Net operating cash flow is JPY 200 billion, against net investment cash flow of -47 billion and financing cash flow of -184 billion.

FORBES: Connect

They began selling the watches in 2010 and had a nearly two-year record of cash flow before seeking financing to expand.

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Finding bank financing can be particularly thorny for small-business owners with cash-flow issues.

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With financing costs down, however, rising debt multiples have not sliced cash-flow coverage for new LBOs.

FORBES: Connect