现金流网：新经济中的现金经济学
案头笔记
DESK NOTES
美洲
Americas
迈克尔·J·莫布森 1 212 325 3108 [email protected]
Michael J. Mauboussin 1 212 325 3108 [email protected]
鲍勃·希勒 1 212 325 4341 [email protected] 瑞士信贷第一波士顿公司
Bob Hiler 1 212 325 4341 [email protected] CREDIT SUISSE FIRST BOSTON CORPORATION
股票研究 美国/行业/子行业 1999 年 2 月 26 日
Equity Research U.S./Industry/Sub-Industry February 26, 1999
Cash Flow.com
Cash Flow.com
新经济中的现金经济学
Cash Economics in the New Economy
第 9 卷
Volume 9
• 本报告勾勒出一个分析商业模式现金经济学的实用框架。
• This report outlines a practical framework for analyzing the cash economics of business models.
• 我们的分析表明，新经济公司的现金经济学往往优于其旧经济同行。
• Our analysis indicates that New Economy companies tend to have superior cash economics than their Old Economy counterparts.
• 作为这一趋势的例证，戴尔、雅虎、亚马逊等互联网公司的会计利润，极大地低估了它们创造现金的能力。
• Exemplifying this trend, the earnings of Internet companies such as Dell, Yahoo!, and Amazon dramatically understate their ability to generate cash.
• 这些更高的现金流，为互联网板块高企的
• These higher cash flows offer one explanation for the highflying
估值提供了一种解释。
valuations in the Internet sector.
目录
Table of Contents
内容提要 3
Executive Summary 3
引言 4
Introduction 4
商业模式的现金经济学 5 现金收益与现金投资的驱动因素 6 四类商业模式的现金经济学 7 旧经济与新经济的现金经济学对比 7 案例研究 1：巴诺书店对阵亚马逊 7 案例研究 2：《纽约时报》对阵雅虎 10 旧经济与新经济的现金经济学生命周期 13 典型旧经济公司的生命周期 13 典型新经济公司的生命周期 15 旧经济与新经济的估值 17 市盈率与初始现金投资 18 新旧经济公司的估值指标 19 结论 19
Cash Economics of Business Models 5 Drivers of Cash Earnings and Investments 6 Cash Economics of Four Categories of Business Models 7 Cash Economics in the Old versus the New Economy 7 Case Study #1: Barnes and Noble versus Amazon.com 7 Case Study #2: New York Times versus Yahoo! 10 Cash Economics Lifecycle in the Old versus the New Economy 13 Lifecycle of the Typical Old Economy Company 13 Lifecycle of the Typical New Economy Company 15 Valuation in the Old versus New Economy 17 Price to Earnings Ratio versus Initial Cash Investment 18 Valuation Metrics for Old and New Economy Companies 19 Conclusion 19
–2–
–2–
内容提要
Executive Summary
• 现金为王。自第一宗互联网公司 IPO 以来，传统估值指标——如市盈率和盈利增长率——对试图为互联网股票定价的投资者几乎毫无指导意义。市场的共识观点认为，互联网股票高企的估值是炒作与歇斯底里所驱动的，我们不同意这一看法。与所有企业一样，互联网公司的价值取决于其创造现金的能力。如果互联网公司的估值高于其线下同行，那么市场必定相信它们拥有更高的现金流。
• Cash is king. Ever since the first Internet IPO, traditional valuation metrics—such as P/Es and earning growth rates—have offered little or no guidance to investors trying to value Internet stocks. We disagree with the consensus view that hype and hysteria drive the highflying valuations of Internet stocks. Like all businesses, Internet companies are valued on their ability to generate cash. If Internet companies have higher valuations than their offline counterparts, the market must believe that they have higher cash flows.
• 所见并非所得。我们的分析表明事实正是如此。自由现金流由公司的现金收益与现金投资轧差计算得出。大多数旧经济公司的收益是现金流入，而投资是现金流出。因此，对多数旧经济公司而言，现金收益通常会高估其自由现金流。举例来说，在截至 1998 年 10 月 31 日的十二个月里，巴诺书店创造了 1.5 亿美元的现金收益。然而，同期它还必须投入超过 2.4 亿美元，换算下来自由现金流为负 9500 万美元。
• What you see is NOT what you get. Our analysis indicates that this is the case. Free cash flow is calculated by netting a company’s cash earnings and investments. Most Old Economy companies have a cash inflow from earnings and a cash outflow from investments. Thus, cash earnings for most Old Economy companies will typically overstate their free cash flow. To illustrate, Barnes and Noble generated $150 million in cash earnings for the twelve months ending on October 31, 1998. However, it also had to invest over $240 million during this period, translating into free cash flow of negative $95 million.
• 所见并非所得，第二部分。我们所分析的互联网公司，其现金经济学全都优于旧经济同行，尽管它们创造现金的方式完全不同。例如，亚马逊 1998 年在收益端产生了 5800 万美元的现金流出，却在投资端产生了 5400 万美元的现金流入——已非常接近实现正的自由现金流。这意味着，对一家新经济公司而言，现金收益可能极大地低估其自由现金流总额。
• What you see is NOT what you get, part 2. The Internet companies we analyzed all have superior cash economics than their Old Economy counterparts, although they generate cash in a totally different way. For example, while Amazon.com incurred a cash outflow from earnings of $58 million in 1998, it generated a cash inflow of $54 million from investments—coming very close to generating positive free cash flow. This means that cash earnings for a New Economy company can dramatically understate the company’s total free cash flow.
• 留意资产负债表。过去，急于持有现金奶牛的投资者自然会聚焦于利润表。然而我们的分析表明，审视一家新经济公司的资产负债表，能揭示出一条重要的现金来源。投资者必须同时看这两张报表，因为真正驱动股东价值创造的是自由现金流——即公司现金收益与现金投资之和。我们相信，随着数字革命改变世界，理解商业模式在现金经济学上的这些根本差异，将变得越来越重要。
• Heed the balance sheet. In the past, investors anxious to own cash cows have naturally focused on the income statement. However, our analysis indicates that looking at the balance sheet of a New Economy company can unveil an important source of cash. Investors must look at both financial statements, as it is free cash flow—the sum of a firm’s cash earnings and investments—that drives shareholder value creation. We believe that understanding these fundamental differences in the cash economics of business models will become increasingly important as the digital revolution transforms the world.
–3–
–3–
在（企业估值课程的）期末考试上，我大概会拿一家互联网公司出题，然后问：“它值多少钱？”任何给我答案的人，我都会判他不及格……
On the final exam [for a business valuation course], I’d probably take an Internet company, and [ask], “How much is it worth?” And anybody that gave me an answer, I’d flunk...
——沃伦·巴菲特1
—Warren Buffett1
引言
Introduction
互联网股票是华尔街的悖论。它们的估值一飞冲天，看上去与基本面毫无关联。一切似乎都是反着来的：许多互联网公司的销售额增长得越快，它们报告的亏损就越大。
Internet stocks are the paradox of Wall Street. Their valuations have skyrocketed with no seeming connection to fundamentals. Everything seems backwards: the faster many Internet companies grow sales, the greater their reported losses.
而它们亏得越多，投资者对这些股票的胃口似乎就越大。
And the more money they lose, the greater appetite investors appear to have for these stocks.
互联网股票这轮惊人的暴涨，引出了一些尖锐的问题。亚马逊的股权市值是巴诺书店与博德斯合计市值的六倍以上，这合理吗？像雅虎这样的“新媒体”公司，真的应当以 2000 年预期盈利的 280 倍以上交易，而像《纽约时报》这样的传统印刷媒体公司却只交易在 17 倍吗？
This spectacular run-up in Internet stocks has inspired some pointed questions. Is it reasonable that Amazon’s equity market value is more than six times the combined value of Barnes and Noble and Borders? Should a “New Media” company like Yahoo! really trade at over 280 times 2000 estimated earnings, while a traditional print media company like the New York Times trades at 17 times?
这些问题促使一些投资者宣称，我们正处在一个旧规则不再适用的新时代。我们不同意。诚然，对于没有盈利的公司，市盈率之类的旧估值经验法则已经失去了相关性。但价值的根本驱动因素并未改变。当投资者拿出辛苦挣来的现金去买一家公司的一部分股权时，他们买的是这家公司未来现金流中的一份。无论投资者买的是初生的互联网公司还是成熟的食品公司，目标都是一样的——买入一串现值高于其付出价格的现金流。
These questions have prompted some investors to claim that we are in a new age where old rules do not apply. We disagree. Yes, for companies with no earnings, old valuation rules-of-thumb like price-to-earnings ratios have lost their relevance. But the fundamental drivers of value remain the same. When investors spend their hard-earned cash to buy a piece of a company’s equity, they are buying a share of the company’s future cash flows. And whether investors are purchasing nascent Internet companies or mature food companies, the goal is the same—to buy into a stream of cash flows with a current value greater than the price they paid.
因此，要理解市场如何为任何一家公司定价，我们首先需要理解商业模式的现金经济学——即一家公司创造或消耗现金的倾向。重要的是，作为新经济的典范，互联网公司的现金经济学往往与其旧经济同行截然不同。显而易见的是，许多互联网公司在营销上砸下数百万美元、目前处于亏损状态，而它们的线下竞争对手却在收获现金收益。不那么显而易见的是，新经济公司在电脑和办公场地上的投入，远少于旧经济公司在实体门店与营运资本上的支出。
To understand how the market values any company, then, we first need to understand the cash economics of business models—a company’s propensity to generate or consume cash. Importantly, as an exemplar of the New Economy, Internet companies tend to have drastically different cash economics than their Old Economy counterparts. What is obvious is that many Internet companies are currently incurring losses as they spend millions in marketing, while their off-line competitors reap cash earnings. What is less obvious is that New Economy companies invest much less in their computers and office space than Old Economy companies spend on bricks-and-mortar and working capital.
我们相信，随着数字革命改变世界，理解商业模式在现金经济学上的这些根本差异，将变得越来越重要。
We believe that understanding these fundamental differences in the cash economics of business models will become increasingly important as the digital revolution transforms the world.
本报告分为四个部分。第一，我们勾勒出一个分析商业模式现金经济学的实用框架。第二，我们引入一种凸显商业模式差异的图示方法——现金经济学矩阵，并运用这一框架来比较新旧经济公司。第三，我们从案例研究中作出归纳，勾勒出典型旧经济公司与新经济公司的现金经济学生命周期。最后，由于市场为一家公司创造现金的能力定价，我们用这套现金经济学分析来解释新经济公司估值相对高企的一种可能来源。
This report is broken into four parts. First, we outline a practical framework for analyzing the cash economics of business models. Second, we introduce a graphical way of highlighting differences between business models—the cash economics matrix—and apply this framework to compare Old and New Economy companies. Third, we generalize from our case studies to outline a cash economics lifecycle for typical Old and New Economy companies. Finally, since the market values a company’s ability to generate cash, we use this cash economics analysis to explain one possible source of the relatively high valuations of New Economy companies.
1 《杰出投资者文摘》，1998 年 9 月 24 日，第 41 页。
1 Outstanding Investor Digest. September 24, 1998. Page 41.
–4–
–4–
有些生意……你只能不断地把（现金）往里倒、往里倒，却从来没有现金流回来。……让我们的生活保持有趣的事情之一，就是设法避开这类生意，设法进入另一类——那种能把你淹没在现金里的生意……
There are businesses ... where you just constantly keep pouring [cash] in and pouring it in, but where no cash ever comes back. ... One of the things that keeps our life interesting is trying to avoid those and trying to get into the other kind of business that just drowns you in cash...
——查理·芒格2 伯克希尔·哈撒韦公司副董事长 商业模式的现金经济学
—Charlie Munger2 Vice Chairman, Berkshire Hathaway Cash Economics of Business Models
盈利增长率和市盈率或许主导着华尔街的闲谈，但正如任何小企业主都知道的，一家公司的价值源自它创造现金的能力。常识告诉我们——实证证据也印证了——那种用来付账单的通货，同样也驱动着股东价值。3 因此，投资者为一家公司估值的第一步，是评估这家公司在未来若干年里能创造或消耗多少现金。这包含两个组成部分：
Earnings growth rates and P/Es may dominate Wall Street banter, but as any small business owner knows, a company’s value stems from its ability to generate cash. Common sense dictates—and the empirical evidence corroborates— that the same currency that pays the bills also drives shareholder value.3 An investor’s first step in valuing a company, then, is to assess how much cash a firm generates or consumes in future years. There are two components to this:
• 现金收益。公司可以从其税后营业利润中创造或消耗现金。我们可以用营业利润减去现金税负来算出这个数字。4 请注意，由于商誉摊销等非现金会计分录带来的扭曲，以及利息费用等融资成本的影响，一家公司的现金收益可能与净利润之类的会计指标截然不同。
• Cash earnings. A company can generate or consume cash from its after tax operating profit. We can calculate this figure by subtracting a firm’s cash taxes from its operating income.4 Note that a company’s cash earnings may be radi-cally different from accounting metrics such as net income, owing to distortions from non-cash accounting entries such as goodwill amortization and financing costs such as interest expense.
• 现金投资。公司可以通过在表内与表外资产上投入不同金额来消耗或创造现金。这类投资既包括净营运资本的变动——例如应收账款，它相当于为客户购买提供融资而发放的现金贷款——也包括固定资产的变动，例如对不动产、厂房与设备的投资，以及任何并购投资。5 这一分析准确地告诉我们，一家公司从这两个部分中创造或消耗了多少现金。此外，两者之和给出了当期的自由现金流——即可用于支付给公司资本提供者的现金池。这一点至关重要，因为市场为一家公司定价的方式，是把它对未来现金流的最佳猜测按公司的机会
• Cash investments. A company can consume or generate cash by investing different amounts in its on- and off-balance sheet assets. This investment includes both changes in net working capital—such as accounts receivable, which serve as cash loans extended to finance customer purchases—and in fixed assets—such as investments in property, plant and equipment, and any investments in mergers or acquisitions.5 This analysis tells us exactly how much cash a company generates or consumes from these two components. In addition, the sum of these two amounts gives us free cash flow for that period—the cash pool available to pay the firm’s capital providers. This is critical because the market values a company by discounting its best guess of future cash flows to the present value at the firm’s opportunity
2 《杰出投资者文摘》，1998 年 9 月 24 日，第 37 页。
2 Outstanding Investor Digest. September 24, 1998. Page 37.
3 《狼咬 20——盈利是观点，现金是事实》，查尔斯·R·沃尔夫与鲍勃·希勒，瑞士信贷第一波士顿
3 “Wolf Bytes 20—Earnings are an Opinion, Cash is a Fact,” Charles R. Wolf and Bob Hiler, Credit Suisse First Boston
股票研究部，1997 年 12 月 20 日。
Equity Research, December 20, 1997.
4 用会计术语说，我们从公司的息税前利润（EBIT）出发，然后减去
4 In accounting terms, we start with a firm’s Earnings Before Interest and Taxes (EBIT). We then subtract
现金税负——即假设公司完全由股权融资、没有债务利息来为公司挡税时本应缴纳的税额。因此，为计算现金税负，我们首先要把利息费用带来的税盾加回到利润表所报告的所得税准备中。我们还必须加回表外债务等价物（如资本化的经营租赁）所隐含利息费用的税收利益。这些税盾等于利息费用乘以边际税率。接下来，我们做一次等价计算，把非经营性收入或费用的税收影响加回，以便单独分离出公司营业利润的税负。
cash taxes—the amount the company would have paid if it were entirely equity financed, with no interest payments on its debt to shield the company from taxes. Accordingly, to calculate cash taxes, we first add the tax shield from interest expense to the income tax provision reported on the income statement. We also have to add back the tax benefit of the implied interest expense of off-balance sheet debt-equivalents, such as capitalized operating leases. These tax shields will be equal to the interest expense multiplied by the marginal tax rate. Next, we do an equivalent calculation to add back the tax impact of non-operating income or expenses to isolate the tax burden of the firm’s operating income.
最后，我们减去递延税款余额的任何增加额，因为我们希望得到的是实际缴纳的现金税负；这一差额代表已计提但要到以后期间才会缴纳的税款。5 一个技术细节：请注意，我们计算现金收益时已扣除折旧，以衡量一家公司的
Finally, we subtract any increase in the deferred tax balance, since we wish to arrive at cash taxes paid; this difference represents taxes that have been accrued, but will not be paid until a later period. 5 As a technical detail, note that we calculate cash earnings net of depreciation to measure a company’s
经济利润。为确保自由现金流不被低估，我们在计算现金投资时同样扣除折旧。也就是说，现金投资衡量的是一家公司在年度折旧之上必须额外投入的现金。此外，为避免季节性波动和季度间的起伏，我们把最近十二个月的相应数字加总来计算这两项数据。
economic earnings. To make sure that free cash flow is not understated, we also calculate cash investments to be net of depreciation. That is, cash investment measures the cash that a company must invest over and above its annual depreciation. Also, to avoid seasonal fluctuations and quarterly swings, we calculate both figures by summing the appropriate numbers for the last twelve months.
–5–
–5–
资本成本贴现至现值——机会资本成本是公司债务成本与股权成本的混合平均值。现金流越高，公司就越有价值。
cost of capital—a blended average of the firm’s cost of debt and equity. The higher the cash flows, the more valuable the firm.
图 1 现金收益与现金投资的驱动因素
Figure 1 Drivers of Cash Earnings and Investments
• 销量
• Volume
• 定价 销售额
• Pricing Sales
• 费用
• Expenses
• 研发 营业 现金
• R&D Operating Cash
• 租赁 利润率 收益
• Leases Margin Earnings
• 所得税准备 现金
• Tax Provision Cash
• 递延税款 税负
• Deferred Taxes Taxes
• 税盾 自由现金流
• Tax Shield Free Cash Flow
• 应收账款 营运
• A/R Working
• 存货 ∆ 资本 可供
• Inventories ∆ Capital Cash available
• 应付账款 分配给全体索偿权人的现金 资本 现金 支出 投资
• A/P for distribution to all claimholders Capital Cash Expenditures Investments
并购/剥离 资料来源：CSFB 分析。
Acquisitions/ Divestitures Source: CSFB Analysis.
一家公司通过收益或投资创造或消耗现金的倾向，决定了其商业模式的性质。如图 2 所示，公司往往会落入以下四类之一：
A company’s propensity to generate or consume cash through earnings or investments determines the nature of its business model. As Figure 2 illustrates, companies tend to fall into one of four categories:
1. 盈利扩张型。传统上，成功的公司在收益端有现金流入，而在营运资本、实体门店或工厂的投资上有现金流出。符合这一特征的公司，位于我们图中左上角的“盈利扩张”象限。
1. Profitable Buildout. Traditionally, successful companies have a cash inflow from earnings, and a cash outflow from its investments in working capital and bricks-and-mortar stores or factories. Companies that fit this profile are in the upper-left Profitable Buildout quadrant of our diagram.
2. 初创型与价值毁灭型。左下象限中有两类公司，其收益和投资都是流出。第一类是初创企业，它在成长过程中既要投资于业务，又在承受亏损。第二类是价值毁灭者，它在负回报的业务上作出了大量投资。由于这两种情形都必然意味着很高的现金消耗速度，位于该象限的公司若不能开始产生正的现金流——或者没有财力雄厚的股东——就将面临破产。
2. Startups and Value Destroyers. There are two kinds of companies in the lower-left quadrant, with earnings and investment as outflows. The first type is a Startup that is both investing in the business and incurring losses as it grows. The second type—a Value Destroyer—makes significant investments in negative-return businesses. Since both of these scenarios necessarily imply a high cash burn-rate, companies in this quadrant face bankruptcy unless they start generating positive cash flow—or have deep-pocketed owners.
