2-9B. (Analyzing free cash jl(Y/J)s) Following you will find our computation of the free cash flows for Retail.com. Interpret the information in terms of where cash came from and where it was used.

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Retail.com Cash Flows ($ in Thousands) CASH FLOWS FROM AN ASSET PERSPECTIVE After-tax cash flows from operations: Operating income Depreciation Earnings before interest, tax, depreciation Cash taxes After-tax cash flows from operations Other income (losses) Change in net operating working capital: Change in cash Change in accounts receivable Change in inventories Change in other current assets Change in current assets Change in accounts payable Change in noninterest-bearing current debt Change in net operating working capital Change in fixed assets and other assets: Purchase of fixed assets Change in investments Change in other assets Net cash used for investments $(97,324) 29,312 $ (68,012) (68,012) 4,323 $ (63,689) $ 76,680 3,472 2,332 2,478 $ 84,962 $ 4,657 4,657 Asset free cash flows CASH FLOWS FROM A FINANCING PERSPECTIVE Interest expense Dividends Less decrease in short-term debt Plus increase in common stock Plus increase in other current liabilities Financing free cash flows $ 80,305 $31,971 178,108 250 $ 210,329 $(354,323) $ (23,612) (137) 9,609 368,463 $354,323