In this session, I start by tying up loose ends in earnings, capitalizing R&D, talking about adjusting for one-time charges and accounting fraud and tactics for negative earnings firms. I followed by looking at reinvestment in both long term assets (net capital expenditures) and change in working capital, and why accounting and valuation definitions vary. I ended by looking at historical growth rates, and why choices you make on operating metrics, how you compute averages and time periods matter.
Start of the class test: http://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/tests/cftests2.pdf
Slides: http://www.stern.nyu.edu/~adamodar/podcasts/valspr19/session8slides.pdf
Post Class Test: http://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/postclass/session8test.pdf
Post Class Test Solution: http://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/postclass/session8soln.pdf

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