3. 困境反转型与新兴资本高效型公司。位于右下象限的商业模式——投资为流入而收益为流出的公司——往往相当少见。在一种情形中，一家苦苦挣扎的困境反转公司在利润表上出现亏损的同时，释放出了被资产负债表占用的现金。这通常是暂时现象。另一种情形涉及新兴资本高效型公司：它的盈利为负，但其资本高效的商业模式能在销售额增长时从营运资本中产生现金。由于大多数能把营运资本管理得如此高效的公司同时也在盈利，这种情形并不常见。
3. Turnarounds and Emerging Capital Efficient Companies. Business models that are in the lower-right quadrant—companies with investment as an inflow and earnings as an outflow—tend to be quite uncommon. In one scenario, a strug-gling Turnaround company liberates cash tied up in its balance sheet, while incurring income statement losses. This usually is a temporary phenomenon. A second scenario involves an Emerging Capital Efficient Company with negative earnings, but with a capital efficient business model that generates cash from working capital as sales increase. Since most companies that can manage their working capital this efficiently are also profitable, this scenario occurs infre-quently.
4. 超级现金流型。位于右上角“超级现金流”象限的公司，其收益和投资都是现金流入。这类公司不仅盈利，而且在对其净营运资本进行一次性或持续性的削减。
4. Super Cash Flow. Companies in the upper-right Super Cash Flow quadrant have both earnings and investment as a cash inflow. This kind of company is not only profitable, but embarks on a one-time or continuous reduction in its net
–6–
–6–
公司做到这一点的办法，是降低占用在应收账款、存货等流动资产上的资本，或者提高供应商以应付账款形式给予的信用额度。只有拥有现金高效商业模式的公司——客户先付它钱，它才需要付供应商钱——才能长期停留在这一象限。
working capital. A company can do this by lowering the amount of capital it has tied up in current assets like accounts receivable or inventory, or by increasing the credit it receives from suppliers in the form of accounts payable. Only a company with a cash-efficient business model—its customers pay it before it has to pay its suppliers—can stay in this quadrant for long.
图 2 四类商业模式的现金经济学
Figure 2 Cash Economics of Four Categories of Business Models
投资 投资 流出 流入
Investment Investment Outflow Inflow
收益 盈利扩张 超级现金流 流入
Earnings Profitable Buildout Super Cash Flow Inflow
价值毁灭 困境反转 收益流出 或 或
Value Destruction Turnarounds Earnings Outflow or or
初创企业 新兴资本高效型公司
Startup Emerging Capital Efficient Company
资料来源：CSFB 分析。
Source: CSFB Analysis.
这个正在兴起的新经济……有它自己独特的机会，也有它自己的新规则。按新规则行事的人将会兴旺；无视新规则的人则不会。
This emerging new economy... has its own distinct opportunities and its own new rules. Those who play by the new rules will prosper; those who ignore them will not.
——凯文·凯利6 旧经济与新经济的现金经济学对比
— Kevin Kelly6 Cash Economics in the Old versus the New Economy
要概括现金收益与现金投资的趋势——以及商业模式的变迁——一个有用的办法，是把这些数字作为时间序列画在散点图上。这张图——我们称之为现金经济学矩阵——同时还显示出一家公司创造自由现金流的能力，因为 45 度对角线上的所有点具有相同的自由现金流。值得注意的是，穿过图表中心的那条对角线，划分出一家公司创造的自由现金流是正还是负。
One useful way of summarizing trends in cash earnings and investments—and shifts in business models—is to plot these figures as a time series in a scatter-plot. This diagram—which we have dubbed the Cash Economics Matrix—also shows a company’s ability to generate free cash flow, as all points on a 45- degree diagonal will have the same free cash flow. Significantly, the diagonal running through the center of the chart distinguishes whether a company is generating positive or negative free cash flow.
6 凯文·凯利，《新经济的新规则》，《连线》杂志，1997 年 9 月。
6 Kevin Kelly. “New Rules for the New Economy”. Wired Magazine. September 1997.
http://www.wired.com/wired/archive/5.09/newrules_pr.html。
http://www.wired.com/wired/archive/5.09/newrules_pr.html.
–7–
–7–
案例研究 1：
Case Study #1:
巴诺书店对阵亚马逊 为说明这一方法，我们计算了巴诺书店与亚马逊的现金经济学矩阵——这是一对主要在图书零售业竞争的新旧经济公司（见下页图 3）。这张图最引人注目之处，是两家公司现金经济学之间的反差：
Barnes and Noble versus Amazon.com To illustrate this approach, we calculated generated cash economics matrices for Barnes and Noble and Amazon.com—a pair of Old and New Economy companies largely competing in the book retailing industry (see Figure 3 on next page). What is most striking about this diagram is the contrast between the cash economics of the two companies:
巴诺书店的图显示，它一直处于“盈利扩张”象限——自 1995 年 1 月财年以来的每一个季度，公司都有现金收益流入和现金投资流出。最引人注目的是公司现金投资的规模。例如，在截至 1998 年 10 月 31 日的十二个月期间，公司必须投入 1.18 亿美元来把书摆满货架并向客户提供信用。抵消这笔投资的，是应付账款增加所带来的 4800 万美元现金。再加上投入新建大型门店的 1.72 亿美元，这 7000 万美元的营运资本净投资使得总现金投资超过 2.4 亿美元。
Barnes and Noble shows it has consistently been in the Profitable Buildout quadrant—the company has generated a cash earnings inflow and a cash investment outflow for every quarter since its January 1995 fiscal year. Most striking is the magnitude of the company’s cash investments. For example, for the twelve-month period ending on October 31, 1998, the company had to invest $118 million to stock the shelves with books and extend credit to customers. Offsetting this investment was $48 million in cash generated from increased accounts payable. Combined with $172 million invested in new megastores, this $70 million net investment in working capital resulted in a total cash investment of over $240 million.
因此，尽管巴诺书店同期创造了近 1.5 亿美元的现金收益，其巨额投资却把这笔钱消耗殆尽还不止，换算下来自由现金流为负 9500 万美元。值得注意的是，巴诺书店自上市以来，其经营从未产生过正的自由现金流。
Thus, even though Barnes and Noble generated almost $150 million in cash earnings over the same period, its large investments more than consumed this amount, translating into free cash flow of negative $95 million. Notably, Barnes and Noble’s operations have not generated positive free cash flow since it has been public.
亚马逊的现金经济学矩阵讲的则是完全不同的故事。的确，正如怀疑者们所强调的，公司的低价格、高营销费用和相对较小的销售规模，导致亏损不断扩大。然而，在截至最近两个季度的十二个月期间，亚马逊已从其资产负债表中创造出可观的现金——对一家成立不足四年、仍在成长的公司而言，这是一项惊人的成就。7 这使亚马逊稳稳落在“新兴资本高效型公司”象限。
Amazon’s cash economics matrix tells a completely different story. Indeed, as skeptics have emphasized, the company’s low prices, high marketing expenses and relatively small sales have resulted in increasing losses. However, during the twelve-month periods ending on its two most recent quarters, Amazon has generated considerable cash from its balance sheet—an astounding feat for a growing company less than four years old. 7 This places Amazon squarely in the Emerging Capital Efficient Company quadrant.
例如，1998 年亚马逊的“接单发货”模式只需不到 4000 万美元，就能让仓库备满图书、向客户提供信用并预付各项费用。与此同时，公司通过增加应付账款以及来自供应商、员工和客户的其他形式的无息现金贷款，产生了约 1.2 亿美元现金。这使亚马逊从净营运资本的减少中获得了 8000 万美元现金。令人惊讶的是，公司在此期间只投入了约 2600 万美元于固定资产——其中大部分花在电脑上。因此，尽管亚马逊 1998 年出现了 5800 万美元的现金亏损，它却从资产负债表中净得 5400 万美元——距离实现正的自由现金流已经非常接近！
For example, in 1998, Amazon’s ship-to-order business required less than $40 million to stock its warehouses with books, extend credit to customers, and pre-pay expenses. At the same time, the company generated about $120 million in cash by increasing its accounts payable and other forms of interest-free cash loans from suppliers, employees and customers. This resulted in Amazon generating $80 million in cash from reducing its net working capital. Amazingly, the company only invested approximately $26 million in fixed assets—largely spent on computers—over this period. Thus, even though Amazon incurred cash losses of $58 million in 1998, it generated a net of $54 million from its balance sheet—coming very close to achieving positive free cash flow!
巴诺书店与亚马逊的这一对比，带来两点有力的洞见：
This comparison between B&N and Amazon yields two powerful insights:
• 亚马逊“收益流出加投资流入”的组合，与巴诺书店“收益流入加投资流出”这一更传统的组合恰好相反。有了这层颠倒，那些依赖传统检验标准（比如要有正的且不断增长的会计每股收益）来衡量旧经济公司成败的投资者，会被亚马逊的高估值弄糊涂，也就不足为奇了。
• Amazon’s combination of earnings outflows and investment inflows is the exact opposite of Barnes and Noble’s more traditional combination of earnings inflows and investment outflows. With this reversal, it is not surprising that Amazon’s high valuation confuses investors who rely on conventional tests designed to measure the success of Old Economy companies, such as having positive and growing accounting earnings per share.
• 过去，急于持有那些“能把你淹没在现金里”的公司的投资者，自然会聚焦于利润表。然而，正如亚马逊清楚
• In the past, investors anxious to own companies that “just drown you in cash” have naturally focused on the income statement. However, as Amazon clearly
7 为使这个数字“干净”，我们剔除了以现金和股票对那些几乎不产生现金收益的网络技术支撑型公司所作的投资。
7 To make this a “clean” number, we have excluded investments—in cash and stock—in web technology-enabling companies that generate little or no cash earnings.
展示的那样，审视一家新经济公司的资产负债表，能揭示出一条重要的现金来源。投资者必须同时看这两张报表，因为真正驱动股东价值创造的是自由现金流——即公司现金收益与现金投资之和。
demonstrates, looking at the balance sheet of a New Economy company can unveil an important source of cash. Investors must look at both financial statements, as it is free cash flow—the sum of a firm’s cash earnings and investments—that drives shareholder value creation.
–9–
–9–
图 3A 图 3B 现金经济学图 现金经济学图 巴诺书店 亚马逊 1995 年 1 月—1998 年 10 月 1998 年
Figure 3A Figure 3B Cash Economics Diagram Cash Economics Diagram Barnes and Noble Amazon.com January 1995 — October 1998 1998
盈利 500.0 100 扩张象限
Profitable 500.0 100 Buildout Quadrant
收益 收益 250.0 50 流入 流入 1/96
Earnings Earnings 250.0 50 Inflow Inflow 1/96
2/97 正的 正的 1/95 负的 1/98 自由现金流 自由现金流 自由现金流
2/97 Positive Positive 1/95 Negative 1/98 Free Cash Flow Free Cash Flow Free Cash Flow
- - (500.0) (250.0) - 250.0 500.0 -100 初创 -50 0 50 新兴 100 负的 象限 资本 自由现金流 高效型公司 Q1 98 象限 收益 收益 流出 (250.0) (50)
- - (500.0) (250.0) - 250.0 500.0 -100 Startup -50 0 50 Emerging 100 Negative Quadrant Capital Free Cash Flow Efficient Company Q1 98 Quadrant Earnings Earnings Outflow (250.0) (50)
流出
Outflow
Q4 98
Q4 98
投资流出 投资流入 投资流出 投资流入 (100)
Investment Outflow Investment Intflow Investment Outflow Investment Inflow (100)
(500.0)
(500.0)
现金投资 现金投资
Cash Investment Cash Investment
资料来源：公司 SEC 备案文件与 CSFB 分析。
Source: Company SEC filings and CSFB Analysis.
注：巴诺书店与亚马逊的现金经济学矩阵不在同一比例尺上。
Note: Cash Economics Matrices for Barnes and Noble and Amazon.com are not on the same scale.
案例研究 2：
Case Study #2:
《纽约时报》对阵雅虎
New York Times versus Yahoo!
我们的第二个案例研究，把《纽约时报》——一家基本属于旧经济的印刷媒体公司——与雅虎——一家不折不扣的“新媒体”行业新经济公司——作对比。与前一个案例一样，把这两家公司的现金经济学矩阵并排比较，会揭示出截然不同的商业模式（见图 4）。
Our second case study compares the New York Times—a largely Old Economy print media company—with Yahoo!—a decidedly New Economy company in the “New Media” industry. As with our previous case study, a side-by-side comparison of the cash economics matrices for these two companies reveals dramatically different business models (see Figure 4).
和大多数成功的旧经济公司一样，《纽约时报》在收益端产生现金流入，在投资端产生现金流出——这使它位于“盈利扩张”象限。在截至 1998 年 9 月 27 日的十二个月里，《时报》从其《纽约时报》《波士顿环球报》及各地区报纸、《高尔夫文摘》等杂志、旗下电视网与广播电台，以及对纸厂和《国际先驱论坛报》的投资中，取得了 3.68 亿美元现金收益。与此同时，公司也作出了大量投资以支撑其盈利增长。例如，公司近期投入数百万美元升级旗舰报纸《纽约时报》的印刷机，要把这位“灰衣老太太”变成一份全彩报纸。
Along with most successful Old Economy companies, the New York Times generates a cash inflow from earnings and a cash outflow from investments—plac-ing it in the Profitable Buildout quadrant. In the twelve months ending on September 27, 1998, the Times brought in $368 million in cash earnings from its New York Times, Boston Globe and regional newspapers, its magazines such as Golf Digest, its network and radio station, and its investments in paper mills and the International Herald Tribune. At the same time, the company made significant investments to support its earnings growth. For example, the company recently invested millions to upgrade the printing presses at its flagship New York Times newspaper to transform the “Old Gray Lady” into a full-color newspaper.
连同其他投资，这使公司在此期间的现金投资达到 8700 万美元。8 《纽约时报》是一家成功且管理良好的旧经济公司。然而，其印刷出版业务资本密集的本质意味着，现金收益的增长必然伴随着现金投资。
Together with other investments, this resulted in a cash investment of $87 million during this period. 8 The New York Times is a successful and well run Old Economy company. However, the very nature of its capital-intensive print publishing business means that cash earnings growth will inevitably be accompanied by cash investments.
相比之下，雅虎的在线出版模式意味着，它能在不花大量现金的情况下触达新客户、扩大销售。这带来若干好处。
In contrast, Yahoo!’s on-line publishing model means that it can reach new customers and grow sales without spending lots of cash. This has several benefits.
第一，由于消费者可以从任何一个互联网连接访问网站，雅虎在扩张实体基础设施时不必忍受漫长的等待，就能迅速增长收入。这既提高了销售额，也使公司能在竞争对手把客户抢走之前就“锁定”他们。9 第二，由于雅虎服务一位新增客户不必花太多钱，收入增长会迅速转化为更高的利润率。这帮助雅虎在 1998 年实现了 2.01 亿美元销售额和 4800 万美元现金收益。与公司 1997 年 6700 万美元销售额、现金收益盈亏平衡的水平相比，这一增长就更加令人瞩目。此外，在线商业模式还使公司无需消耗现金的投资即可成长。例如，尽管销售额增加了 1.34 亿美元，公司 1998 年只花了 800 万美元来扩充其固定资产。
First, because consumers can access web sites from any Internet connection, Yahoo! can grow its revenues rapidly without having to endure long delays as it scales its physical infrastructure. This increases sales, and allows the company to “lock-in” customers before other competitors acquire them. 9 Second, because Yahoo! does not have to spend much money to serve an incremental customer, revenue growth translates rapidly into higher margins. This helped Yahoo! achieve sales of $201 million and cash earnings of $48 million in 1998. This growth is even more impressive when compared to the company’s sales of $67 million and breakeven cash earnings in 1997.Further, the on-line business model allows the company to grow without cash-consuming investments. For example, the company only spent $8 million to increase its fixed asset base in 1998, despite an increase in sales of $134 million.
雅虎还从客户、供应商和员工那里获得大量现金，这些现金在报表上被归类为资产负债表负债的增加。例如，其中一个科目——递延收入——就带来了 3300 万美元现金，它从 1997 年的 500 万美元膨胀到 1998 年的 3800 万美元。该科目之所以增加，是因为雅虎通常会保证一定数量的客户将看到它的在线广告。因此，尽管雅虎的在线广告是先收到现金，公司却要等到约定的最
Yahoo! also receives large amounts of cash from customers, suppliers and employees that are classified as increases in a balance sheet liability. For example, one such line item—deferred revenues—generated $33 million in cash, as it ballooned from $5 million in 1997 to $38 million in 1998. This line item increased because Yahoo! usually guarantees that a certain number of customers will view its on-line ads. Thus, even though Yahoo! receives cash up front for its online ads, the company can not recognize this cash as revenue until the agreed-upon mini-
8 对股东而言幸运的是，这仍然换算出 2.81 亿美元的正自由现金流，为公司用于股份回购和分红的 4.22 亿美元支出提供了资金。
8 Fortunately for shareholders, this still translated into positive free cash flow of $281 million, which helped fund the $422 million spent on share repurchases and dividends.
9 “相比之下，《纽约时报》必须投资于实体印刷机——或与其他报纸结成伙伴——才能把其旗舰版‘全国版’的发行扩展到其他地区。例如，它刚刚宣布把每日投递扩展到亚利桑那州的非都会地区。参见《〈纽约时报〉开始在凤凰城印刷点印制全国版》，纽约时报公司新闻稿。http://biz.yahoo.com/bw/990212/ny_the_new_2.html。（1999 年 2 月 12 日）。
9 “In contrast, the New York Times has to invest in physical printing presses—or partner with other newspapers—to expand distribution of its flagship “National Edition” to other regions. For example, it just announced the expansion of daily delivery to the non-metropolitan areas of Arizona. See “The New York Times Begins Printing National Edition At Phoenix Print Site”. New York Times Company Press Release. http://biz.yahoo.com/bw/990212/ny_the_new_2.html. (February 12, 1999).
图 4A 图 4B 现金经济学图 现金经济学图 《纽约时报》 雅虎
Figure 4A Figure 4B Cash Economics Diagram Cash Economics Diagram New York Times Yahoo!
1996 年 9 月—1998 年 9 月 1996 年 12 月—1998 年 12 月
September 1996 — September 1998 December 1996 — December 1998
400.0 50.0 盈利 超级 12/98 扩张 9/98 现金流 象限 象限 9/97
400.0 50.0 Profitable Super 12/98 Buildout 9/98 Cash Flow Quadrant Quadrant 9/97
收益 收益 200.0 25.0 流入 流入 9/96 正的 正的 自由现金流 自由现金流 12/96
Earnings Earnings 200.0 25.0 Inflow Inflow 9/96 Positive Positive Free Cash Flow Free Cash Flow 12/96
- -
- -
原件此处是表格，PDF 抽取时列结构已丢失，下面只剩按列读出的数字，行列对应关系无法还原。核对数据请打开来源正文。
(400) (200) -7 200 400 (50) 负的 (25) - 25 50 自由现金流 12/97 负的自由现金流
(400) (200) -7 200 400 (50) Negative (25) - 25 50 Free Cash Flow 12/97 Negative Free Cash Flow
收益 收益 (25.0)
Earnings Earnings (25.0)
(200.0) 流出 初创 流出 象限
(200.0) Outflow Startup Outflow Quadrant
投资流出 投资流入 投资流出 投资流入 (400.0) (50.0)
Investment Outflow Investment Intflow Investment Outflow Investment Inflow (400.0) (50.0)
现金投资 现金投资
Cash Investment Cash Investment
资料来源：公司 SEC 备案文件与 CSFB 分析。
Source: Company SEC filings and CSFB Analysis.
