哪里可以看到三家公司的OCF呢

问题如下：

Based on Webster’s research notes, which company would most likely be described as having high- quality cash flow?

选项：

BIG Industrial

Construction Supply

Dynamic Production

解释：

B is correct.

High-quality OCF means the performance is of high reporting quality and also of high results quality. For established companies, high-quality operating cash flow would typically be positive; be derived from sustainable sources; be adequate to cover capital expenditures, dividends, and debt repayments; and have relatively low volatility compared with industry peers. Construction Supply reported positive OCF during each of the last three years. The OCF appears to be derived from sustainable sources, because it compares closely with reported net income. Finally, OCF was adequate to cover capital expenditures, dividends, and debt repayments. Although the OCF for BIG Industrial has been positive and just sufficient to cover capital expenditures, dividends, and debt repayments, the increases in accounts payable and substantial decreases in accounts receivable and inventory during the last three years are an accounting warning sign that management may be overstating cash flow from operations. For Dynamic Production, OCF has been more volatile than other industry participants, and it has fallen short of covering capital expenditures, dividends, and debt repayments for the last three years. Both of these conditions are warning signs for Dynamic Production.

解析：高质量经营性现金流的特点：正数（流入大于流出）；现金流来源是可持续的；足够覆盖资本性支出、分红和偿还债务；相对同行来说波动性较低。然后我们比较一下三个公司，Construction公司的OCF是正数且稳定，而且和NI很接近，说明来源可持续，OCF很充足，足以支撑公司的资本性支出、分红和偿债。BIG公司的OCF也是正的，但是只是刚好够用来进行资本性支出、分红和偿债，而且BIG公司有一个warning sign（有可能高估CFO）。Dynamic公司的OCF比其他两家公司的OCF波动更大，而且还不够覆盖资本性支出、分红和偿债，这两个特征对Dynamic公司来说都是warning sign。综上，现金流质量最好的是Construction公司。