Basic Cash Flow Analysis

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Understanding cash flow is critical to evaluating financial performance, assessing repayment capacity, and identifying risk. This webinar delivers a comprehensive review of multiple business, personal, and commercial real estate cash flow analysis models used in accounting, lending, and financial advisory engagements.

Participants will begin with traditional EBITDA business cash flow and the personal cash flow of the business owner, using the Form 1040 tax return, supporting schedules, K-1s, and the personal financial statement. The session also demonstrates the Global Cash Flow model, combining business and personal cash flow to provide a complete financial picture.

The program continues with a practical examination of UCA Cash Flow (using the Moody’s Lending Cloud software spreadsheet), Cash Basis Cash Flow, Fixed-Charge Coverage (FCC), and Free Cash Flow (FCF) methodologies. The webinar concludes with a focused discussion of commercial real estate (CRE) cash flow analysis, equipping attendees with structured approaches to evaluate financial strength across varied borrower and property scenarios.

Topics Covered:
  • Business (EBITDA) & Personal Cash Flow Analyses
  • Global Cash Flow: Combining the Business and Personal Cash Flows
  • UCA Cash Flow, Cash Basis Cash Flow, Fixed-Charge Coverage, and Free Cash Flow
  • CRE Cash Flow Analysis
Your Benefits For Attending:
  • Identify and calculate traditional EBITDA and personal cash flow using tax returns and financial statements.
  • Construct and analyze Global Cash Flow models that combine business and personal financial data.
  • Apply UCA, Cash Basis, FCC, and Free Cash Flow methodologies to assess repayment capacity and financial risk.
  • Evaluate commercial real estate (CRE) cash flow using structured analytical techniques.

This webinar provides practical, real-world frameworks you can immediately apply to strengthen your financial analysis, improve credit assessments, and enhance advisory services to business clients.

Who Would Benefit From This Webinar:

CPAs, CFOs/controllers, financial managers, auditors, financial analysts, and practitioners who provide accounting, tax, or consulting services to businesses.

Level: Intermediate
Format: Live webcast
Instructional Method: Group: Internet-based
NASBA Field of Study: Accounting
Program Prerequisites: None
Advance Preparation: None

  1. Introduction
  2. Basic Cash Flow Analysis: Personal, Business, and Real Estate 00:05:22
  3. Who Uses Cash Flow Analysis? 00:09:29
  4. EBITDA (Traditional Cash Flow) 00:17:08
  5. Personal Cash Flow (Business Owner/Guarantor) 00:26:26
  6. Global Cash Flow 00:33:57
  7. Uniform Credit Analysis Cash Flow (UCA) 00:38:09
  8. Statement of Cash Flows Example 00:40:17
  9. Statement of Cash Flows Example - Page 1 -Balance Sheet Actual 00:40:50
  10. Statement of Cash Flows Example - Page 2 - Income Statement Actual 00:42:48
  11. Statement of Cash Flows Example - Page 3 - Income Statement Actual and % 00:43:20
  12. Statement of Cash Flows Example - Page 4 UCA Cash Flow 00:43:22
  13. Statement of Cash Flows Example - Page 5 - Ratios 00:54:09
  14. Contractor Financial Analysis Example 01:55:26
  15. How to Calculate a Z Score 00:55:28
  16. Bankruptcy Predictor 00:57:07
  17. Other Cash Flow Models 01:03:59
  18. Fixed Charge Coverage (FCC) Ratio 01:10:28
  19. Commercial Real Estate 01:17:00
  20. Miscellaneous Cash Flow Analyses 01:24:59
  21. Exhibit #1 01:25:19
  22. Exhibit #2  01:29:29
  23. Exhibit #3 01:35:50
  24. Conclusion 01:40:27
  25. Presentation Closing 01:41:52
  • David L. Osburn, MBA

    David L. Osburn, MBA

    David is the founder and managing member of David L. Osburn & Associates LLC, a Las Vegas-based business training and contract CFO firm that provides seminar/keynote speeches for various groups including CPAs, bankers, attorneys, credit union employees, credit managers, trade groups, and busines [...]