注：《纽约时报》与雅虎的现金经济学矩阵不在同一比例尺上。
Note: Cash Economics Matrices for New York Times and Yahoo! are not on the same scale.
低数量的客户看过广告后，才能把这笔现金确认为收入。10 请注意，如果雅虎确实把这笔现金确认为收入，其 1998 年的销售增长率将从 199% 提高到 248%。总计而言，雅虎以递延收入、应付账款和应计费用增加的形式产生了 6200 万美元现金。与此同时，公司因向客户提供应收账款信用而消耗的现金仅为 1400 万美元。因此，公司的营运资本在 1998 年净产生了 5400 万美元。
mum number of customers view the ad.10 Note that if Yahoo! did recognize this cash as revenue, its sales growth rate in 1998 would increase from 199% to 248%. All together, Yahoo! generated $62 million in cash in the form of increases in deferred revenues, accounts payable and accrued expenses. At the same time, the company only consumed $14 million in cash by extending accounts receivable credit to its customers. Thus, the company’s working capital generated a net of $54 million in 1998.
这一金额不仅足以覆盖公司 800 万美元的固定资产投资，还使投资端净现金流入达到 4600 万美元。由于公司同时还创造了 4800 万美元现金收益，雅虎做到了从利润表和资产负债表两头都产生现金流入，成为少数几家跻身“超级现金流”象限的公司之一。
This amount more than covered the company’s investment of $8 million in fixed assets, resulting in a net cash inflow from investments of $46 million. As the company also generated cash earnings of $48 million, Yahoo! managed to generate a cash inflow from its income statement and balance sheet, making it one of the rare companies in the Super Cash Flow quadrant.
这一案例研究还提供了关于新旧经济公司的三点洞见：
This case study provides three further insights about Old versus New Economy companies:
• 新经济公司商业模式的可扩展性意味着，现金收益可以迅速从亏损翻转为盈利——并随后以远快于销售额的速度增长。例如，雅虎过去 3 个季度的滚动十二个月销售额以 32% 的速度增长，而其滚动现金收益的增速为 127%——约为前者的四倍。此外，由于雅虎投资端的现金流入也以相近的速度增长，公司整体自由现金流在此期间增长了 128%。
• The scalability of a New Economy company’s business model means that cash earnings can quickly reverse from losses to profits—and then grow at a much faster rate than sales. For example, Yahoo!’s trailing twelve month sales has grown at a 32% rate for the last 3 quarters, while its trailing cash earnings have grown at 127%—about four times that rate. Further, because Yahoo!’s cash inflow from investments also grew at a similar rate, the company’s overall free cash flow grew at 128% during this period.
• 对旧经济公司而言，现金收益通常会高估公司的自由现金流。例如，在截至 1998 年 9 月 27 日的十二个月里，《纽约时报》创造了 2.81 亿美元自由现金流——仅为其 3.68 亿美元现金收益的 76%。
• Cash earnings for an Old Economy company will typically overstate a company’s free cash flow. For example, for the twelve months ending on September 27, 1998, the New York Times generated free cash flow of $281 million—only 76% of its cash earnings of $368 million.
• 另一方面，对雅虎这样的新经济公司来说，现金收益可能极大地低估公司的自由现金流总额。事实上，雅虎 1998 年 9400 万美元的自由现金流，大约是其 4800 万美元现金收益的两倍。
• On the other hand, cash earnings for a New Economy company like Yahoo! can dramatically understate the company’s total free cash flow. Indeed, Yahoo!’s free cash flow of $94 million in 1998 is approximately double its cash earnings of $48 million.
10 这一现金增加只有通过细致的资产负债表分析才能捕捉到，这说明了
10 This increase in cash will only be captured with a detailed balance sheet analysis, showing the impor-
分析不能只看公司利润表的重要性。
tance of analyzing more than a company’s income statement.
典型旧经济公司的现金经济学生命周期 （美国在线）表示，他们预计在十二个月内实现自给自足。看空美国在线的核心论据是，它现金流为负，需要不断注入现金才能维持运营。他们报告的盈利不是真正的盈利，因为按税后有自由现金流来定义“赚钱”的话，美国在线其实并没有赚到钱。……因此，这家公司预计在十二个月内实现现金中性甚至现金为正，是极度看多的信号。
Cash Economics Lifecycle of the Typical Old Economy Company [AOL] indicated they expect to be self-funding within twelve months. The core of the bearish argument on AOL is that it is cash negative and requires infusions of cash to keep operating. The earnings they report are not real earnings because AOL is not really making any money, when money is defined as having free cash flow after tax. ... Consequently, the fact that this company expects to get cash neutral or cash positive in twelve months is extremely bullish.
——比尔·米勒 11 美盛基金顾问公司总裁
— Bill Miler 11 President, Legg Mason Fund Advisors
旧经济与新经济的现金经济学生命周期
Cash Economics Lifecycle in the Old versus the New Economy
在为一大批新旧经济公司计算过现金经济学矩阵之后，可以清楚地看到，每一类公司随时间推移都遵循着一条独特的轨迹。事实上，这一模式清晰到我们大体上可以说：旧经济公司有一条特定的现金经济学生命周期。此外，尽管新经济公司的现金经济学与旧经济同行大相径庭，它们同样也有自己的生命周期。
After calculating cash economics matrices for a slew of Old and New Economy companies, it becomes evident that each category follows a distinct trend over time. In fact, the pattern is so clear that we can generally say that Old Economy companies have a certain cash economics lifecycle. Further, although the cash economics of New Economy companies differ dramatically from their Old Economy counterparts, they too have their own lifecycle.
和所有公司一样，旧经济公司往往从“初创”象限起步。然而，我们研究过的每一家成功的旧经济公司，最终都进入了“盈利扩张”象限，并在那里度过其余生的大部分时间。沃尔玛就是一个典型例子。与大多数拥有实体基础设施的成熟成功公司一样，沃尔玛在最近 20 个季度中有 17 个季度享有现金收益流入，同时承受投资端的流出（见图 5A）。12 例如，在截至 1998 年 10 月 31 日的十二个月里，沃尔玛从现金收益中获得 54 亿美元。
Like all companies, Old Economy companies tend to start in the Startup quadrant. However, every successful Old Economy company that we studied moved into the Profitable Buildout quadrant, where it spends the majority of the rest of its life. A prime example of this is Wal-Mart. Like most mature and successful companies with a bricks-and-mortar infrastructure, Wal-Mart has enjoyed an inflow from cash earnings, while incurring an outflow from its investments for 17 out of its last 20 quarters (see Figure 5A). 12 For example, Wal-Mart generated $5.4 billion from cash earnings in the twelve months ending on October 31, 1998.
然而，由于公司仍在开设新店并向国际扩张，同期它还投入了 31 亿美元于固定资产。通常情况下，沃尔玛还需投资营运资本来支撑这种增长。但由于付款速度慢于新进存货的采购速度，公司在营运资本管理上实现了长期性的改善，实际上还产生了可观的 14 亿美元。这使得现金投资总流出约为 17 亿美元。因此总体来看，沃尔玛在此期间创造了 36 亿美元的正自由现金流。
However, as the company is still opening new stores and expanding internation-ally, it also invested $3.1 billion in fixed assets during this period. Typically, Wal-Mart also invests in working capital to support this growth. However, by paying its bills at a slower rate than it bought new inventory, the company achieved a secular improvement in working capital management and actually generated an impressive $1.4 billion. This resulted in a total cash investment outflow of approximately $1.7 billion. In total, then, Wal-Mart generated positive free cash flow of $3.6 billion in this period.
为免有人认为沃尔玛当前的现金经济学只是暂时现象，我们还计算了该公司 1973 至 1975 年的类似矩阵（见图 5B）。13 与其近期历史相似，这一时期的沃尔玛同样位于“盈利扩张”象限。
Just in case one thinks that Wal-Mart’s current cash economics are a temporary phenomenon, we also calculated a similar matrix for the company from 1973 to 1975 (see Figure 5B). 13 Similarly to its recent history, the Wal-Mart of this period was also in the Profitable Buildout quadrant.
11 《比尔·米勒的共同基金论坛》。http://www.leggmason.com/Funds/fundform2.html。1996 年 8 月 12 日。12 值得一提的一点是，沃尔玛确实曾有 3 个季度——从 1996 年 11 月起至 1997 年 7 月的 9 个月——处于“超级现金流”象限，收益端和投资端均为现金流入。这源于沃尔玛在创造盈利的同时不必占用那么多营运资本现金的能力出现了长期性改善。具体而言，在截至 1997 年 4 月 30 日的 12 个月里，沃尔玛把占用在应收账款、存货和预付费用等流动资产上的现金减少了 6 亿多美元，同时把来自供应商的预付款——以应付账款和其他流动负债的形式——增加了可观的 19 亿美元。这产生了超过 25 亿美元现金，足以覆盖其约 14 亿美元的新店投资还有余，净得约 12 亿美元的投资流入。此后沃尔玛继续改善其营运资本管理，只是幅度未再达到产生现金投资流入的程度。
11 “Bill Miller's Mutual Fund Forum.” http://www.leggmason.com/Funds/fundform2.html. August 12, 1996. 12 One point of note is that Wal-Mart did have 3 quarters—the 9 months from November 1996 and until July 1997—in the Super Cash Flow quadrant with cash inflows from earnings and investment. This resulted from a secular improvement in Wal-Mart’s ability to generate earnings without tying up so much cash in working capital. Specifically, over the 12 months ending on April 30, 1997, Wal-Mart reduced cash tied up in current assets—such as accounts receivable, inventory, and prepaid expenses—by over $600 million, while increasing cash advances from suppliers—in the form of accounts payable and other current liabilities—by an impressive $1.9 billion. This generated over $2.5 billion in cash, which more than covered its approximately $1.4 billion investment in new stores, netting an approximately $1.2 billion investment inflow.. Wal-Mart has continued to improve its working capital management, although not to the extent of generating a cash investment inflow since that period.
13 请注意，虽然亚马逊被称作“网络上的沃尔玛”，但它当前的现金经济学，与沃尔玛在收入规模相近时的情形截然不同。
13 Note that while Amazon is being called the “Wal-Mart of the Web”, it currently has drastically different cash economics than Wal-Mart did when its revenues were at a similar run-rate.
图 5A 图 5B 现金经济学图 现金经济学图 沃尔玛 沃尔玛 1994 年 1 月—1998 年 10 月 1973—1975 年
Figure 5A Figure 5B Cash Economics Diagram Cash Economics Diagram Wal-Mart Wal-Mart January 1994— October 1998 1973 — 1975
7,500 40 盈利 超级
7,500 40 Profitable Super
扩张 现金流 盈利 象限 象限 扩张 10/98 象限 10/97 5,000
Buildout Cash Flow Profitable Quadrant Quadrant Buildout 10/98 Quadrant 10/97 5,000
10/95 收益
10/95 Earnings
10/96 流入 20 10/94 1975 1/94 2,500 正的 1974 正的 收益 自由现金流 自由现金流 流入 1973 - 0 (7,500) (5,000) (2,500) - 2,500 5,000 7,500 -40 -20 0 20 40
10/96 Inflow 20 10/94 1975 1/94 2,500 Positive 1974 Positive Earnings Free Cash Flow Free Cash Flow Inflow 1973 - 0 (7,500) (5,000) (2,500) - 2,500 5,000 7,500 -40 -20 0 20 40
负的 负的 自由现金流 自由现金流 (2,500)
Negative Negative Free Cash Flow Free Cash Flow (2,500)
收益流出 -20 收益流出 (5,000)
Earnings Outflow -20 Earnings Outflow (5,000)
投资流出 投资流入 投资流出 投资流入 (7,500) -40 现金投资 现金投资
Investment Outflow Investment Intflow Investment Outflow Investment Inflow (7,500) -40 Cash Investment Cash Investment
资料来源：公司 SEC 备案文件与 CSFB 分析。
Source: Company SEC filings and CSFB Analysis.
注：沃尔玛不同历史时期的现金经济学矩阵不在同一比例尺上。
Note: Cash Economics Matrices for different times in Wal-Mart’s history are not on the same scale.
从我们的 4 张旧经济矩阵——包括巴诺书店、《纽约时报》，以及初创期和成熟期的沃尔玛——中归纳，可以看到一条清晰的轨迹。在“初创”象限逗留一段时间之后，大多数成功的旧经济公司会转为现金收益为正。在作出越来越多的现金投资之后，边际收益递减最终迫使公司降低投资，直到其年度投资接近经济折旧，使净投资约等于零，并形成稳定的现金收益基础（图 6 以图示方式表现了这一过程）。14 图 6 现金经济学矩阵 平均旧经济公司
Generalizing from our 4 Old Economy matrices—including Barnes and Noble, the New York Times, and a nascent and mature Wal-Mart—we can see a distinct trend. After a stint in the Startup quadrant, most successful Old Economy companies become cash earnings positive. After making increasing cash investments, diminishing marginal returns eventually forces a company to lower its investments until its annual investment nears its economic depreciation, resulting in a net investment of approximately zero and a stable cash earnings base (this is represented graphically in Figure 6).14 Figure 6 Cash Economics Matrix Average Old Economy Company
盈利扩张 超级现金流 象限 象限
Profitable Super Buildout Cash Flow Quadrant Quadrant
收益流入
Earnings Inflow
正的自由现金流
Positive Free Cash Flow
负的自由现金流
Negative Free Cash Flow
收益流出
Earnings Outflow
初创象限
Startup Quadrant
投资流出 投资流入
Investment Outflow Investment Intflow
现金投资
Cash Investment
资料来源：CSFB 分析。
Source: CSFB Analysis.
现金经济学 新经济公司的现金经济学生命周期往往遵循 典型新经济公司的 一种截然不同的模式。新经济公司同样从“初创” 生命周期 象限起步，但正如亚马逊的现金经济学矩阵所显示的，有利的现金转换周期往往会转化为投资端的现金流入，即便在
Cash Economics The cash economics lifecycle of a New Economy company tends to follow a Lifecycle of the Typical dramatically different pattern. New Economy companies also start in the Startup New Economy Company quadrant, but as Amazon’s cash economic matrix indicates, a favorable cash conversion cycle often translates into a cash inflow from investment, even in the
14
14
亏损不断攀升的情况下亦然。这把它们推入“新兴资本高效型公司”象限。
face of mounting losses. This moves them to the Emerging Capital Efficient Company quadrant.
接下来，如果一切顺利，新经济公司会演进到“超级现金流”象限。雅虎最近几个季度就印证了这一模式。另一个例子是戴尔电脑，它按客户的定制规格组装个人电脑，客户则通过邮购目录、并且越来越多地通过公司互联网网站下单（见图 7）。两年多来——除最近两个季度外——戴尔在现金收益和现金投资两端都产生了流入，因为它从营运资本中创造现金的能力，已足以支付其固定资产投资还有余。15 图 7 现金经济学矩阵 戴尔电脑 1994 年 5 月—1998 年 11 月
Then, if all goes well, New Economy companies evolve into the Super Cash Flow quadrant. Yahoo!’s most recent quarters attest to this pattern. Another example is Dell Computer, which builds personal computers to the custom specifi-cations of customers who order from mail-order catalogs, and increasingly, from the company’s Internet web site (see Figure 7). For over two years—except for the two most recent quarters—Dell generated a cash inflow from cash earnings and investments, as its ability to generate cash from its working capital has more than paid for its investments in fixed assets.15 Figure 7 Cash Economics Matrix Dell Computer May 1994 – November 1998
1,500 盈利 超级 扩张 现金流 象限 11/98 象限
1,500 Profitable Super Buildout Cash Flow Quadrant 11/98 Quadrant
1,000
1,000
收益 11/97
Earnings 11/97
流入 500 11/96 11/95 正的
IInflow 500 11/96 11/95 Positive
5/94 自由现金流 - (1,500) (1,000) (500) - 500 1,000 1,500 负的自由现金流
5/94 Free Cash Flow - (1,500) (1,000) (500) - 500 1,000 1,500 Negative Free Cash Flow
(500)
(500)
收益 (1,000)
Earnings (1,000)
流出
Outflow
投资流出 投资流入 (1,500)
Investment Outflow Investment Intflow (1,500)
现金投资
Cash Investment
15 在最近两个季度里，戴尔的营运资本仍为负，即其营运
15 In the two most recent quarters, Dell has continued to have negative working capital, i.e. its working
资本仍由来自供应商、客户和员工的无息现金贷款提供融资。然而，或许由于戴尔对销售与付款周期较长的大企业客户销售增加，公司实际上已在营运资本上净投入了现金，从而至少暂时地从“超级现金流”象限移入“盈利扩张”象限。我们不认为这否定了我们的新经济公司生命周期理论，因为它代表的是戴尔进入新目标市场的启动成本，而不是其熟悉市场增长的延续。
capital is still financed by interest-free cash loans from suppliers, customers and employees. However, perhaps owing to Dell’s increased sales to large business accounts with longer sales and payment cycles, the company has actually invested net cash in its working capital, at least temporarily moving from the Super Cash Flow to the Profitable Buildout quadrant. We do not believe that this invalidates our New Economy company lifecycle theory, as it represents a start-up cost for Dell’s new target market, rather than a continuation of growth from its familiar markets.
资料来源：CSFB 分析。
Source: CSFB Analysis.
从我们的 3 张新经济矩阵——包括亚马逊、雅虎和戴尔——中归纳，我们看到另一条清晰的轨迹，只是与它们的旧经济同行不同。在“初创”象限起步之后，许多新经济公司会进入“新兴资本高效型公司”象限。随后，随着商业模式规模化、公司开始报告盈利，现金收益和现金投资两端都会产生现金流入。这使它们进入“超级现金流”象限（图 8 以图示方式表现了这一过程）。
Generalizing from our 3 New Economy matrices—including Amazon.com, Yahoo! and Dell—we see another distinct trend, albeit one different from their Old Economy counterparts. After starting the Startup quadrant, many New Economy companies move into the Emerging Capital Efficient Company quadrant. Then, as their business model scales and they start to report earnings, both cash earnings and investments generate cash inflows. This places them in the Super Cash Flow quadrant (this is represented graphically in Figure 8).
图 8 现金经济学矩阵 平均新经济公司
Figure 8 Cash Economics Matrix Average New Economy Company
盈利扩张 超级现金流 象限 象限
Profitable Super Buildout Cash Flow Quadrant Quadrant
收益流入
Earnings Inflow
正的自由现金流
Positive Free Cash Flow
负的自由现金流
Negative Free Cash Flow
收益流出
Earnings Outflow
初创象限 新兴资本高效型公司象限
Startup Emerging Capital Quadrant Efficient Company Quadrant
投资流出 投资流入
Investment Outflow Investment Inflow
现金投资
Cash Investment
资料来源：CSFB 分析。
Source: CSFB Analysis.
在 50 多年前写就的《投资价值理论》一书中，约翰·伯尔·威廉姆斯提出了价值的方程式，我们在此把它浓缩如下：任何股票、债券或企业的价值，都由该资产在其剩余存续期内可预期发生的现金流入与流出——按适当利率贴现——所决定。
In The Theory of Investment Value, written over 50 years ago, John Burr Wil-liams set forth the equation for value, which we condense here: The value of any stock, bond or business is determined by the cash inflows and outflows—discounted at the appropriate interest rate—that can be expected to occur during the remaining life of the asset.
