2-3. Cash flow analysis Free cash flow = Cash flow from operation - CAPEX Year Cash flow from operating Cash flow from investing Cash flow from financing Net change in Cash CAPEX Free cash flow 2020 43,130 -13,548 -32,007 -2,425 15,675 27,455 2019 48,668 -16,690 -25.083 6,895 19,635 29,033 2018 43,602 -63,145 -25,989 -45,532 21,251 22,351 2017 38,010 -18,943 25,930 44,997 20,647 17,363 2016 38,442 -23,318 -14462 662 21,516 16,926 Questions Is the company operations profitable? Is there any financing need? For what purpose, investment or financing? Is there any major investment spending? For what purpose? Does the company provide healthy free cash flows to investors? Cash is the King. How does the cash flow situation related the stock performance