so we want that ratio to be more than one generally but different Industries can operate at different levels of
必須支付的東西，所以我們希望這個比率大於一，一般來說，但不同產業可以在不同的
16:04
liquidity so I've got that I need total current liabilities I'm doing page up and I'm trying to find Total current
流動性水平下運作，所以我找到了，我需要總流動負債，我按了 Page Up，我試著找總流動
16:11
liabilities and that's in row 79 so capture that I'm copying it across and normally
負債，它在第 79 行，所以我抓取它，我把它複製過來，通常
16:19
this ratio we don't represent as a percent we represent it as what we call a times ratio so there's going to be a
這個比率我們不以百分比表示，我們把它表示為所謂的倍數比率，所以後面會有一個
16:25
little X behind it and so I'm going to just say Okay current assets is is the numerator divided by the denominator now
小 x，所以我會直接說，好的，流動資產是分子，除以分母，現在
16:31
we can already see there's not enough current assets to cover current liabilities so that number is going to
我們已經可以看到沒有足夠的流動資產來支付流動負債，所以那個數字會
16:36
be less than one let's what what is it it's 77 times and you can see that's the convention of how to present it so but
小於一，讓我們看看，它是多少，是 0.77 倍，你可以看到這是呈現的慣例，所以但是
16:45
Starbucks is so large and cash walks in the door every day every time someone buys a coffee or something cash is
星巴克規模如此龐大，現金每天都會流入，每次有人購買咖啡或其他商品時，現金就會流入
16:51
walking in the door so in Starbucks case I'm less worried that this is below one because of the nature of their business
門市，因此就星巴克的情況而言，我不太擔心這個比率小於一，因為其業務性質使然
16:59
cash is walking in every single day okay now the final thing we're going to do is a proxy for what we're going to call a
現金每天都會流入。好了，最後我們要做的是計算一個指標，我們稱之為
17:06
simple free cash flow and basically what I mean by simple free cash flow is how much cash does the business have to play
簡易自由現金流，基本上我所謂的簡易自由現金流，是指企業在支付資本支出後
17:15
with after covering its capex so what we're going to do is we're basically saying let's get the cash from operating
還有多少現金可以運用，所以我們要做的是，基本上我們取自營運活動的現金
17:23
activities and that we find that in row 135 and we say okay how much freak cash is
我們在第135行找到這個數字，然後我們說，好了，在我們完成所有想做的
17:31
left over after we do all the investing activities we want to do and if there's stuff left over we call that a simple
投資活動後，還剩下多少現金，如果有剩餘，我們就稱之為簡易
17:38
free cash flow so I'm going to go Plus or you could put an equal sign in there you know this is going to be a negative
自由現金流，所以我會加上，或者你可以在那裡輸入等號，你知道這通常會是個負數
17:45
number generally because you want a company to be investing in its assets so you can see it's negative across all
，因為你希望公司對其資產進行投資，所以你可以看到這三年都是負數，不過我還是會把它放進去，很好，我會把它放在那裡，很好，然後
17:52
three years I'm going to put it though yeah good I'm going to put it there good and
我會把它們加總起來，這能讓我們了解有多少現金剩餘，也就是自由現金，我們可以用來
17:57
then I'm just going to sum them up and what that gives us is a sense of how much cash is left over free cash that we
我會把它們加總起來，這能讓我們了解有多少現金剩餘，也就是自由現金，我們可以用來
18:06
could buy back shares pay out dividends we uh we could pay down our debt that's a simple free cash flow okay so that's a
買回股票、支付股利，或是用來償還債務，這就是簡易自由現金流。好了，這是一些
18:13
taste or some core ratios uh which would be the next step after you've entered the data in I just want to show you one
核心比率的嘗試，這會是你輸入資料後的下一個步驟，我只是想再展示
18:20
more thing and that's a common size income statement and show you why that's also valuable to do and it's a set of
一件事，那就是共同 size 損益表，並向你說明為什麼這樣做也很有價值，它是一系列
18:27
different ratios okay see you in the next lesson
不同的比率。好了，下堂課見。