——沃伦·巴菲特16 旧经济与新经济的估值
— Warren Buffett16 Valuation in the Old versus New Economy
投资者之所以在意企业的现金经济学，是因为它决定了未来现金流的规模、时点和风险性。而正如巴菲特所指出的，任何股票的价值，就是这些现金流的现值。
Investors care about the cash economics of businesses because they determine the magnitude, timing, and riskiness of future cash flows. And as Buffett notes, the value of any stock is the present value of these cash flows.
由于新经济公司的现金流与旧经济公司截然不同，我们理应预期它们的估值也截然不同。为演示这一理论要点，我们对一组现金经济学各异的公司作了估值。具体而言，我们假设这些公司的初始现金收益为 100 美元，并以 15% 的固定速度增长 11 年。我们还假设每家公司的初始现金投资需求各不相同——从 (200) 美元的现金流出到 200 美元的现金流入——同样以 15% 的固定速度增长十年。
Because New Economy companies have dramatically different cash flows than Old Economy companies, we would expect them to have dramatically different valuations as well. To demonstrate this theoretical point, we valued a range of companies with different cash economics. Specifically, we assumed the companies had initial cash earnings of $100, which grew at a constant rate of 15% for 11 years. We also assumed that each company had different initial cash investment requirements—ranging from a cash outflow of $(200) to a cash inflow of $200—which also grew at a constant rate of 15% for ten years.
把现金收益与现金投资相加，我们就得到每家公司预计的自由现金流序列。以 10% 的资本成本，我们对每家假想公司作了现金流贴现分析进行估值。随后我们把所得的市盈率与各公司的初始现金投资画在一起（见图 9）。
We can sum the cash earnings and investments to obtain a projected stream of free cash flows for each company. Using a cost of capital of 10%, we performed a discounted cash flow analysis to value each hypothetical company. We then plotted the resulting price-to-earnings ratio versus the initial cash investments for each company (see Figure 9).
16 《致股东信》，1992 年。http://www.berkshirehathaway.com/letters/1992.html。
16 Letters to Shareholders. 1992. http://www.berkshirehathaway.com/letters/1992.html.
图 9 市盈率与初始现金投资
Figure 9 Price to Earnings Ratio versus Initial Cash Investment
60
60
50
50
市盈率 40
Price to Earnings Ratio 40
30
30
20
20
10
10
原件此处是表格，PDF 抽取时列结构已丢失，下面只剩按列读出的数字，行列对应关系无法还原。核对数据请打开来源正文。
- -250 -200 -150 -100 -50 0 50 100 150 200 250 初始现金投资 现金投资流出递增 现金投资流入递增
- -250 -200 -150 -100 -50 0 50 100 150 200 250 Initial Cash Investment Increasing Cash Investment Outflow Increasing Cash Investment Inflow
资料来源：CSFB 分析。
Source: CSFB Analysis.
正如我们所预期的，在其他条件相同的情况下，来自现金投资的现金流入越大，公司就越有价值。反过来，来自现金投资的现金流出越大，估值就越低。
As we would expect, all things equal, the larger the cash inflow from cash investments, the more valuable the company. Conversely, a larger cash outflow from cash investments translates into a lower valuation.
我们在现实世界中同样看到这一模式。我们所刻画的互联网公司，其投资需求都显著低于旧经济同行。因此，我们相信互联网板块的高估值背后有着扎实的基本面支撑。（见表 1）。
We see this pattern in the real world as well. The Internet companies we profiled all have significantly less investment needs than their Old Economy counterparts. Thus, we believe that there are solid fundamental underpinnings behind the high valuations in the Internet sector. (see Table 1).
表 1 新旧经济公司的估值指标 企业价值/销售额 市销率 市盈率 公司 销售额
Table 1 Valuation Metrics for Old and New Economy Companies Enterprise Value to Price to Sales Price to Earnings Company Sales
1999E 2000E 1999E 2000E 1999E 2000E 单位：百万美元 单位：百万美元 每股 Amazon 14.5 9.5 14.5 9.5 NMF NMF Barnes and Noble 0.5 0.5 1.2 1.1 24.2 18.2 Yahoo! 50.0 38.7 48.7 37.7 419.9 330.6 New York Times 2.3 2.1 2.5 2.3 19.4 17.4 Dell Computer 4.2 3.1 4.1 3.0 55.6 41.5 Wal-Mart 1.2 1.1 1.3 1.2 38.1 33.6
1999E 2000E 1999E 2000E 1999E 2000E in millions in millions per share Amazon 14.5 9.5 14.5 9.5 NMF NMF Barnes and Noble 0.5 0.5 1.2 1.1 24.2 18.2 Yahoo! 50.0 38.7 48.7 37.7 419.9 330.6 New York Times 2.3 2.1 2.5 2.3 19.4 17.4 Dell Computer 4.2 3.1 4.1 3.0 55.6 41.5 Wal-Mart 1.2 1.1 1.3 1.2 38.1 33.6
资料来源：FactSet，CSFB 估算，ValueLine 估算。
Source: FactSet, CSFB Estimates, ValueLine Estimates.
结论 互联网公司获得的高估值，或许是经济向知识型新经济公司转移过程中最显眼的症候。随着
Conclusion The high valuations accorded to Internet companies may be the most prominent symptom of the shift towards knowledge-based New Economy companies. As
人、想法和网络继续成为公司竞争优势的主要来源，我们相信这一转移只会变得更加不
people, ideas and networks continue to become the major sources of competitive advantage for companies, we believe this shift will only become more intracta-
可逆转。因此我们相信，理解新经济公司不同的现金经济学是必不可少的——不仅对今天的科技投资者如此，对明天的通才型投资者同样如此。
ble. Hence, we believe that an understanding of the different cash economics of New Economy companies is essential—not only for the technology investors of today, but for the generalist investors of tomorrow.
注瑞士信贷第一波士顿公司（CREDIT SUISSE FIRST BOSTON CORPORATION）可能在过去三年内担任过上述任何一家或全部公司公开发行证券的主承销商或联席主承销商，或为其证券做市。
N.B.CREDIT SUISSE FIRST BOSTON CORPORATION may have, within the last three years, served as a manager or co-manager of a public offering of securities for or makes a primary market in issues of any or all of the companies mentioned.
所有价格均截至 1999 年 2 月 25 日。
All prices as of 2/25/99.
亚马逊 （AMZN, 125, 买入） * 美国在线 （AOL, 87 3/16, 买入） * 巴诺书店 （BKS, 28 ¾, 未评级） * 博德斯图书集团 （BGP, 13 ¾, 未评级） * 《纽约时报》 （NYT, 32 1/16, 买入） * 沃尔玛 （WMT, 85, 买入） * 雅虎 （YHOO, 155 3/8, 买入） *
Amazon.com (AMZN, 125, Buy) * American Online (AOL, 87 3/16, Buy) * Barnes and Noble (BKS, 28 ¾, NR) * Borders Book Group (BGP, 13 ¾, NR) * The New York Times (NYT, 32 1/16, Buy) * Wal-Mart (WMT, 85, Buy) * Yahoo! (YHOO, 155 3/8, Buy) *
- 由另一位 CSFB 分析师覆盖。
- Covered by a different CSFB analyst.
亚马逊的累计现金投资，即投入资本
Amazon’s Accumulated Cash Investments, or Invested Capital
原件此处是表格，PDF 抽取时列结构已丢失，下面只剩按列读出的数字，行列对应关系无法还原。核对数据请打开来源正文。
in millions, 1996 to present Q4/96 Q1/97 Q2/97 Q3/97 Q4/97 Q1/98 Q2/98 Q3/98 Q4/98 Assets Cash and ST Investments 6.2 7.2 56.4 48.2 125.1 116.8 339.9 337.3 373.4 Excess cash 1.2 2.2 51.4 43.2 120.1 111.8 334.9 332.3 368.4 Required cash 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 Inventories 0.6 0.9 1.7 2.7 9.0 11.7 17.0 19.8 29.5 Prepaid expenses and other 0.3 0.9 1.2 1.8 3.3 4.4 12.5 17.6 21.3 Current Assets 5.9 6.9 7.8 9.5 17.3 21.1 34.5 42.4 55.8 Accounts payable 2.9 5.7 10.3 15.4 32.7 34.4 47.6 60.0 113.3 Accrued advertising 0.6 1.3 3.2 - 3.5 5.3 10.0 11.9 13.1 Accrued product development 0.5 - - - - 8.1 13.7 26.9 - Other liabilites and accrued expenses 0.9 2.1 3.9 4.5 6.2 - - - 34.5 Non-Interest Bearing Current Liabilities 4.9 9.0 17.4 19.8 42.3 47.8 71.2 98.8 160.9 Net Working Capital 1.0 (2.1) (9.5) (10.3) (25.0) (26.7) (36.7) (56.4) (105.1) Net P,P&E 1.0 1.5 3.6 4.4 9.3 9.8 14.0 23.8 29.8 Present Value of Oper Leases 4.1 16.7 29.0 39.5 38.5 38.5 38.5 38.5 38.5 Deposits 0.1 0.2 0.3 0.3 0.2 0.3 0.3 0.6 0.6 Deferred charges - - - - 2.2 2.0 7.6 7.6 7.4
in millions, 1996 to present Q4/96 Q1/97 Q2/97 Q3/97 Q4/97 Q1/98 Q2/98 Q3/98 Q4/98 Assets Cash and ST Investments 6.2 7.2 56.4 48.2 125.1 116.8 339.9 337.3 373.4 Excess cash 1.2 2.2 51.4 43.2 120.1 111.8 334.9 332.3 368.4 Required cash 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 Inventories 0.6 0.9 1.7 2.7 9.0 11.7 17.0 19.8 29.5 Prepaid expenses and other 0.3 0.9 1.2 1.8 3.3 4.4 12.5 17.6 21.3 Current Assets 5.9 6.9 7.8 9.5 17.3 21.1 34.5 42.4 55.8 Accounts payable 2.9 5.7 10.3 15.4 32.7 34.4 47.6 60.0 113.3 Accrued advertising 0.6 1.3 3.2 - 3.5 5.3 10.0 11.9 13.1 Accrued product development 0.5 - - - - 8.1 13.7 26.9 - Other liabilites and accrued expenses 0.9 2.1 3.9 4.5 6.2 - - - 34.5 Non-Interest Bearing Current Liabilities 4.9 9.0 17.4 19.8 42.3 47.8 71.2 98.8 160.9 Net Working Capital 1.0 (2.1) (9.5) (10.3) (25.0) (26.7) (36.7) (56.4) (105.1) Net P,P&E 1.0 1.5 3.6 4.4 9.3 9.8 14.0 23.8 29.8 Present Value of Oper Leases 4.1 16.7 29.0 39.5 38.5 38.5 38.5 38.5 38.5 Deposits 0.1 0.2 0.3 0.3 0.2 0.3 0.3 0.6 0.6 Deferred charges - - - - 2.2 2.0 7.6 7.6 7.4
以权益联营法收购所产生的虚拟商誉
Phantom goodwill from pooling acquisition of
原件此处是表格，PDF 抽取时列结构已丢失，下面只剩按列读出的数字，行列对应关系无法还原。核对数据请打开来源正文。
PlanetAll - - - - - - - 87.8 87.8 Goodwill and other purchased intangibles - - - - - - 52.4 213.1 186.4 Total accumulated amortization - - - - - - 5.4 21.6 45.8 Fixed Assets 5.2 18.4 32.9 44.2 50.1 50.6 118.2 392.9 396.3 Invested capital 6.3 16.3 23.4 33.9 25.1 23.9 81.5 336.5 291.2
PlanetAll - - - - - - - 87.8 87.8 Goodwill and other purchased intangibles - - - - - - 52.4 213.1 186.4 Total accumulated amortization - - - - - - 5.4 21.6 45.8 Fixed Assets 5.2 18.4 32.9 44.2 50.1 50.6 118.2 392.9 396.3 Invested capital 6.3 16.3 23.4 33.9 25.1 23.9 81.5 336.5 291.2
亚马逊的现金收益，即税后净营业利润
Amazon’s Cash Earnings, or Net Operating Profit After Taxes
in millions, 1996 to present Q1/97 Q2/97 Q3/97 Q4/97 Q1/98 Q2/98 Q3/98 Q4/98 Net Sales 16.0 27.9 37.9 66.0 87.4 116.0 153.7 252.9 Total COS 12.5 22.6 30.7 53.1 68.1 89.8 118.8 199.5 Gross income 3.5 5.2 7.2 12.9 19.3 26.2 34.9 53.5 Marketing and sales 3.9 7.8 11.0 16.3 19.5 26.5 37.5 49.6 Product development 1.6 2.8 3.6 4.5 6.7 8.1 13.4 18.6 General and administrative 1.1 1.7 1.8 1.9 2.0 3.3 5.0 5.6 M&A related costs - - - - - 5.4 20.5 24.2 Operating Expenses 6.6 12.3 16.4 22.7 28.2 43.2 76.4 98.0 Adjusted EBIT (3.1) (7.1) (9.2) (9.9) (8.9) (17.0) (41.5) (44.6) + Goodwill amortization - - - - - 5.4 20.5 24.2 Adjusted EBITA (3.1) (7.1) (9.2) (9.9) (8.9) (11.6) (21.0) (20.3) + Interest expense of cap O L 0.1 0.3 0.6 0.8 0.8 0.8 0.8 0.8 Net Adjustment for Capitalized Expenses 0.1 0.3 0.6 0.8 0.8 0.8 0.8 0.8 Adjusted Net Operating Profit (3.0) (6.7) (8.6) (9.1) (8.1) (10.8) (20.2) (19.6) + Change in reserves - - - - - - - 1.0 Income Equivalents - - - - - - - 1.0 Net Operating Profit Before Taxes (3.0) (6.7) (8.6) (9.1) (8.1) (10.8) (20.2) (18.6) Income Tax Provision - - - - - - - - + Net tax impact from interest (0.0) (0.1) (0.2) (0.2) (0.6) 0.1 1.5 1.3 + Tax benefit from capitalization of op leases 0.0 0.1 0.2 0.3 0.3 0.3 0.3 0.3 - Increase deferred taxes - - - - - - - - Cash Operating Taxes 0.0 (0.0) (0.0) 0.1 (0.3) 0.4 1.7 1.6 Net Operating Profit After Taxes (3.0) (6.7) (8.6) (9.2) (7.8) (11.2) (22.0) (20.1)
in millions, 1996 to present Q1/97 Q2/97 Q3/97 Q4/97 Q1/98 Q2/98 Q3/98 Q4/98 Net Sales 16.0 27.9 37.9 66.0 87.4 116.0 153.7 252.9 Total COS 12.5 22.6 30.7 53.1 68.1 89.8 118.8 199.5 Gross income 3.5 5.2 7.2 12.9 19.3 26.2 34.9 53.5 Marketing and sales 3.9 7.8 11.0 16.3 19.5 26.5 37.5 49.6 Product development 1.6 2.8 3.6 4.5 6.7 8.1 13.4 18.6 General and administrative 1.1 1.7 1.8 1.9 2.0 3.3 5.0 5.6 M&A related costs - - - - - 5.4 20.5 24.2 Operating Expenses 6.6 12.3 16.4 22.7 28.2 43.2 76.4 98.0 Adjusted EBIT (3.1) (7.1) (9.2) (9.9) (8.9) (17.0) (41.5) (44.6) + Goodwill amortization - - - - - 5.4 20.5 24.2 Adjusted EBITA (3.1) (7.1) (9.2) (9.9) (8.9) (11.6) (21.0) (20.3) + Interest expense of cap O L 0.1 0.3 0.6 0.8 0.8 0.8 0.8 0.8 Net Adjustment for Capitalized Expenses 0.1 0.3 0.6 0.8 0.8 0.8 0.8 0.8 Adjusted Net Operating Profit (3.0) (6.7) (8.6) (9.1) (8.1) (10.8) (20.2) (19.6) + Change in reserves - - - - - - - 1.0 Income Equivalents - - - - - - - 1.0 Net Operating Profit Before Taxes (3.0) (6.7) (8.6) (9.1) (8.1) (10.8) (20.2) (18.6) Income Tax Provision - - - - - - - - + Net tax impact from interest (0.0) (0.1) (0.2) (0.2) (0.6) 0.1 1.5 1.3 + Tax benefit from capitalization of op leases 0.0 0.1 0.2 0.3 0.3 0.3 0.3 0.3 - Increase deferred taxes - - - - - - - - Cash Operating Taxes 0.0 (0.0) (0.0) 0.1 (0.3) 0.4 1.7 1.6 Net Operating Profit After Taxes (3.0) (6.7) (8.6) (9.2) (7.8) (11.2) (22.0) (20.1)
亚马逊现金收益与现金投资汇总 单位：百万美元，1996 年至今
Summary of Amazon’s Cash Earnings and Investments in millions, 1996 to present
Q1/97 Q2/97 Q3/97 Q4/97 Q1/98 Q2/98 Q3/98 Q4/98
Q1/97 Q2/97 Q3/97 Q4/97 Q1/98 Q2/98 Q3/98 Q4/98
Quarterly Cash Earnings (3.0) (6.7) (8.6) (9.2) (7.8) (11.2) (22.0) (20.1)
Quarterly Cash Earnings (3.0) (6.7) (8.6) (9.2) (7.8) (11.2) (22.0) (20.1)
季度变动：
Quarterly Changes:
原件此处是表格，PDF 抽取时列结构已丢失，下面只剩按列读出的数字，行列对应关系无法还原。核对数据请打开来源正文。
Inventory 0.4 0.7 1.1 6.2 2.7 5.4 2.7 9.7 Prepaid expenses and other 0.6 0.2 0.6 1.5 1.1 8.1 5.1 3.7 Curent Assets 1.0 0.9 1.7 7.8 3.8 13.4 7.9 13.4 Accounts payable 2.8 4.7 5.1 17.3 1.7 13.2 12.5 53.2 Accrued advertising 0.7 1.9 (3.2) 3.5 1.9 4.6 1.9 1.2 Accrued product development (0.5) - - - 8.1 5.6 13.2 (26.9) Other liabilites and accrued expenses 1.1 1.8 0.6 1.7 (6.2) - - 34.5 Current Liabilities 4.1 8.4 2.5 22.5 5.5 23.4 27.5 62.1 Investment in net working capital (3.1) (7.5) (0.8) (14.7) (1.7) (10.0) (19.7) (48.7) Investment in fixed assets 13.1 14.6 11.3 5.9 0.4 9.8 10.1 5.8 Acquisitions - - - - - 57.8 264.6 (2.4) Total Investment 10.0 7.1 10.5 (8.8) (1.2) 57.6 255.0 (45.3) Free cash flow (13.0) (13.8) (19.1) (0.4) (6.6) (68.8) (277.0) 25.2 Normalized Cash Investment Inflow (Outflow) (10.0) (7.1) (10.5) 8.8 1.2 0.2 9.6 42.9 Cash Earnings Inflow (Outflow) (3.0) (6.7) (8.6) (9.2) (7.8) (11.2) (22.0) (20.1) Normalized Free Cash Flow (13.0) (13.8) (19.1) (0.4) (6.6) (11.0) (12.4) 22.8
Inventory 0.4 0.7 1.1 6.2 2.7 5.4 2.7 9.7 Prepaid expenses and other 0.6 0.2 0.6 1.5 1.1 8.1 5.1 3.7 Curent Assets 1.0 0.9 1.7 7.8 3.8 13.4 7.9 13.4 Accounts payable 2.8 4.7 5.1 17.3 1.7 13.2 12.5 53.2 Accrued advertising 0.7 1.9 (3.2) 3.5 1.9 4.6 1.9 1.2 Accrued product development (0.5) - - - 8.1 5.6 13.2 (26.9) Other liabilites and accrued expenses 1.1 1.8 0.6 1.7 (6.2) - - 34.5 Current Liabilities 4.1 8.4 2.5 22.5 5.5 23.4 27.5 62.1 Investment in net working capital (3.1) (7.5) (0.8) (14.7) (1.7) (10.0) (19.7) (48.7) Investment in fixed assets 13.1 14.6 11.3 5.9 0.4 9.8 10.1 5.8 Acquisitions - - - - - 57.8 264.6 (2.4) Total Investment 10.0 7.1 10.5 (8.8) (1.2) 57.6 255.0 (45.3) Free cash flow (13.0) (13.8) (19.1) (0.4) (6.6) (68.8) (277.0) 25.2 Normalized Cash Investment Inflow (Outflow) (10.0) (7.1) (10.5) 8.8 1.2 0.2 9.6 42.9 Cash Earnings Inflow (Outflow) (3.0) (6.7) (8.6) (9.2) (7.8) (11.2) (22.0) (20.1) Normalized Free Cash Flow (13.0) (13.8) (19.1) (0.4) (6.6) (11.0) (12.4) 22.8
滚动十二个月：
Trailing Twelve Months:
Normalized Cash Investment Inflow (Outflow) (7.6) (0.3) 19.8 53.9 Cash Earnings Inflow (Outflow) (32.3) (36.8) (50.2) (61.1) Normalized Free Cash Flow (39.9) (37.1) (30.4) (7.2)
Normalized Cash Investment Inflow (Outflow) (7.6) (0.3) 19.8 53.9 Cash Earnings Inflow (Outflow) (32.3) (36.8) (50.2) (61.1) Normalized Free Cash Flow (39.9) (37.1) (30.4) (7.2)
资料来源：公司 SEC 备案文件与 CSFB 分析。
Source: Company SEC filings and CSFB Analysis.