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  • Amortization 00:17:54
  • Balance sheet (BS) 00:42:45, 00:54:30
  • Cash Basis Cash Flow 00:07:41, 01:01:04, 01:11:25
  • Cash flow (CF) 00:01:30, 00:06:30, 00:26:35, 00:40:14
  • C Corporation 00:21:58
  • Debt Coverage Ratio (DCR) 00:19:34, 01:06:59
  • EBITDA 00:06:44, 00:11:43, 00:17:17, 00:39:18
  • Fixed Charge Coverage (FCCR) 00:07:44, 01:10:30
  • Free Cash Flow (FCF) 00:08:56, 01:14:28
  • Global Cash Flow 00:34:02
  • Income Statement 00:42:50, 00:54:30
  • Limited liability company (LLC) 00:11:28, 00:21:59, 01:11:31
  • Personal Cash Flow Statement 
  • S Corporation 00:11:28, 00:22:02
  • Uniform Credit Analysis Cash Flow (UCA) 00:07:54, 00:35:59, 00:43:36
  • Z-Score 00:08:11, 00:54:16, 00:55:28

Amortization: An accounting term that refers to the process of allocating the cost of an intangible asset over a period of time. It also refers to the repayment of loan principal over time. (investinganswers.com)

Balance Sheet (BS): A financial report that summarizes a company's assets (what it owns), liabilities (what it owes) and owner or shareholder equity at a given time.

C Corporation: A C corporation, under United States federal income tax law, refers to any corporation that is taxed separately from its owners. A C corporation is distinguished from an S corporation, which generally is not taxed separately. Most major companies are treated as C corporations for U.S. federal income tax purposes.

Cash Basis Cash Flow: Cash accounting reflects business transactions on a company's financial statements when the cash flows into or out of the business.

Cash Flow (CF): The revenue or expense expected to be generated through business activities (sales, manufacturing, etc.) over a period of time.

Debt Coverage Ratio (DCR): The debt service coverage ratio, also known as "debt coverage ratio", is the ratio of operating income available to debt servicing for interest, principal and lease payments. It is a popular benchmark used in the measurement of an entity's ability to produce enough cash to cover its debt payments.

EBITDA: EBITDA stands for Earnings Before Interest, Taxes, Depreciation, and Amortization and is a metric used to evaluate a company's operating performance. It can be seen as a proxy for cash flow.

Fixed Charge Coverage (FCCR): The fixed-charge coverage ratio (FCCR) measures a firm's ability to cover its fixed charges, such as debt payments, interest expense, and equipment lease expense. It shows how well a company's earnings can cover its fixed expenses. Banks will often look at this ratio when evaluating whether to lend money to a business.

Free Cash Flow (FCF): Free cash flow (FCF) is the cash a company generates after taking into consideration cash outflows that support its operations and maintain its capital assets. In other words, free cash flow is the cash left over after a company pays for its operating expenses and capital expenditures

Global Cash Flow: Global Cash Flow analysis is used by financial institutions to assess the combined cash flow of a group of people and/or entities to get a global picture of their ability to service the proposed debt. Global cash flow should include all of an owner's business and personal income/salary, debt and other financial obligations, and liquidity. On the business side, cash flow is fairly straightforward: net income. + depreciation/amortization and interest. – dividends/distributions.

Income Statement: One of the three primary financial statements used to assess a company's performance and financial position (the two others being the balance sheet and the cash flow statement). The income statement summarizes the revenues and expenses generated by the company over the entire reporting period. (investinganswers.com)

Limited Liability Company (LLC): An LLC is a corporate structure where members cannot be held accountable for the company’s debts or liabilities. This can shield business owners from losing their entire life savings if, for example, someone were to sue the company. Can be a single member (much like a sole proprietor) or a multi-member. It shares certain traits of both corporations as well as partnerships or sole proprietorships. It is not a corporation.

Personal Cash Flow Statement: The personal cash flow statement measures your cash inflows (money you earn) and your cash outflows (money you spend) to determine if you have a positive or negative net cash flow.

S Corporation: An S corporation, for United States federal income tax, is a closely held corporation that makes a valid election to be taxed under Subchapter S of Chapter 1 of the Internal Revenue Code. In general, S corporations do not pay any income taxes.

Uniform Credit Analysis Cash Flow (UCA): The Uniform Credit Analysis, or UCA Cash Flow, is designed to help you identify where the business's cash is going and how it is being used.

Z-Score: The Z-score formula for predicting bankruptcy was published in 1968 by Edward I. Altman, who was, at the time, an Assistant Professor of Finance at New York University. The formula may be used to predict the probability that a firm will go into bankruptcy within two years.

