According to their statement of cash flows, over the last 5 years, Fish Creek Tourism Company has had a decreasing amount of cash on its balance sheet each year, but cash flow from operating activities has increased each year. If net capital spending has been positive but has been less than operating cash flow each year then Fish Creek must have

• Done a poor job managing operations.

• Increased its amount of debt outstanding.

• Received a poor return on its net capital spending.

• Reduced it's net fixed assets.

• Paid down debts and/or repurchased stock.