注：“标准化”现金投资不包括用于收购几乎不产生现金收益的网络技术公司所支出的股票或现金
Note: “Normalized” Cash Investment does not include stock or cash spent on acquisition of web technology companies with little or no cash earnings
巴诺书店的累计现金投资，即投入资本
Barnes and Noble’s Accumulated Cash Investments, or Invested Capital
in millions, 1Q97 to present 1Q97 2Q97 3Q97 4Q97 1Q98 2Q98 3Q98 4Q98 1Q99 2Q99 3Q99 Assets 4/27/96 7/27/96 10/26/96 2/1/97 5/3/97 8/2/97 11/1/97 1/31/98 5/2/98 8/1/98 10/31/98 Cash 9.3 16.6 19.0 12.4 10.3 8.8 11.8 12.7 10.8 9.6 10.6 Excess cash 4.3 11.6 14.0 7.4 5.3 3.8 6.8 7.7 5.8 4.6 5.6 Required cash 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 Receivables 42.0 44.5 61.4 45.6 40.4 47.0 63.5 43.9 30.0 39.4 66.2 Inventory 705.6 682.7 827.8 732.2 731.5 733.3 936.9 852.1 856.6 821.3 1,056.4 LIFO reserve 7.8 6.4 6.0 8.8 8.8 8.3 7.3 5.1 4.4 3.6 2.9
in millions, 1Q97 to present 1Q97 2Q97 3Q97 4Q97 1Q98 2Q98 3Q98 4Q98 1Q99 2Q99 3Q99 Assets 4/27/96 7/27/96 10/26/96 2/1/97 5/3/97 8/2/97 11/1/97 1/31/98 5/2/98 8/1/98 10/31/98 Cash 9.3 16.6 19.0 12.4 10.3 8.8 11.8 12.7 10.8 9.6 10.6 Excess cash 4.3 11.6 14.0 7.4 5.3 3.8 6.8 7.7 5.8 4.6 5.6 Required cash 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 Receivables 42.0 44.5 61.4 45.6 40.4 47.0 63.5 43.9 30.0 39.4 66.2 Inventory 705.6 682.7 827.8 732.2 731.5 733.3 936.9 852.1 856.6 821.3 1,056.4 LIFO reserve 7.8 6.4 6.0 8.8 8.8 8.3 7.3 5.1 4.4 3.6 2.9
预付费用及其他流动资产
Prepaid expenses and other current assets
原件此处是表格，PDF 抽取时列结构已丢失，下面只剩按列读出的数字，行列对应关系无法还原。核对数据请打开来源正文。
45.7 51.2 42.6 76.7 76.7 86.9 88.9 68.9 99.2 92.7 72.9 Curent Assets 806.1 789.8 942.8 868.3 862.4 880.5 1,101.6 975.0 995.1 962.1 1,203.4 Accounts payable 348.0 323.0 477.9 373.3 364.2 394.0 555.6 459.8 432.7 392.3 623.9 Other current liabilities 180.1 182.6 187.4 240.9 209.2 191.3 218.2 253.1 215.5 201.2 182.0 Current Liabilities 528.0 505.6 665.3 614.3 573.3 585.3 773.8 712.8 648.2 593.6 805.9 Net Working Capital 278.1 284.2 277.5 254.0 289.0 295.2 327.9 262.1 346.9 368.5 397.4 Net P,P&E 358.8 387.9 421.6 434.8 444.0 450.8 458.1 482.1 479.9 500.2 524.5 Present value of operating leases 1,346.9 1,426.3 1,505.8 1,585.2 1,617.0 1,648.9 1,680.8 1,712.6 1,744.5 1,776.4 1,808.2 Intangible assets, net 96.0 95.2 94.2 93.5 92.7 91.9 91.1 90.2 89.4 88.6 87.8 Other noncurrent assets 59.1 59.4 65.1 51.4 51.6 59.2 59.4 41.2 40.7 42.5 40.8 After-tax asset writedown 80.4 80.4 80.4 80.4 80.4 80.4 80.4 80.4 80.4 80.4 80.4 Fixed Assets 1,941.3 2,049.2 2,167.1 2,245.3 2,285.7 2,331.2 2,369.8 2,406.7 2,435.0 2,488.2 2,541.8 Invested capital 2,219.3 2,333.4 2,444.6 2,499.4 2,574.8 2,626.4 2,697.6 2,668.8 2,781.9 2,856.7 2,939.2
45.7 51.2 42.6 76.7 76.7 86.9 88.9 68.9 99.2 92.7 72.9 Curent Assets 806.1 789.8 942.8 868.3 862.4 880.5 1,101.6 975.0 995.1 962.1 1,203.4 Accounts payable 348.0 323.0 477.9 373.3 364.2 394.0 555.6 459.8 432.7 392.3 623.9 Other current liabilities 180.1 182.6 187.4 240.9 209.2 191.3 218.2 253.1 215.5 201.2 182.0 Current Liabilities 528.0 505.6 665.3 614.3 573.3 585.3 773.8 712.8 648.2 593.6 805.9 Net Working Capital 278.1 284.2 277.5 254.0 289.0 295.2 327.9 262.1 346.9 368.5 397.4 Net P,P&E 358.8 387.9 421.6 434.8 444.0 450.8 458.1 482.1 479.9 500.2 524.5 Present value of operating leases 1,346.9 1,426.3 1,505.8 1,585.2 1,617.0 1,648.9 1,680.8 1,712.6 1,744.5 1,776.4 1,808.2 Intangible assets, net 96.0 95.2 94.2 93.5 92.7 91.9 91.1 90.2 89.4 88.6 87.8 Other noncurrent assets 59.1 59.4 65.1 51.4 51.6 59.2 59.4 41.2 40.7 42.5 40.8 After-tax asset writedown 80.4 80.4 80.4 80.4 80.4 80.4 80.4 80.4 80.4 80.4 80.4 Fixed Assets 1,941.3 2,049.2 2,167.1 2,245.3 2,285.7 2,331.2 2,369.8 2,406.7 2,435.0 2,488.2 2,541.8 Invested capital 2,219.3 2,333.4 2,444.6 2,499.4 2,574.8 2,626.4 2,697.6 2,668.8 2,781.9 2,856.7 2,939.2
巴诺书店的现金收益，即税后净营业利润
Barnes and Noble’s Cash Earnings, or Net Operating Profit After Taxes
in millions, 1Q97 to present 1Q97 2Q97 3Q97 4Q97 1Q98 2Q98 3Q98 4Q98 1Q99 2Q99 3Q99 4/27/96 7/27/96 10/26/96 2/1/97 5/3/97 8/2/97 11/1/97 1/31/98 5/2/98 8/1/98 10/31/98 Net sales 508.8 524.3 532.6 1,231.2 595.7 617.7 614.8 619.8 666.3 675.0 674.1 Cost of sales, buying and occupancy 386.6 394.4 397.8 840.5 450.8 461.8 452.9 419.8 492.1 492.7 487.7 Gross income 122.2 129.9 134.7 390.7 144.9 155.9 161.9 200.0 174.2 182.3 186.4 Selling and administrative expenses 104.2 105.2 110.0 221.0 120.2 126.2 129.1 90.2 149.6 160.6 160.5 Depreciation and amortization 13.6 14.3 15.5 33.6 17.7 18.9 19.7 3.4 21.9 22.8 24.7 Pre-opening expenses 4.5 4.9 4.6 (1.1) 3.9 3.4 3.1 7.3 2.6 2.3 2.0 Total operating expenses 122.3 124.3 130.1 253.5 141.8 148.5 151.9 100.8 174.1 185.7 187.2 Adjusted EBIT (0.1) 5.6 4.6 137.2 3.1 7.4 10.0 99.1 0.1 (3.4) (0.8) + Goodwill amortization - - - - - - - - - - - Adjusted EBITA (0.1) 5.6 4.6 137.2 3.1 7.4 10.0 99.1 0.1 (3.4) (0.8) + Interest expense of capitalized operating leases 25.4 26.9 28.5 30.1 31.7 32.3 33.0 33.6 34.3 34.9 35.5 Net Adjustment for Capitalized Expenses 25.4 26.9 28.5 30.1 31.7 32.3 33.0 33.6 34.3 34.9 35.5 Adjusted Net Operating Profit 25.2 32.6 33.1 167.3 34.8 39.8 43.0 132.7 34.3 31.5 34.7 + Decrease in LIFO reserve 0.5 1.4 0.4 (2.8) - 0.5 1.0 2.2 0.8 0.8 0.8 Change in Capitalized Expenses 0.5 1.4 0.4 (2.8) - 0.5 1.0 2.2 0.8 0.8 0.8 Net Operating Profit Before Taxes 24.7 31.2 32.7 170.1 34.8 39.3 42.0 130.5 33.6 30.7 33.9 Income tax provision (3.1) (1.8) (2.4) 52.2 (2.7) (0.9) 0.0 33.7 (2.3) (4.0) (3.2) + Net tax impact from interest 2.9 3.6 3.4 3.3 3.4 3.4 3.5 3.1 2.0 2.2 2.4 + Tax benefit from capitalization of operating leases 8.9 9.4 10.0 10.5 11.1 11.3 11.5 11.8 12.0 12.2 12.4 - Increase deferred taxes - - - - - - - - - - - Cash operating taxes 8.7 11.2 10.9 66.1 11.8 13.8 15.1 48.7 11.7 10.4 11.7 Net Operating Profit After Taxes 16.0 20.0 21.8 104.0 23.0 25.5 26.9 81.9 21.9 20.3 22.3
in millions, 1Q97 to present 1Q97 2Q97 3Q97 4Q97 1Q98 2Q98 3Q98 4Q98 1Q99 2Q99 3Q99 4/27/96 7/27/96 10/26/96 2/1/97 5/3/97 8/2/97 11/1/97 1/31/98 5/2/98 8/1/98 10/31/98 Net sales 508.8 524.3 532.6 1,231.2 595.7 617.7 614.8 619.8 666.3 675.0 674.1 Cost of sales, buying and occupancy 386.6 394.4 397.8 840.5 450.8 461.8 452.9 419.8 492.1 492.7 487.7 Gross income 122.2 129.9 134.7 390.7 144.9 155.9 161.9 200.0 174.2 182.3 186.4 Selling and administrative expenses 104.2 105.2 110.0 221.0 120.2 126.2 129.1 90.2 149.6 160.6 160.5 Depreciation and amortization 13.6 14.3 15.5 33.6 17.7 18.9 19.7 3.4 21.9 22.8 24.7 Pre-opening expenses 4.5 4.9 4.6 (1.1) 3.9 3.4 3.1 7.3 2.6 2.3 2.0 Total operating expenses 122.3 124.3 130.1 253.5 141.8 148.5 151.9 100.8 174.1 185.7 187.2 Adjusted EBIT (0.1) 5.6 4.6 137.2 3.1 7.4 10.0 99.1 0.1 (3.4) (0.8) + Goodwill amortization - - - - - - - - - - - Adjusted EBITA (0.1) 5.6 4.6 137.2 3.1 7.4 10.0 99.1 0.1 (3.4) (0.8) + Interest expense of capitalized operating leases 25.4 26.9 28.5 30.1 31.7 32.3 33.0 33.6 34.3 34.9 35.5 Net Adjustment for Capitalized Expenses 25.4 26.9 28.5 30.1 31.7 32.3 33.0 33.6 34.3 34.9 35.5 Adjusted Net Operating Profit 25.2 32.6 33.1 167.3 34.8 39.8 43.0 132.7 34.3 31.5 34.7 + Decrease in LIFO reserve 0.5 1.4 0.4 (2.8) - 0.5 1.0 2.2 0.8 0.8 0.8 Change in Capitalized Expenses 0.5 1.4 0.4 (2.8) - 0.5 1.0 2.2 0.8 0.8 0.8 Net Operating Profit Before Taxes 24.7 31.2 32.7 170.1 34.8 39.3 42.0 130.5 33.6 30.7 33.9 Income tax provision (3.1) (1.8) (2.4) 52.2 (2.7) (0.9) 0.0 33.7 (2.3) (4.0) (3.2) + Net tax impact from interest 2.9 3.6 3.4 3.3 3.4 3.4 3.5 3.1 2.0 2.2 2.4 + Tax benefit from capitalization of operating leases 8.9 9.4 10.0 10.5 11.1 11.3 11.5 11.8 12.0 12.2 12.4 - Increase deferred taxes - - - - - - - - - - - Cash operating taxes 8.7 11.2 10.9 66.1 11.8 13.8 15.1 48.7 11.7 10.4 11.7 Net Operating Profit After Taxes 16.0 20.0 21.8 104.0 23.0 25.5 26.9 81.9 21.9 20.3 22.3
巴诺书店现金收益与现金投资汇总
Summary of Barnes and Noble’s Cash Earnings and Investments
in millions, 1Q97 to present 1Q97 2Q97 3Q97 4Q97 1Q98 2Q98 3Q98 4Q98 1Q99 2Q99 3Q99 4/27/96 7/27/96 10/26/96 2/1/97 5/3/97 8/2/97 11/1/97 1/31/98 5/2/98 8/1/98 10/31/98 Quarterly Cash Earnings 16.0 20.0 21.8 104.0 23.0 25.5 26.9 81.9 21.9 20.3 22.3
in millions, 1Q97 to present 1Q97 2Q97 3Q97 4Q97 1Q98 2Q98 3Q98 4Q98 1Q99 2Q99 3Q99 4/27/96 7/27/96 10/26/96 2/1/97 5/3/97 8/2/97 11/1/97 1/31/98 5/2/98 8/1/98 10/31/98 Quarterly Cash Earnings 16.0 20.0 21.8 104.0 23.0 25.5 26.9 81.9 21.9 20.3 22.3
季度变动：
Quarterly Changes:
原件此处是表格，PDF 抽取时列结构已丢失，下面只剩按列读出的数字，行列对应关系无法还原。核对数据请打开来源正文。
Investment in net working capital (47.5) (6.1) 6.7 23.4 (35.0) (6.1) (32.7) 65.7 (84.8) (21.6) (28.9) Investment in fixed plant (126.2) (107.9) (117.9) (78.2) (40.4) (45.5) (38.6) (36.9) (28.3) (53.2) (53.6) Quarterly Cash Investment (173.7) (114.1) (111.2) (54.7) (75.4) (51.6) (71.2) 28.8 (113.1) (74.8) (82.5) Free Cash Flow (157.7) (94.1) (89.5) 49.2 (52.4) (26.1) (44.3) 110.7 (91.1) (54.5) (60.3)
Investment in net working capital (47.5) (6.1) 6.7 23.4 (35.0) (6.1) (32.7) 65.7 (84.8) (21.6) (28.9) Investment in fixed plant (126.2) (107.9) (117.9) (78.2) (40.4) (45.5) (38.6) (36.9) (28.3) (53.2) (53.6) Quarterly Cash Investment (173.7) (114.1) (111.2) (54.7) (75.4) (51.6) (71.2) 28.8 (113.1) (74.8) (82.5) Free Cash Flow (157.7) (94.1) (89.5) 49.2 (52.4) (26.1) (44.3) 110.7 (91.1) (54.5) (60.3)
滚动十二个月：
Trailing Twelve Months:
Receivables (10.1) (4.2) 5.7 3.5 1.6 (2.5) (2.1) 1.7 10.4 7.6 (2.7) Inventory & LIFO reserve (194.5) (161.3) (40.0) 7.7 (26.9) (52.5) (110.4) (116.2) (120.7) (83.4) (115.1) Prepaid expenses and other current
Receivables (10.1) (4.2) 5.7 3.5 1.6 (2.5) (2.1) 1.7 10.4 7.6 (2.7) Inventory & LIFO reserve (194.5) (161.3) (40.0) 7.7 (26.9) (52.5) (110.4) (116.2) (120.7) (83.4) (115.1) Prepaid expenses and other current
原件此处是表格，PDF 抽取时列结构已丢失，下面只剩按列读出的数字，行列对应关系无法还原。核对数据请打开来源正文。
