Extracting Performance Trends from the Statement of Cash Flows. The Apollo Group is one of the largest providers of private education and runs numerous programs and services, including the University of Phoenix. Exhibit 3.23 provides statements of cash flows for 2010 through 2012.

Required

Discuss the relations between net income and cash flow from operations and among cashflows from operating, investing, and financing activities for the firm, especially for 2012. Identify signals that might raise concerns for an analyst.

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