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Frequently Asked Questions

EBITDA—Earnings Before Interest, Taxes, Depreciation, and Amortization—is one of the most widely used proxies for business cash flow in financial analysis and lending decisions. It strips away non-cash charges (depreciation, amortization) and financing structure costs (interest, taxes) to reveal how much cash a business generates from its core operations before those obligations. Lenders use EBITDA-based cash flow to assess a borrower's ability to service debt, typically expressed as a Debt Service Coverage Ratio (DSCR) where the bank wants to see EBITDA comfortably exceed annual principal and interest payments. Business owners use EBITDA to benchmark operating performance against industry peers and to establish valuation multiples in M&A transactions. However, EBITDA has limitations—it excludes capital expenditure requirements and working capital needs, which is why practitioners often supplement it with free cash flow and UCA cash flow analysis. Aurora Training Advantage's Basic Cash Flow Analysis webinar, led by David Osburn, covers all major cash flow models used in lending and advisory engagements.
Global cash flow analysis combines the business and personal cash flows of an owner or guarantor into a single, unified picture of repayment capacity. Traditional business cash flow analysis examines only the entity's financials, which can paint an incomplete picture when the owner has significant personal income, obligations, or guarantees on multiple business entities. The global cash flow model adds the business owner's personal income (wages, investment income, rental income) and subtracts personal debt obligations (mortgage, car payments, other personal loans) alongside the business cash flow to produce a total repayment capacity figure. This methodology is particularly important for closely held businesses where the owner and business finances are intertwined. Lenders increasingly require global cash flow analysis for owner-occupied commercial real estate and small business loans to assess true repayment risk. David Osburn's cash flow analysis webinar at Aurora Training Advantage includes detailed examples of constructing global cash flow models from tax returns and financial statements.
The Uniform Credit Analysis (UCA) cash flow model is a structured approach developed specifically for commercial lending that analyzes cash flow from the bottom up using the actual statement of cash flows. Unlike EBITDA, which starts with operating earnings and adjusts downward, UCA starts with sales and tracks exactly where cash was generated and how it was used—making it particularly effective at identifying working capital-related cash flow problems that EBITDA misses. For example, a company may show strong EBITDA but be consuming cash through rapid accounts receivable growth or inventory buildup; UCA cash flow captures these dynamics explicitly. The model calculates a 'financing gap'—the amount of cash the business needs from external financing to sustain operations—which directly informs credit structuring decisions. UCA is most commonly used by banks using Moody's Analytics lending platforms and is considered a more rigorous standard than simple EBITDA multiples for complex credit underwriting.
Commercial real estate (CRE) cash flow analysis focuses on the property's income-generating capacity rather than an operating business's profitability. The primary metric is Net Operating Income (NOI)—gross rental income minus vacancy allowance and operating expenses (property taxes, insurance, maintenance, management fees), but before debt service. The Debt Coverage Ratio (DCR) divides NOI by annual debt service; most lenders require a minimum DCR of 1.20 to 1.25, meaning the property generates at least 20-25% more income than needed to cover loan payments. CRE analysis also considers the physical condition and remaining economic life of the property, market vacancy rates, lease term rollover risk, and tenant credit quality. For income-producing properties, cash flow is analyzed both as-is and on a stabilized basis, accounting for current vacancies being filled at market rates. Understanding these nuances is essential for lenders, investors, and advisors working with commercial real estate portfolios.
The Altman Z-Score is a quantitative formula developed by NYU finance professor Edward Altman in 1968 that uses five financial ratios to predict the probability of corporate bankruptcy within two years. The five components are: working capital to total assets (liquidity), retained earnings to total assets (cumulative profitability), EBIT to total assets (operating efficiency), market value of equity to book value of liabilities (leverage), and sales to total assets (asset efficiency). The weighted combination produces a Z-Score where scores above 2.99 indicate a financially healthy company, scores below 1.81 signal high bankruptcy risk (the 'distress zone'), and scores in between occupy a 'grey zone' requiring closer examination. While the Z-Score has limitations—particularly for financial institutions, utilities, and non-public companies—it remains a widely used screening tool in credit analysis and portfolio monitoring. Lenders often track Z-Score trends over time as a leading indicator of borrower financial deterioration before it manifests in covenant violations.