assets (16.0) (19.4) 5.1 (27.2) (31.0) (35.7) (46.3) 7.8 (22.5) (5.8) 16.0 Accounts payable 58.1 40.9 (63.1) (42.4) 16.2 71.0 77.7 86.5 68.5 (1.7) 68.3 Other current liabilities 57.9 64.3 63.3 34.9 29.1 8.7 30.7 12.1 6.4 10.0 (36.1) Investment in net working capital (104.5) (79.7) (29.0) (23.5) (11.0) (11.0) (50.4) (8.1) (57.8) (73.3) (69.6) Investment in fixed plant (360.4) (400.3) (455.7) (430.2) (344.5) (282.0) (202.6) (161.4) (149.3) (157.0) (172.0) Cash Investments Inflow (Outflow) (384.4) (399.6) (404.3) (453.7) (355.5) (293.0) (253.0) (169.4) (207.1) (230.3) (241.6) Cash Earnings Inflow (Outflow) 134.2 138.2 143.0 161.7 168.7 174.2 179.4 157.3 156.2 151.0 146.4 Free Cash Flow (250.2) (261.4) (261.3) (292.0) (186.7) (118.8) (73.6) (12.1) (50.9) (79.3) (95.3)
assets (16.0) (19.4) 5.1 (27.2) (31.0) (35.7) (46.3) 7.8 (22.5) (5.8) 16.0 Accounts payable 58.1 40.9 (63.1) (42.4) 16.2 71.0 77.7 86.5 68.5 (1.7) 68.3 Other current liabilities 57.9 64.3 63.3 34.9 29.1 8.7 30.7 12.1 6.4 10.0 (36.1) Investment in net working capital (104.5) (79.7) (29.0) (23.5) (11.0) (11.0) (50.4) (8.1) (57.8) (73.3) (69.6) Investment in fixed plant (360.4) (400.3) (455.7) (430.2) (344.5) (282.0) (202.6) (161.4) (149.3) (157.0) (172.0) Cash Investments Inflow (Outflow) (384.4) (399.6) (404.3) (453.7) (355.5) (293.0) (253.0) (169.4) (207.1) (230.3) (241.6) Cash Earnings Inflow (Outflow) 134.2 138.2 143.0 161.7 168.7 174.2 179.4 157.3 156.2 151.0 146.4 Free Cash Flow (250.2) (261.4) (261.3) (292.0) (186.7) (118.8) (73.6) (12.1) (50.9) (79.3) (95.3)
雅虎的累计现金投资，即投入资本
Yahoo!’s Accumulated Cash Investments, or Invested Capital
in millions, 1996 to present 4Q/96 1Q/97 2Q/97 3Q/97 4Q/97 1Q/98 2Q/98 3Q/98 4Q/98 12/31/96 3/31/97 6/30/97 9/30/97 12/31/97 3/31/98 6/30/98 9/31/98 12/31/98 Cash and cash equivalents 31.9 33.2 61.6 55.8 62.5 45.0 89.3 161.9 482.4 Short-term investments 60.7 56.6 37.3 42.7 27.8 71.9 53.9 226.7 - Long-term investments 9.7 5.1 - 4.0 16.7 7.6 4.1 61.9 41.3 Actual cash and ST investments 102.3 94.9 98.9 102.5 107.0 124.5 147.2 450.5 523.8 Excess cash 97.3 89.9 93.9 97.5 102.0 119.5 142.2 445.5 518.8 Required cash 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 Accounts receivable 4.6 4.9 6.7 8.3 11.0 13.0 16.8 19.8 24.8 Prepaid expense 0.4 4.7 3.9 7.2 5.9 4.8 4.2 3.7 - Curent Assets 10.0 14.6 15.6 20.5 21.9 22.7 26.0 28.5 29.8 Accounts payable 1.0 1.0 0.8 1.9 4.7 4.3 4.5 5.8 6.5 Accrued expenses and other current liabilities 4.4 4.1 6.5 8.0 12.5 17.8 19.5 22.6 39.6 Deferred revenue 1.2 1.2 1.8 4.3 4.9 10.1 18.5 28.6 38.3 Current Liabilities 6.6 6.3 9.1 14.2 22.0 32.2 42.5 57.0 84.4 Net Working Capital 3.4 8.3 6.6 6.4 (0.2) (9.5) (16.5) (28.5) (54.6) Net P,P&E 2.2 2.8 3.3 4.2 7.0 8.0 9.0 10.8 15.2 Present Value of Oper Leases 0.9 3.1 5.3 7.5 9.7 9.7 9.7 9.7 9.7 Investment in Yahoo! Japan 0.7 0.8 0.9 1.2 2.8 2.9 2.9 2.9 2.9 Other - 2.6 2.1 2.3 8.1 7.2 11.5 9.8 55.2 Written-off in-process R&D from Viaweb - - - - - - 44.1 44.1 44.1 Accumulated goodwill amortization from Viaweb - - - - - - 0.1 0.5 0.5
in millions, 1996 to present 4Q/96 1Q/97 2Q/97 3Q/97 4Q/97 1Q/98 2Q/98 3Q/98 4Q/98 12/31/96 3/31/97 6/30/97 9/30/97 12/31/97 3/31/98 6/30/98 9/31/98 12/31/98 Cash and cash equivalents 31.9 33.2 61.6 55.8 62.5 45.0 89.3 161.9 482.4 Short-term investments 60.7 56.6 37.3 42.7 27.8 71.9 53.9 226.7 - Long-term investments 9.7 5.1 - 4.0 16.7 7.6 4.1 61.9 41.3 Actual cash and ST investments 102.3 94.9 98.9 102.5 107.0 124.5 147.2 450.5 523.8 Excess cash 97.3 89.9 93.9 97.5 102.0 119.5 142.2 445.5 518.8 Required cash 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 Accounts receivable 4.6 4.9 6.7 8.3 11.0 13.0 16.8 19.8 24.8 Prepaid expense 0.4 4.7 3.9 7.2 5.9 4.8 4.2 3.7 - Curent Assets 10.0 14.6 15.6 20.5 21.9 22.7 26.0 28.5 29.8 Accounts payable 1.0 1.0 0.8 1.9 4.7 4.3 4.5 5.8 6.5 Accrued expenses and other current liabilities 4.4 4.1 6.5 8.0 12.5 17.8 19.5 22.6 39.6 Deferred revenue 1.2 1.2 1.8 4.3 4.9 10.1 18.5 28.6 38.3 Current Liabilities 6.6 6.3 9.1 14.2 22.0 32.2 42.5 57.0 84.4 Net Working Capital 3.4 8.3 6.6 6.4 (0.2) (9.5) (16.5) (28.5) (54.6) Net P,P&E 2.2 2.8 3.3 4.2 7.0 8.0 9.0 10.8 15.2 Present Value of Oper Leases 0.9 3.1 5.3 7.5 9.7 9.7 9.7 9.7 9.7 Investment in Yahoo! Japan 0.7 0.8 0.9 1.2 2.8 2.9 2.9 2.9 2.9 Other - 2.6 2.1 2.3 8.1 7.2 11.5 9.8 55.2 Written-off in-process R&D from Viaweb - - - - - - 44.1 44.1 44.1 Accumulated goodwill amortization from Viaweb - - - - - - 0.1 0.5 0.5
Phantom goodwill from buyout of Visa's interest in Yahoo! Marketplace 21.5 21.5 21.5 21.5 21.5 21.5 21.5 Phantom goodwill from pooling acquisition of Four11 - - - 64.7 64.7 64.7 64.7 64.7 64.7 Phantom goodwill from pooling acquisition of WebCal - - - - - - - 30.3 30.3 Phantom goodwill from pooling acquisition of Yoyodyne - - - - - - - - 12.4
Phantom goodwill from buyout of Visa's interest in Yahoo! Marketplace 21.5 21.5 21.5 21.5 21.5 21.5 21.5 Phantom goodwill from pooling acquisition of Four11 - - - 64.7 64.7 64.7 64.7 64.7 64.7 Phantom goodwill from pooling acquisition of WebCal - - - - - - - 30.3 30.3 Phantom goodwill from pooling acquisition of Yoyodyne - - - - - - - - 12.4
固定资产 3.9 9.3 33.0 101.4 113.8 114.0 163.4 194.2 256.5
Fixed Assets 3.9 9.3 33.0 101.4 113.8 114.0 163.4 194.2 256.5
投入资本 7.3 17.6 39.6 107.7 113.7 104.5 146.9 165.7 201.9
Invested capital 7.3 17.6 39.6 107.7 113.7 104.5 146.9 165.7 201.9
雅虎的现金收益，即税后净营业利润
Yahoo!’s Cash Earnings, or Net Operating Profit After Taxes
in millions, 1996 to present 1Q/97 2Q/97 3Q/97 4Q/97 1Q/98 2Q/98 3Q/98 4Q/98 3/31/97 6/30/97 9/30/97 12/31/97 3/31/98 6/30/98 9/31/98 12/31/97 Net revenue 9.5 13.5 17.3 27.1 30.2 41.2 53.6 76.4 Cost of revenue 1.2 2.0 2.0 4.1 3.9 4.7 5.6 7.9 Gross income 8.3 11.5 15.3 23.0 26.3 36.5 48.0 68.5 Sales and marketing 6.6 8.7 11.2 17.5 16.1 20.0 22.9 30.5 Product development 1.9 2.1 2.6 4.6 4.5 5.0 5.7 7.1 General and administrative 1.2 1.5 1.4 2.5 2.0 2.2 2.4 3.6 Total operating expenses 9.6 12.2 15.1 24.6 22.6 27.3 31.0 41.2 Adjusted EBIT (1.4) (0.8) 0.2 (1.6) 3.7 9.2 17.0 27.3 Goodwill amortization - - - - - 0.1 0.4 0.4 Adjusted EBITA (1.4) (0.8) 0.2 (1.6) 3.7 9.3 17.3 27.7 + Interest expense of capitalized operating leases 0.1 0.1 0.8 0.8 0.8 0.8 0.8 0.8 Net Adjustment for Capitalized Expenses 0.1 0.1 0.8 0.8 0.8 0.8 0.8 0.8 Net Operating Profit Before Taxes (1.3) (0.7) 1.0 (0.8) 4.4 10.1 18.1 28.5 Income tax provision 0.0 (0.0) - - 1.1 3.1 5.6 8.1 + Net tax impact from interest (0.5) (0.4) (0.4) (0.4) (0.5) (0.6) (1.8) (2.1) + Tax benefit from capitalization of operating leases 0.0 0.0 0.3 0.3 0.3 0.3 0.3 0.3 + Tax benefit from minority interest (0.1) (0.1) (0.1) (0.0) (0.1) (0.0) (0.0) 0.1 - Increase deferred taxes - - - - - - - - Cash Operating Taxes (0.5) (0.5) (0.2) (0.2) 0.8 2.6 4.0 6.4 Net Operating Profit After Taxes (0.8) (0.2) 1.2 (0.7) 3.7 7.5 14.1 22.1
in millions, 1996 to present 1Q/97 2Q/97 3Q/97 4Q/97 1Q/98 2Q/98 3Q/98 4Q/98 3/31/97 6/30/97 9/30/97 12/31/97 3/31/98 6/30/98 9/31/98 12/31/97 Net revenue 9.5 13.5 17.3 27.1 30.2 41.2 53.6 76.4 Cost of revenue 1.2 2.0 2.0 4.1 3.9 4.7 5.6 7.9 Gross income 8.3 11.5 15.3 23.0 26.3 36.5 48.0 68.5 Sales and marketing 6.6 8.7 11.2 17.5 16.1 20.0 22.9 30.5 Product development 1.9 2.1 2.6 4.6 4.5 5.0 5.7 7.1 General and administrative 1.2 1.5 1.4 2.5 2.0 2.2 2.4 3.6 Total operating expenses 9.6 12.2 15.1 24.6 22.6 27.3 31.0 41.2 Adjusted EBIT (1.4) (0.8) 0.2 (1.6) 3.7 9.2 17.0 27.3 Goodwill amortization - - - - - 0.1 0.4 0.4 Adjusted EBITA (1.4) (0.8) 0.2 (1.6) 3.7 9.3 17.3 27.7 + Interest expense of capitalized operating leases 0.1 0.1 0.8 0.8 0.8 0.8 0.8 0.8 Net Adjustment for Capitalized Expenses 0.1 0.1 0.8 0.8 0.8 0.8 0.8 0.8 Net Operating Profit Before Taxes (1.3) (0.7) 1.0 (0.8) 4.4 10.1 18.1 28.5 Income tax provision 0.0 (0.0) - - 1.1 3.1 5.6 8.1 + Net tax impact from interest (0.5) (0.4) (0.4) (0.4) (0.5) (0.6) (1.8) (2.1) + Tax benefit from capitalization of operating leases 0.0 0.0 0.3 0.3 0.3 0.3 0.3 0.3 + Tax benefit from minority interest (0.1) (0.1) (0.1) (0.0) (0.1) (0.0) (0.0) 0.1 - Increase deferred taxes - - - - - - - - Cash Operating Taxes (0.5) (0.5) (0.2) (0.2) 0.8 2.6 4.0 6.4 Net Operating Profit After Taxes (0.8) (0.2) 1.2 (0.7) 3.7 7.5 14.1 22.1
雅虎现金收益与现金投资汇总
Summary of Yahoo!’s Cash Earnings and Investments
in millions, 1996 to present 1Q/97 2Q/97 3Q/97 4Q/97 1Q/98 2Q/98 3Q/98 4Q/98 3/31/97 6/30/97 9/30/97 12/31/97 3/31/98 6/30/98 9/31/98 12/31/97 Quarterly Cash Earnings (0.7) 0.0 1.1 (0.7) 3.7 7.5 14.1 22.1
in millions, 1996 to present 1Q/97 2Q/97 3Q/97 4Q/97 1Q/98 2Q/98 3Q/98 4Q/98 3/31/97 6/30/97 9/30/97 12/31/97 3/31/98 6/30/98 9/31/98 12/31/97 Quarterly Cash Earnings (0.7) 0.0 1.1 (0.7) 3.7 7.5 14.1 22.1
季度变动：
Quarterly Changes:
Investment in net working capital 4.9 (1.7) (0.2) (6.5) (9.3) (7.0) (12.0) (26.1) Investment in fixed assets 2.8 2.7 3.1 5.0 1.0 1.0 1.8 4.4 Acquisitions 2.7 21.0 65.2 7.4 (0.8) 48.5 28.9 57.9 Total Investment 10.3 22.0 68.2 5.9 (9.2) 42.4 18.7 36.2 Free cash flow (11.0) (21.9) (67.1) (6.6) 12.9 (35.0) (4.6) (14.1) Quarterly NOPAT (0.7) 0.0 1.1 (0.7) 3.7 7.5 14.1 22.1 Normalized Cash Investment Inflow (Outflow) 7.7 0.9 2.9 (1.5) (8.3) (6.0) (10.2) (21.7) Normalized Free Cash Flow (8.3) (0.9) (1.8) 0.9 12.0 13.5 24.3 43.8
Investment in net working capital 4.9 (1.7) (0.2) (6.5) (9.3) (7.0) (12.0) (26.1) Investment in fixed assets 2.8 2.7 3.1 5.0 1.0 1.0 1.8 4.4 Acquisitions 2.7 21.0 65.2 7.4 (0.8) 48.5 28.9 57.9 Total Investment 10.3 22.0 68.2 5.9 (9.2) 42.4 18.7 36.2 Free cash flow (11.0) (21.9) (67.1) (6.6) 12.9 (35.0) (4.6) (14.1) Quarterly NOPAT (0.7) 0.0 1.1 (0.7) 3.7 7.5 14.1 22.1 Normalized Cash Investment Inflow (Outflow) 7.7 0.9 2.9 (1.5) (8.3) (6.0) (10.2) (21.7) Normalized Free Cash Flow (8.3) (0.9) (1.8) 0.9 12.0 13.5 24.3 43.8
滚动十二个月：
Trailing Twelve Months:
Cash Earnings Inflow (Outflow) (5.7) (3.7) (0.6) (0.2) 4.2 11.6 24.6 47.4 Normalized Cash Investment Inflow (Outflow) (7.8) (8.4) (11.3) (10.0) 6.0 13.0 26.1 46.3 Normalized Free Cash Flow (13.5) (12.1) (11.9) (10.2) 10.2 24.6 50.7 93.6
Cash Earnings Inflow (Outflow) (5.7) (3.7) (0.6) (0.2) 4.2 11.6 24.6 47.4 Normalized Cash Investment Inflow (Outflow) (7.8) (8.4) (11.3) (10.0) 6.0 13.0 26.1 46.3 Normalized Free Cash Flow (13.5) (12.1) (11.9) (10.2) 10.2 24.6 50.7 93.6
资料来源：公司 SEC 备案文件与 CSFB 分析。
Source: Company SEC filings and CSFB Analysis.
