Please use Excel to analyze the statement of cash flows for thetable below.

1) What is the correlation between net income and operating cashflow?

2) Explain the trends of cash flow from the table below.

3) What is the free cash flow from the table below?

Cash Flow
All numbers in thousands
Period Ending	1/31/2018	1/31/2017	1/31/2016	1/31/2015
Net Income	9,862,000	13,643,000	14,694,000	16,363,000
OperatingActivities, Cash Flows Provided By or Used In
Depreciation	10,529,000	10,080,000	9,454,000	9,173,000
Adjustments To Net Income	4,703,000	1,617,000	1,124,000	733,000
Changes In AccountsReceivables	-1,074,000	-402,000	-19,000	-569,000
Changes In Liabilities	4,086,000	3,942,000	2,008,000	2,678,000
Changes In Inventories	-140,000	1,021,000	-703,000	-1,229,000
Changes In Other OperatingActivities	928,000	1,280,000	1,466,000	1,249,000
Total Cash Flow From OperatingActivities	28,337,000	31,673,000	27,552,000	28,564,000
InvestingActivities, Cash Flows Provided By or Used In
Capital Expenditures	-10,051,000	-10,619,000	-11,477,000	-12,174,000
Investments	-	-1,901,000	-1,901,000	-1,901,000
Other Cash flows from InvestingActivities	-58,000	-122,000	-79,000	479,000
Total Cash Flows From InvestingActivities	-9,060,000	-13,987,000	-10,675,000	-11,125,000
FinancingActivities, Cash Flows Provided By or Used In
Dividends Paid	-6,124,000	-6,216,000	-6,294,000	-6,185,000
Sale Purchase of Stock	-	-	-	-
Net Borrowings	-1,437,000	-3,591,000	-3,158,000	-5,018,000
Other Cash Flows from FinancingActivities	-4,018,000	-967,000	-2,721,000	-2,853,000
Total Cash Flows From FinancingActivities	-19,875,000	-19,072,000	-16,285,000	-15,071,000
Effect Of Exchange RateChanges	487,000	-452,000	-1,022,000	-514,000
Change In Cash and CashEquivalents	-111,000	-1,838,000	-430,000	1,854,000