注：标准化现金投资不包括用于收购几乎不产生现金收益的网络技术公司所支出的股票或现金
Note: Normalized Cash Investment does not include stock or cash spent on acquisition of web technology companies with little or no cash earnings
《纽约时报》的累计现金投资，即投入资本
New York Times’ Accumulated Cash Investments, or Invested Capital
in millions, 1Q97 to present 1Q97 2Q97 3Q97 4Q97 1Q98 2Q98 3Q98 3/31/97 6/30/97 9/30/97 12/31/97 3/31/98 6/30/98 9/30/98 Cash 45.8 38.5 37.8 106.8 65.7 42.2 31.8 Excess cash 40.8 33.5 32.8 101.8 60.7 37.2 26.8 Required cash 5.0 5.0 5.0 5.0 5.0 5.0 5.0 Accounts receivable, net 295.5 302.3 312.6 331.3 341.6 325.2 310.3 Inventories 37.7 31.7 30.2 32.1 38.1 36.9 34.6 Deferred subscription costs - - - - - - - Other current assets 90.3 89.8 93.8 145.6 150.0 115.0 115.0 Curent Assets 428.5 428.8 441.5 514.0 534.8 482.1 464.9 Accounts payable 199.9 175.3 186.1 189.6 168.1 172.9 174.7 Payrolls 73.9 82.7 96.1 103.5 69.1 75.8 83.2 Accrued expenses 259.8 236.3 233.0 217.7 249.9 166.0 152.9 Federal income taxes - - - - - - - Unexpired subscriptions 89.2 83.2 85.9 82.6 87.1 80.4 82.4 Current Liabilities 622.7 577.4 601.0 593.5 574.1 495.1 493.1 Net Working Capital (194.2) (148.7) (159.5) (79.4) (39.3) (13.0) (28.2) Investment in joint venture 137.0 137.1 137.3 133.1 135.7 130.8 128.3 Net PP&E 1,393.5 1,397.3 1,383.9 1,366.9 1,344.4 1,325.6 1,340.6 Intangible assets acquired 1,028.2 1,013.6 1,006.8 993.2 985.1 978.4 970.4 Accumulated amortization 189.9 198.6 204.4 210.8 218.9 225.7 233.7 Other intangible assets acquired 394.7 392.1 389.7 384.5 379.3 374.2 369.7 Accumulated amortization 27.5 31.8 38.7 44.0 49.2 54.2 59.1 Miscellaneous assets 140.8 133.4 138.9 145.5 155.2 152.4 153.5 Present value of operating leases 51.2 51.5 51.9 52.3 52.3 52.3 52.3 Fixed Assets 3,362.8 3,355.3 3,351.7 3,330.3 3,320.1 3,293.7 3,307.7 Invested capital 3,168.6 3,206.7 3,192.2 3,250.9 3,280.8 3,280.7 3,279.5
in millions, 1Q97 to present 1Q97 2Q97 3Q97 4Q97 1Q98 2Q98 3Q98 3/31/97 6/30/97 9/30/97 12/31/97 3/31/98 6/30/98 9/30/98 Cash 45.8 38.5 37.8 106.8 65.7 42.2 31.8 Excess cash 40.8 33.5 32.8 101.8 60.7 37.2 26.8 Required cash 5.0 5.0 5.0 5.0 5.0 5.0 5.0 Accounts receivable, net 295.5 302.3 312.6 331.3 341.6 325.2 310.3 Inventories 37.7 31.7 30.2 32.1 38.1 36.9 34.6 Deferred subscription costs - - - - - - - Other current assets 90.3 89.8 93.8 145.6 150.0 115.0 115.0 Curent Assets 428.5 428.8 441.5 514.0 534.8 482.1 464.9 Accounts payable 199.9 175.3 186.1 189.6 168.1 172.9 174.7 Payrolls 73.9 82.7 96.1 103.5 69.1 75.8 83.2 Accrued expenses 259.8 236.3 233.0 217.7 249.9 166.0 152.9 Federal income taxes - - - - - - - Unexpired subscriptions 89.2 83.2 85.9 82.6 87.1 80.4 82.4 Current Liabilities 622.7 577.4 601.0 593.5 574.1 495.1 493.1 Net Working Capital (194.2) (148.7) (159.5) (79.4) (39.3) (13.0) (28.2) Investment in joint venture 137.0 137.1 137.3 133.1 135.7 130.8 128.3 Net PP&E 1,393.5 1,397.3 1,383.9 1,366.9 1,344.4 1,325.6 1,340.6 Intangible assets acquired 1,028.2 1,013.6 1,006.8 993.2 985.1 978.4 970.4 Accumulated amortization 189.9 198.6 204.4 210.8 218.9 225.7 233.7 Other intangible assets acquired 394.7 392.1 389.7 384.5 379.3 374.2 369.7 Accumulated amortization 27.5 31.8 38.7 44.0 49.2 54.2 59.1 Miscellaneous assets 140.8 133.4 138.9 145.5 155.2 152.4 153.5 Present value of operating leases 51.2 51.5 51.9 52.3 52.3 52.3 52.3 Fixed Assets 3,362.8 3,355.3 3,351.7 3,330.3 3,320.1 3,293.7 3,307.7 Invested capital 3,168.6 3,206.7 3,192.2 3,250.9 3,280.8 3,280.7 3,279.5
《纽约时报》的现金收益，即税后净营业利润
New York Times’Cash Earnings, or Net Operating Profit After Taxes
in millions, 1Q97 to present 1Q97 2Q97 3Q97 4Q97 1Q98 2Q98 3Q98 3/31/97 6/30/97 9/30/97 12/31/97 3/31/98 6/30/98 9/30/98 Total revenues 692.5 721.9 683.6 768.4 722.6 749.2 682.7 Cost of sales 341.3 335.9 350.0 385.1 363.3 358.2 357.7 Gross income 351.2 386.1 333.6 383.3 359.3 391.0 325.0 Selling, general and administrative expenses 249.9 258.7 242.2 248.2 242.9 245.9 223.6 Adjusted EBIT 101.3 127.3 91.3 135.2 116.4 145.1 101.4 + Goodwill amortization 9.9 12.9 12.7 11.7 13.3 11.8 13.0 Adjusted EBITA 111.1 140.3 104.0 146.9 129.7 156.9 114.4 + Interest expense of capitalized operating leases 1.0 1.0 1.0 1.0 1.0 1.0 1.0 Net Adjustment for Capitalized Expenses 1.0 1.0 1.0 1.0 1.0 1.0 1.0 Adjusted Net Operating Profit 112.1 141.3 105.0 147.9 130.8 157.9 115.4 Change in other reserves - - - - - - - Income Equivalents - - - - - - - Net Operating Profit Before Taxes 112.1 141.3 105.0 147.9 130.8 157.9 115.4 Income tax provision 42.4 34.1 36.8 61.8 50.6 63.8 41.4 + Net tax impact from interest 2.9 4.0 4.1 3.7 3.6 3.7 3.6 + Tax benefit from capitalization of operating leases 0.4 0.4 0.4 0.4 0.4 0.4 0.4 + Net tax impact of non-operating charges/gains (0.5) (1.1) (1.2) (5.8) (3.1) (4.2) (1.9) - Increase deferred taxes 0.1 (33.6) (0.2) 31.8 0.7 (2.7) 4.6 Cash operating taxes 45.1 70.9 40.3 28.3 50.7 66.3 38.9 Net Operating Profit After Taxes 67.0 70.4 64.8 119.7 80.1 91.6 76.5
in millions, 1Q97 to present 1Q97 2Q97 3Q97 4Q97 1Q98 2Q98 3Q98 3/31/97 6/30/97 9/30/97 12/31/97 3/31/98 6/30/98 9/30/98 Total revenues 692.5 721.9 683.6 768.4 722.6 749.2 682.7 Cost of sales 341.3 335.9 350.0 385.1 363.3 358.2 357.7 Gross income 351.2 386.1 333.6 383.3 359.3 391.0 325.0 Selling, general and administrative expenses 249.9 258.7 242.2 248.2 242.9 245.9 223.6 Adjusted EBIT 101.3 127.3 91.3 135.2 116.4 145.1 101.4 + Goodwill amortization 9.9 12.9 12.7 11.7 13.3 11.8 13.0 Adjusted EBITA 111.1 140.3 104.0 146.9 129.7 156.9 114.4 + Interest expense of capitalized operating leases 1.0 1.0 1.0 1.0 1.0 1.0 1.0 Net Adjustment for Capitalized Expenses 1.0 1.0 1.0 1.0 1.0 1.0 1.0 Adjusted Net Operating Profit 112.1 141.3 105.0 147.9 130.8 157.9 115.4 Change in other reserves - - - - - - - Income Equivalents - - - - - - - Net Operating Profit Before Taxes 112.1 141.3 105.0 147.9 130.8 157.9 115.4 Income tax provision 42.4 34.1 36.8 61.8 50.6 63.8 41.4 + Net tax impact from interest 2.9 4.0 4.1 3.7 3.6 3.7 3.6 + Tax benefit from capitalization of operating leases 0.4 0.4 0.4 0.4 0.4 0.4 0.4 + Net tax impact of non-operating charges/gains (0.5) (1.1) (1.2) (5.8) (3.1) (4.2) (1.9) - Increase deferred taxes 0.1 (33.6) (0.2) 31.8 0.7 (2.7) 4.6 Cash operating taxes 45.1 70.9 40.3 28.3 50.7 66.3 38.9 Net Operating Profit After Taxes 67.0 70.4 64.8 119.7 80.1 91.6 76.5
《纽约时报》现金收益与现金投资汇总
Summary of New York Times’Cash Earnings and Investments
in millions, 1Q97 to present 1Q97 2Q97 3Q97 4Q97 1Q98 2Q98 3Q98 3/31/97 6/30/97 9/30/97 12/31/97 3/31/98 6/30/98 9/30/98 Quarterly Cash Eaarnings 251.0 263.1 322.1 321.9 334.9 356.1 367.9
in millions, 1Q97 to present 1Q97 2Q97 3Q97 4Q97 1Q98 2Q98 3Q98 3/31/97 6/30/97 9/30/97 12/31/97 3/31/98 6/30/98 9/30/98 Quarterly Cash Eaarnings 251.0 263.1 322.1 321.9 334.9 356.1 367.9
季度变动：
Quarterly Changes:
Investment in net working capital 34.0 (45.5) 10.8 (80.1) (40.1) (26.3) 15.2 Investment in fixed assets (43.3) 7.5 3.7 21.4 10.2 26.4 (14.0) Total Cash Investment (9.3) (38.0) 14.5 (58.7) (30.0) 0.1 1.2 Free Cash Flow 241.7 225.0 336.6 263.2 305.0 356.3 369.1
Investment in net working capital 34.0 (45.5) 10.8 (80.1) (40.1) (26.3) 15.2 Investment in fixed assets (43.3) 7.5 3.7 21.4 10.2 26.4 (14.0) Total Cash Investment (9.3) (38.0) 14.5 (58.7) (30.0) 0.1 1.2 Free Cash Flow 241.7 225.0 336.6 263.2 305.0 356.3 369.1
滚动十二个月：
Trailing Twelve Months:
Investment in net working capital 107.1 2.8 (6.5) (80.7) (154.9) (135.7) (131.3) Iinvestment in fixed assets (162.6) (116.7) (22.1) (10.9) 42.6 61.6 43.9 Total Cash Investment Inflow (Outflow) (55.5) (113.9) (28.6) (91.6) (112.2) (74.0) (87.3) Cash Earnings Inflow (Outflow) 251.0 263.1 322.1 321.9 334.9 356.1 367.9 Free Cash Flow 195.5 149.2 293.5 230.3 222.7 282.1 280.6
Investment in net working capital 107.1 2.8 (6.5) (80.7) (154.9) (135.7) (131.3) Iinvestment in fixed assets (162.6) (116.7) (22.1) (10.9) 42.6 61.6 43.9 Total Cash Investment Inflow (Outflow) (55.5) (113.9) (28.6) (91.6) (112.2) (74.0) (87.3) Cash Earnings Inflow (Outflow) 251.0 263.1 322.1 321.9 334.9 356.1 367.9 Free Cash Flow 195.5 149.2 293.5 230.3 222.7 282.1 280.6
沃尔玛的累计现金投资，即投入资本
Wal-Mart’s Accumulated Cash Investments, or Invested Capital
原件此处是表格，PDF 抽取时列结构已丢失，下面只剩按列读出的数字，行列对应关系无法还原。核对数据请打开来源正文。
in millions, 1Q97 to present 1Q97 2Q97 3Q97 4Q97 1Q98 2Q98 3Q98 4Q98 1Q99 2Q99 3Q99 Assets 4/30/96 7/31/96 10/31/96 1/31/97 4/30/97 7/31/97 10/31/97 1/31/98 4/30/98 7/31/98 10/31/98 Cash 32 24 76 883 726 930 728 1,447 771 884 1,009 Excess cash 27 19 71 878 721 925 723 1,442 766 879 1,004 Required cash 5 5 5 5 5 5 5 5 5 5 5 Receivables 908 879 1,171 845 854 919 1,310 976 1,009 1,008 1,401 Inventory 16,213 16,375 19,044 15,897 15,919 16,397 19,303 16,497 17,512 17,617 20,620 LIFO reserve 307 304 300 296 309 322 335 348 361 374 387 Prepaid expenses and other 626 680 733 368 334 288 293 432 398 428 488 Curent Assets 18,059 18,243 21,253 17,411 17,421 17,931 21,246 18,258 19,285 19,432 22,901 Accounts payable 7,375 7,204 9,367 7,628 7,747 7,885 10,518 9,126 9,765 9,844 11,424 Other current liabilities 2,720 2,641 3,698 2,711 4,251 3,376 3,794 4,193 4,260 4,227 5,953 Current Liabilities 10,095 9,845 13,065 10,339 11,998 11,261 14,312 13,319 14,025 14,071 17,377 Net Working Capital 7,964 8,398 8,188 7,072 5,423 6,670 6,934 4,939 5,260 5,361 5,524 Net P,P&E 17,539 17,878 18,146 18,333 18,495 18,773 20,708 21,469 21,815 22,254 23,041 Net capitalized leases 1,800 1,893 1,903 1,991 1,984 1,974 2,052 2,137 2,189 2,144 2,250 Present value of operating leases 2,867 2,848 2,829 2,809 2,772 2,735 2,698 2,661 2,661 2,661 2,661 Other fixed assets 1,131 1,169 1,134 1,287 1,465 1,392 1,778 2,426 2,350 2,539 2,430 Fixed Assets 23,337 23,788 24,012 24,420 24,716 24,874 27,236 28,693 29,015 29,598 30,382 Invested capital 31,302 32,186 32,200 31,492 30,139 31,544 34,170 33,632 34,275 34,959 35,906
in millions, 1Q97 to present 1Q97 2Q97 3Q97 4Q97 1Q98 2Q98 3Q98 4Q98 1Q99 2Q99 3Q99 Assets 4/30/96 7/31/96 10/31/96 1/31/97 4/30/97 7/31/97 10/31/97 1/31/98 4/30/98 7/31/98 10/31/98 Cash 32 24 76 883 726 930 728 1,447 771 884 1,009 Excess cash 27 19 71 878 721 925 723 1,442 766 879 1,004 Required cash 5 5 5 5 5 5 5 5 5 5 5 Receivables 908 879 1,171 845 854 919 1,310 976 1,009 1,008 1,401 Inventory 16,213 16,375 19,044 15,897 15,919 16,397 19,303 16,497 17,512 17,617 20,620 LIFO reserve 307 304 300 296 309 322 335 348 361 374 387 Prepaid expenses and other 626 680 733 368 334 288 293 432 398 428 488 Curent Assets 18,059 18,243 21,253 17,411 17,421 17,931 21,246 18,258 19,285 19,432 22,901 Accounts payable 7,375 7,204 9,367 7,628 7,747 7,885 10,518 9,126 9,765 9,844 11,424 Other current liabilities 2,720 2,641 3,698 2,711 4,251 3,376 3,794 4,193 4,260 4,227 5,953 Current Liabilities 10,095 9,845 13,065 10,339 11,998 11,261 14,312 13,319 14,025 14,071 17,377 Net Working Capital 7,964 8,398 8,188 7,072 5,423 6,670 6,934 4,939 5,260 5,361 5,524 Net P,P&E 17,539 17,878 18,146 18,333 18,495 18,773 20,708 21,469 21,815 22,254 23,041 Net capitalized leases 1,800 1,893 1,903 1,991 1,984 1,974 2,052 2,137 2,189 2,144 2,250 Present value of operating leases 2,867 2,848 2,829 2,809 2,772 2,735 2,698 2,661 2,661 2,661 2,661 Other fixed assets 1,131 1,169 1,134 1,287 1,465 1,392 1,778 2,426 2,350 2,539 2,430 Fixed Assets 23,337 23,788 24,012 24,420 24,716 24,874 27,236 28,693 29,015 29,598 30,382 Invested capital 31,302 32,186 32,200 31,492 30,139 31,544 34,170 33,632 34,275 34,959 35,906
沃尔玛的现金收益，即税后净营业利润
Wal-Mart’s Cash Earnings, or Net Operating Profit After Taxes
in millions, 1Q97 to present 1Q97 2Q97 3Q97 4Q97 1Q98 2Q98 3Q98 4Q98 1Q99 2Q99 3Q99 4/30/96 7/31/96 10/31/96 1/31/97 4/30/97 7/31/97 10/31/97 1/31/98 4/30/98 7/31/98 10/31/98 Net sales 22,772 25,587 25,644 30,856 25,409 28,386 28,777 35,386 29,819 33,521 33,509 Other income, net 229 257 433 368 275 313 341 412 338 359 415 Total revenues 23,001 25,844 26,077 31,224 25,684 28,699 29,118 35,798 30,157 33,880 33,924 Cost of sales 18,064 20,376 20,450 24,773 20,127 22,478 22,680 28,153 23,526 26,422 26,380 Gross income 4,937 5,468 5,627 6,451 5,557 6,221 6,438 7,645 6,631 7,458 7,544
in millions, 1Q97 to present 1Q97 2Q97 3Q97 4Q97 1Q98 2Q98 3Q98 4Q98 1Q99 2Q99 3Q99 4/30/96 7/31/96 10/31/96 1/31/97 4/30/97 7/31/97 10/31/97 1/31/98 4/30/98 7/31/98 10/31/98 Net sales 22,772 25,587 25,644 30,856 25,409 28,386 28,777 35,386 29,819 33,521 33,509 Other income, net 229 257 433 368 275 313 341 412 338 359 415 Total revenues 23,001 25,844 26,077 31,224 25,684 28,699 29,118 35,798 30,157 33,880 33,924 Cost of sales 18,064 20,376 20,450 24,773 20,127 22,478 22,680 28,153 23,526 26,422 26,380 Gross income 4,937 5,468 5,627 6,451 5,557 6,221 6,438 7,645 6,631 7,458 7,544
经营、销售及一般行政
Operating, selling and general and administrative
原件此处是表格，PDF 抽取时列结构已丢失，下面只剩按列读出的数字，行列对应关系无法还原。核对数据请打开来源正文。
expenses 3,810 4,130 4,329 4,519 4,333 4,767 4,958 5,300 5,073 5,577 5,691 Adjusted EBIT 1,127 1,338 1,298 1,932 1,224 1,454 1,480 2,345 1,558 1,881 1,853 + Goodwill amortization - - - - - - - - - - - Adjusted EBITA 1,127 1,338 1,298 1,932 1,224 1,454 1,480 2,345 1,558 1,881 1,853 + Interest expense of capitalized operating leases 231 229 228 226 225 222 219 216 213 213 213 Net Adjustment for Capitalized Expenses 231 229 228 226 225 222 219 216 213 213 213 Adjusted Net Operating Profit 1,358 1,567 1,526 2,158 1,449 1,676 1,699 2,561 1,771 2,094 2,066 Change in LIFO reserve - - - - - - - - - - - Change in other reserves - - - - - - - - - - - Income Equivalents - - - - - - - - - - - Net Operating Profit Before Taxes 1,358 1,567 1,526 2,158 1,449 1,676 1,699 2,561 1,771 2,094 2,066 Income tax provision 336 414 402 642 383 467 474 791 505 627 611 + Net tax impact from interest 77 76 74 68 66 67 69 72 68 65 71 + Tax benefit from capitalization of operating leases 81 80 80 79 79 78 77 76 75 75 75 + Tax benefit from minority interest - - - - 6 22 11 12 11 - - - Increase deferred taxes - - - - - - - - - - - Cash operating taxes 494 571 556 789 533 634 631 951 658 766 756 Net Operating After Taxes 864 997 970 1,369 915 1,042 1,068 1,610 1,113 1,328 1,310
expenses 3,810 4,130 4,329 4,519 4,333 4,767 4,958 5,300 5,073 5,577 5,691 Adjusted EBIT 1,127 1,338 1,298 1,932 1,224 1,454 1,480 2,345 1,558 1,881 1,853 + Goodwill amortization - - - - - - - - - - - Adjusted EBITA 1,127 1,338 1,298 1,932 1,224 1,454 1,480 2,345 1,558 1,881 1,853 + Interest expense of capitalized operating leases 231 229 228 226 225 222 219 216 213 213 213 Net Adjustment for Capitalized Expenses 231 229 228 226 225 222 219 216 213 213 213 Adjusted Net Operating Profit 1,358 1,567 1,526 2,158 1,449 1,676 1,699 2,561 1,771 2,094 2,066 Change in LIFO reserve - - - - - - - - - - - Change in other reserves - - - - - - - - - - - Income Equivalents - - - - - - - - - - - Net Operating Profit Before Taxes 1,358 1,567 1,526 2,158 1,449 1,676 1,699 2,561 1,771 2,094 2,066 Income tax provision 336 414 402 642 383 467 474 791 505 627 611 + Net tax impact from interest 77 76 74 68 66 67 69 72 68 65 71 + Tax benefit from capitalization of operating leases 81 80 80 79 79 78 77 76 75 75 75 + Tax benefit from minority interest - - - - 6 22 11 12 11 - - - Increase deferred taxes - - - - - - - - - - - Cash operating taxes 494 571 556 789 533 634 631 951 658 766 756 Net Operating After Taxes 864 997 970 1,369 915 1,042 1,068 1,610 1,113 1,328 1,310
沃尔玛现金收益与现金投资汇总
Summary of Wal-Mart’s Cash Earnings and Investments
in millions, 1Q97 to present 1Q97 2Q97 3Q97 4Q97 1Q98 2Q98 3Q98 4Q98 1Q99 2Q99 3Q99 4/30/96 7/31/96 10/31/96 1/31/97 4/30/97 7/31/97 10/31/97 1/31/98 4/30/98 7/31/98 10/31/98 Quarterly Cash Eaarnings 864 997 970 1,369 915 1,042 1,068 1,610 1,113 1,328 1,310
in millions, 1Q97 to present 1Q97 2Q97 3Q97 4Q97 1Q98 2Q98 3Q98 4Q98 1Q99 2Q99 3Q99 4/30/96 7/31/96 10/31/96 1/31/97 4/30/97 7/31/97 10/31/97 1/31/98 4/30/98 7/31/98 10/31/98 Quarterly Cash Eaarnings 864 997 970 1,369 915 1,042 1,068 1,610 1,113 1,328 1,310
季度变动：
Quarterly Changes:
原件此处是表格，PDF 抽取时列结构已丢失，下面只剩按列读出的数字，行列对应关系无法还原。核对数据请打开来源正文。
Investment in net working capital 935 (433) 210 1,116 1,649 (1,247) (264) 1,995 (321) (101) (163) Investment in fixed assets (241) (451) (224) (409) (296) (158) (2,362) (1,457) (322) (583) (784) Total Cash Investment 694 (884) (14) 707 1,353 (1,405) (2,626) 538 (643) (684) (947) Free Cash Flow 170 1,881 984 662 (438) 2,447 3,694 1,072 1,756 2,012 2,257
Investment in net working capital 935 (433) 210 1,116 1,649 (1,247) (264) 1,995 (321) (101) (163) Investment in fixed assets (241) (451) (224) (409) (296) (158) (2,362) (1,457) (322) (583) (784) Total Cash Investment 694 (884) (14) 707 1,353 (1,405) (2,626) 538 (643) (684) (947) Free Cash Flow 170 1,881 984 662 (438) 2,447 3,694 1,072 1,756 2,012 2,257
滚动十二个月：
Trailing Twelve Months:
投资流入（流出）项目：
Investment inflow (outflow) in:
原件此处是表格，PDF 抽取时列结构已丢失，下面只剩按列读出的数字，行列对应关系无法还原。核对数据请打开来源正文。
Receivables (85) (21) 41 8 54 (40) (139) (131) (155) (89) (91) Inventory + LIFO reserve (1,479) (1,238) (658) 107 292 (41) (294) (652) (1,645) (1,272) (1,369) Prepaid expenses and other 16 (112) (67) 38 292 392 440 (64) (64) (140) (195)
Receivables (85) (21) 41 8 54 (40) (139) (131) (155) (89) (91) Inventory + LIFO reserve (1,479) (1,238) (658) 107 292 (41) (294) (652) (1,645) (1,272) (1,369) Prepaid expenses and other 16 (112) (67) 38 292 392 440 (64) (64) (140) (195)
投资流入（流出）项目：
Investment inflow (outflow) in:
原件此处是表格，PDF 抽取时列结构已丢失，下面只剩按列读出的数字，行列对应关系无法还原。核对数据请打开来源正文。
Accounts payable (1,421) (766) (837) (1,186) (372) (681) (1,151) (1,498) (2,018) (1,959) (906) Other current liabilities (551) (279) (1,089) (488) (1,531) (735) (96) (1,482) (9) (851) (2,159) Investment in net working capital 424 (326) 1,242 1,827 2,541 1,728 1,254 2,133 163 1,309 1,410 Iinvestment in fixed assets (2,211) (2,080) (1,314) (1,324) (1,379) (1,086) (3,224) (4,272) (4,298) (4,724) (3,146) Total Cash Investment Inflow (Outflow) (1,787) (2,405) (71) 503 1,162 641 (1,970) (2,139) (4,135) (3,415) (1,736) Cash Earnings Inflow (Outflow) 3,951 4,026 4,083 4,200 4,251 4,296 4,395 4,636 4,833 5,119 5,360 Free Cash Flow 2,164 1,620 4,011 4,703 5,413 4,938 2,424 2,497 698 1,704 3,624
Accounts payable (1,421) (766) (837) (1,186) (372) (681) (1,151) (1,498) (2,018) (1,959) (906) Other current liabilities (551) (279) (1,089) (488) (1,531) (735) (96) (1,482) (9) (851) (2,159) Investment in net working capital 424 (326) 1,242 1,827 2,541 1,728 1,254 2,133 163 1,309 1,410 Iinvestment in fixed assets (2,211) (2,080) (1,314) (1,324) (1,379) (1,086) (3,224) (4,272) (4,298) (4,724) (3,146) Total Cash Investment Inflow (Outflow) (1,787) (2,405) (71) 503 1,162 641 (1,970) (2,139) (4,135) (3,415) (1,736) Cash Earnings Inflow (Outflow) 3,951 4,026 4,083 4,200 4,251 4,296 4,395 4,636 4,833 5,119 5,360 Free Cash Flow 2,164 1,620 4,011 4,703 5,413 4,938 2,424 2,497 698 1,704 3,624
沃尔玛的累计现金投资，即投入资本 单位：百万美元，1972—1975 年
Wal-Mart’s Accumulated Cash Investments, or Invested Capital in millions, 1972-1975
1972 1973 1974 1975
1972 1973 1974 1975
Cash 2.0 2.2 2.2 3.2 Excess cash - 0.2 0.2 1.2 Required cash 2.0 2.0 2.0 2.0 Accounts receivable 0.4 1.1 1.2 1.4 Inventory 18.5 29.4 41.5 50.6 LIFO Reserve - - - 4.7 Prepaid Expenses 0.2 0.1 0.3 0.7 Curent Assets 21.1 32.6 45.0 59.4 Accounts payable 6.8 8.0 13.3 14.1 Accrued liabilities 1.5 2.4 3.0 4.2 Income taxes payable 1.1 1.8 1.3 1.4 Current Liabilities 9.5 12.1 17.7 19.7 Net Working Capital 11.6 20.5 27.4 39.7 Net P,P&E 7.1 13.2 14.7 19.2 Present Value of Oper Leases 10.6 13.4 16.3 29.1 Other fixed assets 0.3 0.2 0.2 0.2 Fixed Assets 18.0 26.8 31.1 48.4 Invested capital 29.6 47.3 58.5 88.1
Cash 2.0 2.2 2.2 3.2 Excess cash - 0.2 0.2 1.2 Required cash 2.0 2.0 2.0 2.0 Accounts receivable 0.4 1.1 1.2 1.4 Inventory 18.5 29.4 41.5 50.6 LIFO Reserve - - - 4.7 Prepaid Expenses 0.2 0.1 0.3 0.7 Curent Assets 21.1 32.6 45.0 59.4 Accounts payable 6.8 8.0 13.3 14.1 Accrued liabilities 1.5 2.4 3.0 4.2 Income taxes payable 1.1 1.8 1.3 1.4 Current Liabilities 9.5 12.1 17.7 19.7 Net Working Capital 11.6 20.5 27.4 39.7 Net P,P&E 7.1 13.2 14.7 19.2 Present Value of Oper Leases 10.6 13.4 16.3 29.1 Other fixed assets 0.3 0.2 0.2 0.2 Fixed Assets 18.0 26.8 31.1 48.4 Invested capital 29.6 47.3 58.5 88.1
沃尔玛的现金收益，即税后净营业利润
Wal-Mart’s Cash Earnings, or Net Operating Profit After Taxes
in millions, 1972 - 1975 1972 1973 1974 1975 Net sales $ 78.0 $ 124.9 $ 167.6 $ 236.2 Rentals from leased departments 0.7 1.1 1.4 1.8 Other income, net 0.2 0.5 0.4 0.7 Total Revenues 78.9 126.4 169.4 238.7 Total COS 58.6 93.1 123.3 176.6 Gross income 20.3 33.4 46.0 62.1 -S, G & A 14.3 23.8 33.0 48.1 Operating Expenses 14.3 23.8 33.0 48.1 Adjusted EBIT 6.0 9.5 13.0 14.0 + Goodwill Amortization - - - - Adjusted EBITA 6.0 9.5 13.0 14.0 + Interest expense of capitalized operating leases 0.9 1.1 1.3 2.4 Net Adjustment for Capitalized Expenses 0.9 1.1 1.3 2.4 Adjusted Net Operating Profit 6.9 10.6 14.3 16.4 Change in LIFO Reserve - - - 4.7 Change in Other Reserves - - - - Income Equivalents - - - 4.7 Net Operating Profit Before Taxes 6.9 10.6 14.3 21.1 5.6 8.9 11.9 12.2 Income Tax Provision 2.7 4.3 5.7 5.9 + Net Tax Impact From Interest 0.2 0.3 0.5 0.8 + Tax Benefit from Capitalization of Op Leases 0.4 0.5 0.6 1.1 - Increase Deferred Taxes - 0.2 0.2 0.3 Cash Operating Taxes 3.3 4.9 6.6 7.5 Net Operating Profit After Taxes 3.6 5.7 7.7 13.6
in millions, 1972 - 1975 1972 1973 1974 1975 Net sales $ 78.0 $ 124.9 $ 167.6 $ 236.2 Rentals from leased departments 0.7 1.1 1.4 1.8 Other income, net 0.2 0.5 0.4 0.7 Total Revenues 78.9 126.4 169.4 238.7 Total COS 58.6 93.1 123.3 176.6 Gross income 20.3 33.4 46.0 62.1 -S, G & A 14.3 23.8 33.0 48.1 Operating Expenses 14.3 23.8 33.0 48.1 Adjusted EBIT 6.0 9.5 13.0 14.0 + Goodwill Amortization - - - - Adjusted EBITA 6.0 9.5 13.0 14.0 + Interest expense of capitalized operating leases 0.9 1.1 1.3 2.4 Net Adjustment for Capitalized Expenses 0.9 1.1 1.3 2.4 Adjusted Net Operating Profit 6.9 10.6 14.3 16.4 Change in LIFO Reserve - - - 4.7 Change in Other Reserves - - - - Income Equivalents - - - 4.7 Net Operating Profit Before Taxes 6.9 10.6 14.3 21.1 5.6 8.9 11.9 12.2 Income Tax Provision 2.7 4.3 5.7 5.9 + Net Tax Impact From Interest 0.2 0.3 0.5 0.8 + Tax Benefit from Capitalization of Op Leases 0.4 0.5 0.6 1.1 - Increase Deferred Taxes - 0.2 0.2 0.3 Cash Operating Taxes 3.3 4.9 6.6 7.5 Net Operating Profit After Taxes 3.6 5.7 7.7 13.6
沃尔玛现金收益与现金投资汇总 单位：百万美元，1973—1975 年
Summary of Wal-Mart’s Cash Earnings and Investments in millions, 1973 - 1975
1973 1974 1975 投资流入（流出）项目：
1973 1974 1975 Investment inflow (outflow) in:
Receivables (0.7) (0.1) (0.2) Inventory + LIFO reserve (11.0) (12.0) (13.8) Prepaid expenses and other 0.1 (0.3) (0.4)
Receivables (0.7) (0.1) (0.2) Inventory + LIFO reserve (11.0) (12.0) (13.8) Prepaid expenses and other 0.1 (0.3) (0.4)
投资流入（流出）项目：
Investment inflow (outflow) in:
Accounts payable 1.2 5.3 0.8 Accrued liabilities 0.8 0.7 1.1 Income taxes payable 0.6 (0.4) 0.1 Investment in net working capital (8.9) (6.9) (12.3) Iinvestment in fixed assets (8.8) (4.3) (17.3) Total Cash Investment Inflow (Outflow) (17.7) (11.2) (29.6) Cash Earnings Inflow (Outflow) 5.7 7.7 13.6 Free Cash Flow (11.9) (3.5) (16.0)
Accounts payable 1.2 5.3 0.8 Accrued liabilities 0.8 0.7 1.1 Income taxes payable 0.6 (0.4) 0.1 Investment in net working capital (8.9) (6.9) (12.3) Iinvestment in fixed assets (8.8) (4.3) (17.3) Total Cash Investment Inflow (Outflow) (17.7) (11.2) (29.6) Cash Earnings Inflow (Outflow) 5.7 7.7 13.6 Free Cash Flow (11.9) (3.5) (16.0)
戴尔的累计现金投资，即投入资本
Delll’s Accumulated Cash Investments, or Invested Capital
in millions, 1997 to present Q1/98 Q2/98 Q3/98 Q4/98 Q1/99 Q2/99 Q3/99 Q4/99 5/4/97 8/3/97 11/2/97 2/1/98 5/3/98 8/2/98 11/1/98 1/29/99 Cash and marketable securities 1442 1515 1615 1844 2409 2618 2797 3181 Excess cash 1437 1510 1610 1839 2404 2613 2792 3176 Required cash 5 5 5 5 5 5 5 5 Accounts receivable 991 1133 1350 1486 1536 1800 2157 2094 Inventory 266 273 301 233 254 288 281 273 Other 280 331 341 349 349 394 680 791 Curent Assets 1542 1742 1997 2073 2144 2487 3123 3163 Accounts payable 1146 1285 1488 1643 1727 1928 2313 2397 Accrued and other 707 778 891 1054 996 1209 1345 1298 Income taxes 0 0 0 0 0 0 0 0 Current Liabilities 1853 2063 2379 2697 2723 3137 3658 3695 Net Working Capital -311 -321 -382 -624 -579 -650 -535 -532 Net P,P&E 252 288 301 342 391 446 511 523 Present Value of Oper Leases 78 76 74 72 72 72 72 72 Other 12 12 13 14 15 14 16 15 Fixed Assets 342 376 388 428 478 532 599 610 Invested capital 31 55 6 -196 -101 -118 64 78
in millions, 1997 to present Q1/98 Q2/98 Q3/98 Q4/98 Q1/99 Q2/99 Q3/99 Q4/99 5/4/97 8/3/97 11/2/97 2/1/98 5/3/98 8/2/98 11/1/98 1/29/99 Cash and marketable securities 1442 1515 1615 1844 2409 2618 2797 3181 Excess cash 1437 1510 1610 1839 2404 2613 2792 3176 Required cash 5 5 5 5 5 5 5 5 Accounts receivable 991 1133 1350 1486 1536 1800 2157 2094 Inventory 266 273 301 233 254 288 281 273 Other 280 331 341 349 349 394 680 791 Curent Assets 1542 1742 1997 2073 2144 2487 3123 3163 Accounts payable 1146 1285 1488 1643 1727 1928 2313 2397 Accrued and other 707 778 891 1054 996 1209 1345 1298 Income taxes 0 0 0 0 0 0 0 0 Current Liabilities 1853 2063 2379 2697 2723 3137 3658 3695 Net Working Capital -311 -321 -382 -624 -579 -650 -535 -532 Net P,P&E 252 288 301 342 391 446 511 523 Present Value of Oper Leases 78 76 74 72 72 72 72 72 Other 12 12 13 14 15 14 16 15 Fixed Assets 342 376 388 428 478 532 599 610 Invested capital 31 55 6 -196 -101 -118 64 78
戴尔的现金收益，即税后净营业利润
Dell’s Cash Earnings, or Net Operating Profit After Taxes
in millions, 1997 to present Q1/98 Q2/98 Q3/98 Q4/98 Q1/99 Q2/99 Q3/99 Q4/99 5/4/97 8/3/97 11/2/97 2/1/98 5/3/98 8/2/98 11/1/98 1/29/99 Net revenue 2,588 2,814 3,188 3,737 3,920 4,331 4,818 5,173 Cost of revenue 2,030 2,190 2,471 2,914 3,047 3,346 3,732 4,012 Gross income 558 624 717 823 873 985 1,086 1,161 Selling, general and administrative 240 280 312 370 388 436 471 492 Research, development and engineering 41 48 59 56 56 66 76 74 Total operating expenses 281 328 371 426 444 502 547 566 Adjusted EBIT 277 296 346 397 429 483 539 595 Goodwill Amortization - - - - - - - - Adjusted EBITA 277 296 346 397 429 483 539 595 Interest Expense of Cap O L 2 2 2 2 2 2 2 2 Net Adjustment for Capitalized Expenses 2 2 2 2 2 2 2 2 Net Operating Profit Before Taxes 279 298 348 399 431 485 541 597 Income Tax Provision 89 96 111 128 131 148 164 182 + Net Tax Impact From Interest (4) (5) (5) (5) (2) (4) (3) (4) + Tax Benefit from Capitalization of Op Leases 1 1 1 1 1 1 1 1 - Increase Deferred Taxes - - - - - - - - Cash Operating Taxes 86 92 107 123 129 145 161 178 Net Operating Profit After Taxes 193 206 241 275 302 340 379 418
in millions, 1997 to present Q1/98 Q2/98 Q3/98 Q4/98 Q1/99 Q2/99 Q3/99 Q4/99 5/4/97 8/3/97 11/2/97 2/1/98 5/3/98 8/2/98 11/1/98 1/29/99 Net revenue 2,588 2,814 3,188 3,737 3,920 4,331 4,818 5,173 Cost of revenue 2,030 2,190 2,471 2,914 3,047 3,346 3,732 4,012 Gross income 558 624 717 823 873 985 1,086 1,161 Selling, general and administrative 240 280 312 370 388 436 471 492 Research, development and engineering 41 48 59 56 56 66 76 74 Total operating expenses 281 328 371 426 444 502 547 566 Adjusted EBIT 277 296 346 397 429 483 539 595 Goodwill Amortization - - - - - - - - Adjusted EBITA 277 296 346 397 429 483 539 595 Interest Expense of Cap O L 2 2 2 2 2 2 2 2 Net Adjustment for Capitalized Expenses 2 2 2 2 2 2 2 2 Net Operating Profit Before Taxes 279 298 348 399 431 485 541 597 Income Tax Provision 89 96 111 128 131 148 164 182 + Net Tax Impact From Interest (4) (5) (5) (5) (2) (4) (3) (4) + Tax Benefit from Capitalization of Op Leases 1 1 1 1 1 1 1 1 - Increase Deferred Taxes - - - - - - - - Cash Operating Taxes 86 92 107 123 129 145 161 178 Net Operating Profit After Taxes 193 206 241 275 302 340 379 418
戴尔现金收益与现金投资汇总
Summary of Dell’s Cash Earnings and Investments
in millions, 1997 to present Q1/98 Q2/98 Q3/98 Q4/98 Q1/99 Q2/99 Q3/99 Q4/99 5/4/97 8/3/97 11/2/97 2/1/98 5/3/98 8/2/98 11/1/98 1/29/99 Quarterly Cash Eaarnings 193 206 241 275 302 340 379 418
in millions, 1997 to present Q1/98 Q2/98 Q3/98 Q4/98 Q1/99 Q2/99 Q3/99 Q4/99 5/4/97 8/3/97 11/2/97 2/1/98 5/3/98 8/2/98 11/1/98 1/29/99 Quarterly Cash Eaarnings 193 206 241 275 302 340 379 418
季度变动：
Quarterly Changes:
Investment in net working capital 53 10 61 242 (45) 71 (115) (3) Investment in fixed assets (16) (34) (12) (40) (50) (54) (67) (11) Total Cash Investment 37 (24) 49 202 (95) 17 (182) (14) Free cash flow 230 182 290 477 207 357 197 404
Investment in net working capital 53 10 61 242 (45) 71 (115) (3) Investment in fixed assets (16) (34) (12) (40) (50) (54) (67) (11) Total Cash Investment 37 (24) 49 202 (95) 17 (182) (14) Free cash flow 230 182 290 477 207 357 197 404
滚动十二个月：
Trailing Twelve Months:
Investment in net working capital 488 339 227 366 268 329 153 (92) Investment in fixed assets (62) (80) (78) (102) (136) (156) (211) (182) Total Cash Investment 426 259 149 264 132 173 (58) (274) NOPAT Inflow (Outflow) 627 724 820 915 1,024 1,158 1,296 1,439 Free cash flow 1,052 983 969 1,179 1,156 1,331 1,238 1,165
Investment in net working capital 488 339 227 366 268 329 153 (92) Investment in fixed assets (62) (80) (78) (102) (136) (156) (211) (182) Total Cash Investment 426 259 149 264 132 173 (58) (274) NOPAT Inflow (Outflow) 627 724 820 915 1,024 1,158 1,296 1,439 Free cash flow 1,052 983 969 1,179 1,156 1,331 1,238 1,165